The relationship between marketing and a business is similar to the body and blood. Marketing is the blood of the business. Unless corporates are able to have a successful marketing strategy and implementation; otherwise it will never exist.
Hereunder a list of the top 12 marketing mistakes that majority of small to medium size business owners do:
1- Thinking advertising is marketing:
The biggest common mistake most of the business owners make is to think advertising and spending money is the only marketing way exist. This group only focuses on advertising, which when the desired result is not achieved at the end of a campaign, they complain about how much money they lost. Advertisement is merely one of many profiles of marketing management but it is not everything in marketing.
2- Bad Pricing:
Every business offers products or services. Which involves certain cost and fees. Designing the price according to the market is crucial and cause a major failure for businesses if done without market considerations. The best preference to find the perfect price is your business plan. It is necessary for every business owner to investigate:
- A) The demographic income of the targeted audience
- B) Market needs and economy balance
- C) Competitive market prices
- E) Uniqueness of the product or service
3- No Budget:
Many business owners make a big mistake and do not place any budget for marketing plans. Whatever the profit and loss on your business, it must include certain amount of budget for marketing. Unfortunately business owners mostly have no budget and deduct the cost of marketing plans from their profit margins. This marketing budget is very essential in the future of business growth. Increase the marketing budget with business slowly reaching the peak of demands for your product and services.
4- Spending money on non-traceable ads
As the market changes, so as the marketing plan, pricing and target audience. Invest and assign marketing plans that are traceable. Traceable marketing means follow-up dashboards to analyze data.
The worst mistake of marketing is to spend money on a plan that cannot be traced and measured. This marketing mistake is wasting money or in other terms is like shooting in the dark.
5- Copying – Think in a closed box:
The biggest mistake business owners make is to follow other businesses’ footsteps. Marketing and its strategies should not have any limitation. Think of marketing out side of the box and do not limit the marketing strategies to a cliché approach others do. Be creative and design a plan unique and suitable for your business.
6- Thinking the product or service will sell itself:
One of the biggest marketing mistakes is to assume your product or service is going to sell itself. This assumption is misleadingly translating marketing into advertisement.
7- Don’t know the target audience:
To plan and set a marketing strategy, any business has to have a particular target niche as an audience. Analyze everything about that audience category. The list certainly is not limited to the audience’s income, age, interests, gender, education, commitment ratio and their loyalty.
8- Don’t know the competition:
The best way to analyze the market is to get familiar with the competition and rivals.
This is especially important for business owners in small community to keep an eye on the competition. If you are managing a restaurant, you are encouraged to go to other local restaurants and dine. All you have to do is to analyze everything from the greeting, staff knowledge, manager’s presence, client’s relation and the overall quality. You will definitely understand your competition strengths and weaknesses.
9- Hiring wrong people for marketing:
Many business owners out of desperation and lack of networking, hire wrong people to do their marketing.
Marketing is such a flawless process of thinking and implementation; it requires creative, experienced, educated and dynamic calibers in order to help achieving your goals.
It is also the business owner’s responsibility to hire a professional firm who can relate to the business’s need and offerings.
10- Underestimate the value of existing clients:
A good businessperson always knows the value of the existing clients;
The best way of follow-up with the existing clients is to create informative data about them. Many business owners lack this very important source of information. To avoid this mistake, keep a record of every client’s information. If the information requires certain personal data, keep it in a safe and secure place. A client whom already has experienced your product and service knows about the quality of it is an asset for your brand. Don’t only focus on acquiring new clients.
11- Do not appreciate the power of the Internet:
Internet plays a great deal of connection in people’s life everyday. Many customers use the Internet to search and review local businesses. No matter what kind of business, you should have an informative and user-friendly website. A good business website is a gateway that welcomes customers to enter and experience the business offering.
Many business owners making mistake and assume their line of business does not need a website. With daily development of technology, people get more connected via Internet and do their shopping online. Search engines get stronger everyday by developing codes and programs to bring up the exact and precise inquiry.
With a vastly growing competition on the Internet and the increase in demand for business development, simply having a website that offer information is not enough. Popular search engines are only listing websites in their search result, which have better ranking. Many business owners are simply making a big mistake by avoiding the presence on the Internet and ignore the growing highway to success. Every business must have an informative website and optimizes the business on search engines, social media ..etc
12- Expecting too much in short time:
Do not expect too much in a short time. There is always cause and effect but it requires proper time period to produce best effect. It takes time for a good marketing plan to spread the roots and make a strong holding ground.
Marketing is the pillar of the business. Without marketing and planning, business lacks its foundation.
It is not like a ‘Pushing Button’ that customers will follow your directions and trust your brand right on the spot.
It takes time to spread brand awareness, create demand and build consumer confidence, so remember that good marketing always takes time.
Marketing is the pillar of every business and is the only foundation to go further, faster. The planning and strategy of the marketing to the business is the safety gear of the business sustainability.
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