5 Marketing Mistakes You Don’t Want to Make
Marketing is a part of any successful business plan. Without it, your business is doomed. avoid these five mistakes when it comes to marketing.
Marketing is a catchall term for intersection of your business where sales, public relations, pricing, packaging, and distribution meet. As the marketing manager or the business owner in charge of marketing, you need a marketing section of your business plan.
Without strong marketing goals, businesses can falter. A cutting edge, prosthetic device for an amputee, is useless if no one knows about it. Research your competitors when looking at how to promote your business. Are they doing print ads? Showing at trade events? Sponsoring a charity event? Sending products out to bloggers for review? Copy what’s successful for them and see if it works for you.
Whether your business has a large staff of marketers or one-man outfit, devise a strategy to market your product in the most channels possible. Figure out who your target audience is. Keep up with the trends. Most importantly of all, read the rest of this article to keep of the Worst Marketing Mistakes in Business list!
1. Nothing, Nada
You have a workspace, a good product, an enthusiastic workforce, but no sales. What’s missing? You probably have no marketing plan at all. An “if we build it, they will come approach,” is a giant miss. Every business needs customers. Customers can only find you if your business advertises and promotes itself.
2. Not Writing It Down
No matter if you’re a small business or large, write down a plan for marketing your business and product line. As you look at goals for the short term, keep in mind where your business needs to be in the future. Look at budget, investments, research and development, competitors, legislation, and strategic messages. Refer back to your marketing plan and updated it as needed.
3. Lack of Commitment
It is easy to try a strategy once, then move onto something else. A single mailing, appearance at a trade show, or print ad is not a marketing strategy. Your business made need to be at 5 to 6 trade shows before your product and business are known. If you choose ads or trade show appearances, calculate how many you can realistically do. Stick to your plan. Tweak the ad. Look for a more relevant to your business show, rather than moving from one concept to the next. If after 6 months to a year, the strategy isn’t netting sales, you can slash it in favor of something else.
4. Not Asking for Help
New business owners want to be involved in all aspects of the business. A key mistake that businesses make is not finding help. At the inception of your business, you may work all day and night to complete production of the medical device, but soon the long hours will take a toll. Farm out marketing to a key employee or a local agency, while you focus on the production cycle.
5. Lack of Realistic Expectations
Look back over your strategic marketing plan. Examine the goals you set for your business. Post a copy of these goals in the workspace, so that all staff will set realistic benchmarks. Stick to those goals.
Some blunders become renowned for outlandishness of the marketing error. Ever hear of the IKEA desk named “FARTFULL”? Or that Pepsi used an ad tagline “Come Alive with Pepsi” that was translated in Chinese as “Pepsi brings your ancestors back from the dead.” Ouch to both of these marketing mistakes.
Mistakes will happen as your business grows. Analyze and evaluate what went wrong with your marketing plan. Embrace the mistakes. And move on.