The consumer market of 2021 is very different than it was even 10 or 15 years ago. In recent years, we have seen an explosion of new brands, platforms, and audience segments. This can present obstacles to creating a marketing strategy that will grow your business. And in this highly competitive environment, marketing mistakes can lead to wasted time and money, or worse. So let’s take a look at 3 common pitfalls that will derail your marketing efforts.
Companies often want to get to market as soon as possible. It seems to make sense. Getting your products out to the people and letting them speak for themselves should result in more revenue, right? Unfortunately, that is not necessarily the case. Many companies fail to give data its due credit and do not do any meaningful market research or due diligence before taking the plunge. The digital economy has made it easier than ever to obtain and analyze important data regarding your customer’s purchasing patterns, preferences, and favored price points. You should make sure that you study this data before launching your marketing plan.
The central part of your business’s marketing strategy should be to have a ‘unique selling proposition’ – or USP. Basically, a USP is a single statement which is used to show how your business is different from others in the market.
Failing to effectively communicate your brand’s USP can be disastrous for the growth of your business. Customers often look towards USPs to help them make their purchasing decisions. As such, you need to provide your customers with an obvious and attractive reason to choose your brand over the competition.
While growing your user base is important to the overall health of your business, don’t discount the value of your existing customers. Studies have shown that retaining a current customer is between 5 and 25 times cheaper than acquiring a new customer. So, when devising your company’s marketing strategy, it is wise to reach out to both new and repeat customers. Returning customer discounts and rewards programs can be an excellent way to keep your customers coming back for more.
Marketing a business is always a tricky proposition. However, by avoiding these three costly mistakes, you can ensure that your business continues to grow, develop, and prosper over time.