Marketing your business can mean the difference between success and failure. However, what most people don’t tell you is that there’s a proper way to go about it. If done right, marketing can bring in new customers, retain the old ones, increase your revenues, and maintain your firm’s image. The opposite thing can happen if you go about marketing without a proper plan or budget. Here are a few marketing faux–pas that you should avoid if you want to get the most out of your campaigns.
1. Assuming Things
One of the biggest marketing blunders that you can make is assume that people will react positively to the campaign just because your product helps them solve a problem. If you want your marketing dollars to go into good use, make sure that you perform ample research prior to launching your advertisement. Find out what appeals to the customer and how you can tap into their interests. Since the campaign aims to capture your target market’s attention, it should be more about the customer and less about the product.
2. Brand Awareness is just as Important
The mistake that some businesses make is creating a marketing campaign aimed only at improving revenues and growing the firm. They forget about brand awareness and proprietary eponym. You want your brand name to be synonymous with whatever you are selling. For example, you may hear some people refer to a certain brand instead of using the generic name of a product. Customers rarely forget such brands. A great way to build brand awareness is to use referral programs that award current customers for recommending your products to their family and friends.
3. Have a Unique Selling Point (USP)
Another common marketing mistake is the lack of a USP. New business are guilty of this faux-pas because they are too naïve. Most of them create marketing campaigns that focus exclusively on their lower prices. Although this may work, it’s not as effective as using a USP. Telling your customers what makes you unique is what can set you apart from the competition. If you want to come up with an effective USP, you have to observe the market and see how other firms use their selling points to attract buyers. Alternatively, you can focus on your target market. Find out what makes them unique and appeal to their emotions using your USP.
4. Lack of a Customer Retention Campaign
The problem with some businesses is that they assume that they cannot lose the customer after they have bought a product and enjoyed what it has to offer. These businesses create marketing campaigns that focus on getting new clients, forgetting how expensive it is to do so. In fact, at large percentage of your revenues is due to return customers. Therefore, if you forget about them, you risk losing money. One way that you can appreciate current customers is by creating marketing campaigns targeted at them. Focus on their inquiries and create offers that satisfy their needs.
5. Failure to Follow the Evidence
Despite the availability of CRM systems that can help businesses understand customers better, some firms don’t make follow ups. Such companies create marketing campaigns based on prior data and fail to track the performance. This can be dangerous for the business since consumer tastes change. If you follow up, you may discover that people of a certain age are the main buyers of your product. In such a case, it may be more appropriate and financially viable to focus your marketing campaigns on those people since they contribute the most to your revenues.
Marketing can either work in your favor or against you. Take note of the common marketing mistakes mentioned in this article and do your best to avoid them. That way, your advertising campaigns can always lead to conversions and more sales.