There are entrepreneurs who formulate comprehensive plans and devise elaborate strategies when pursuing their business objectives; and then there are those who are unplanned and simply rely on luck and chance.
While luck may work well for a business in the short run, a cleverly devised marketing and promotion strategy is an essential prerequisite to its long-term sustainability and growth.
Here are six common marketing mistakes that business planners and strategists make when promoting their business:
1. Lack of defined objectives – A businesses without clear well-defined objectives is akin to a traveler without a goal. A business’ failure to set realistic, measurable and achievable goals and milestones only reiterates its lack of planning and this eventually causes disarray as the workforce would have little idea of what their joint efforts are aimed at achieving.
2. Knowing your consumer – Many a time, businesses give little consideration to evolving market trends and changing preferences and tastes of the consumer. This is perhaps the worst mistake that a business can consciously make. When a business has little idea of what the consumer wants, it will naturally be as unsure on what to produce for them. Consequently, it may fail to identify its own market niche and target the wrong market as a result.
3. Not testing – A business will inevitably be plagued by dwindling sales and shrinking market share if it fails to test sales copy and market segments with regular split testing routines. This can eventually translate into monetary losses and wastage of time and resources. On the other hand, by testing ad copies as well as marketing promotions, or by simply placing 2 ads for a product in the same marketing platform, businesses are able to learn which of the two ads is more useful.
4. Not budgeting: Budgeting is always an important consideration for a business as it helps to maintain healthy cashflows. Unfortunately, inept budgeting or the complete lack of it constitutes the most common marketing mistakes that businesses make and this invariably leads to a shortfall of money for critical marketing and advertising ventures.
5. Surrendering without a fight – Chance only favors those who court her. Marketing promotions are often consciously driven to failure because of a lack of patience and strong will power. Giving up too soon is seldom the right thing for a business, particularly when success waits around the turn. It is also imperative to allow promotions some time since they take some time to achieve results.
6. Poor sales copy – An effective and encouraging sales page is a major sales multiplier whereas businesses that devise unprofessional ad copies end up seriously compromising on sales. This is because it is the sales page that eventually determines the interest of a consumer in a business. A business has little chance of selling its products and services effectively to consumers if its marketing strategy endorses poorly devised and inefficient sales copies.
Tim has been blogging about marketing and branding issues for over 3 years. He has been working as a branding specialist distributing logo t shirt. http://www.customgear.com.au