Have you ever wondered why your marketing is no longer effective? Or what you can do to make it more effective and reach a bigger audience? A successful marketing strategy will link you with the right consumers, get people to talk about your brand, expose your product or service to the media, and set up your business for financial success. Thoughtless marketing, however, may do the opposite. Marketing mistakes can cost your company a lot of lost sales and other expenses. In certain situations, marketing mistakes can also trigger a public relations issue.
Do you make any of these seven common marketing mistakes? If you do, it’s still time to turn things around. Many marketing mistakes can be avoided by proper preparation.
Being Unwilling To Adapt
While it is sometimes hard to admit, times are changing and so is technology. There are a few things your business needs to do to be successful. Incorporate new technologies, make use of new platforms, and target new audiences. For your marketing to have its best impact, you need to understand that the marketing world is ever changing. You also need to pay close attention to when your marketing strategy is no longer working. Take the time, then, to make a new plan and change up your strategy.
Not Tracking Performance
Thanks to modern technology, we are able to track our performance surrounding marketing and everything that goes with it. By using reporting software and analytics, we are able to see just how well our campaigns are performing. Detailed reports can also give you demographics and other user data, such as which browser performed the best. Detailed reports can show engagement rate, bounce, time spent on page and more. When tracking has been made this easy, there is no logical reason not to use it. It’s a vital tool for improving our marketing strategies. While tracking has been made very simple, many companies still don’t track their campaigns properly. Many believe that their campaign will just do well.
Research is one of the most important things in any aspect of life. And this is especially true when setting up to launch a marketing campaign. Understanding your customers is key. Regardless of what your campaign is for, it must be compelling to your audience. Whether for lead generation or simple brand awareness, you need to tailor it to the people you want to reach.
Always set aside a portion of the overall marketing budget for research. Use this to try different messages and marketing ideas on different platforms. This will give you an idea of what would perform best going forward. This method of testing is normally referred to as the A/B testing. Once you have done this, you can redo your campaign on a larger scale to reap all the benefits. When it comes to marketing, be very careful not to fall into the pit of just going with the norm. Always do your research. Just because something was successful once, does not mean it always will be.
Too Broad Targeting
With the wide variety of platforms and tools at your disposal, highly targeted campaigns are easy to create. The most important factor in campaign success is identifying your core audience and formatting your campaign around it. Fortunately, we live in an age where social media presents us with an endless array of information to identify our audience. Using the available tools, you can get a crystal clear picture of what gender, age group and even geographical areas you need to target. You can even take it a step further. You can specify a set platform, at a set time of day, that will most likely be seen by your intended audience. Using research and targeting, a data-backed audience is all you will need in a successful marketing recipe.
Failing to Earn Repeat Customers
In business, around 80% of sales and profits would be income from existing customers, while only 20% of income would come from new customers. So if we take that into consideration, it would be a lot more fruitful to retarget existing customers, rather than expending all your efforts on targeting a new audience. If you do target a larger audience, and neglect to set aside a campaign for your existing customer base, you face the risk of putting a dent in your profits for very little reward.
Being Unwilling to Invest
Have you ever heard the phrase “you have to spend money to make money”? While that’s true in a lot of different aspects of life, it’s a phrase that best describes the world of marketing. It’s a very common mistake for small businesses to not allocate a big enough portion of their budget to marketing, and recent studies have shown that most businesses, at a later stage, regret not having put at least 25% of their budget aside for marketing.
Lack of USP
It is vital when approaching any new marketing campaign to have a USP (unique selling proposition). Your USP shows you why you feel that consumers should buy from you, not anyone else. This is what sets your goods or services apart from your rivals. Your USP should be the core theme of all your marketing activities, regardless of what you plan to accomplish with a specific campaign.
Many companies feel that they are giving their USP by saying things like “better,” “top-rated,” “most valuable” and other unsubstantiated statements about the superiority of the product or service. These kinds of abstract phrases don’t help the customer understand how your product or service can serve them, so they don’t do anything to differentiate your brand from the competitors.
Mistakes in Marketing
Even with the best preparation, marketing mistakes can still be made. If a marketing strategy does not elicit the response you expect, take the time to think about what may have gone wrong and how you can better position yourself in the future. When your company is struggling with marketing, it’s time to get your attention back on recognizing and meeting the needs of your customers.