In an age where technology and manufacturing can be easily outsourced, it is the marketing and brand building prowess that sets apart successful businesses from the rest. Marketing mistakes can not only erode the brand but result in lost sales and brand equity. These mistakes can lead to a loss in customer confidence and pave the way for your competitors to steal market share from you. To ensure your marketing plan drives your business well, you need to avoid some classic marketing mistakes:
Not Knowing Your Target Audience and Their Needs and Wants
Trying to sell a product with a universal appeal can be fatal for your business, even though it may seem lucrative. Unfortunately, this kind of marketing technique can lead to the dilution of the brand message, which thereafter fails to have appeal. Customers want to deal with a business that understands their needs thoroughly and provides them with appropriate solutions. Therefore, they prefer to transact with a business that focuses on an identified target audience. You should understand the challenges the audience faces and can enunciate how you can provide solutions that are better than that of the competition.
Not Devising a Marketing Plan Can Be Disastrous, says Michael Giannulis
Swinging into action straight away with taking the time to develop appropriate marketing strategies is a recipe that can only end in disaster. By not developing a marketing plan, your campaigns will be fruitless and waste your precious marketing budget. The real value of a marketing plan is that it sets the direction of your marketing efforts, and you can use it as a benchmark to understand if you are being able to achieve your goals or are deviating from them. Splitting your overall strategy into shorter periods of 90 days will help you to track results more accurately and assist you to tweak your tactics accordingly, observes Mike Giannulis.
Failing to Establish a Powerful Presence Online
Today every business, large or small, needs to have a powerful presence on the web to drive conversions. Businesses with multiple locations can benefit from a large footprint, while local businesses should try and dominate their category in local searches. You should endeavor to establish a significant presence online not only with a well-designed and optimized website but also with vibrant social media accounts and directory listings. When you have a multi-channel online presence, it is vital that both the branding and the marketing message are consistent so that you can create the maximum impact. Make sure that the website is optimized for mobiles and you have an SSL certificate installed for better security.
Many businesses that implement perfectly workable marketing plans, unfortunately, commit the grave error of terminating their marketing campaigns the minute there is a sign of an economic downturn. They turn their focus on conserving cash to be able to ride out the recession, however, they forget that this is the best time to boost their investment in marketing and increase their market share. By all means, look for opportunities for cutting costs; however, stopping your marketing efforts should not be one of them.