A good marketing campaign will get the right people talking about your products or services, bring customers to your business, and build a foundation for future business success. Poorly thought out marketing, however, usually does exactly the opposite. Marketing mistakes not only waste your advertising dollars, they can damage your company’s reputation and cost you revenue. To avoid causing your company these kinds of problems, you’ll want to steer clear of these common marketing mistakes.
A unique selling proposition, or USP, is a single short statement that defines your product or service and sets it apart from similar products or services. It communicates how your product or service directly addresses the needs of your target demographic in a way that the competition cannot. There are a lot of other advertising messages out there, and if you don’t have a USP to set yours apart, it will be drowned out by the noise of all those others. Before you start any marketing, craft a memorable, effective USP and then make it the foundation of all your marketing efforts.
Many businesses make the mistake of focusing all their marketing efforts on attracting new customers. Attracting new customers is important, of course, but ignoring your loyal returning customers is a bad idea. You need to show them that you value their continued business by targeting some of your marketing at them, and offering them special deals. That is how you retain your recurring customers. You should especially avoid changing your offerings or pricing structure in a way that makes things more expensive for your regular customers in an attempt to win over new ones. Doing that will drive your regulars away.
Making changes for the sake of change, in an attempt to convince people that your company is always innovating, is a bad idea. The whole point of marketing is getting potential customers to associate a certain image, a certain message, with your products or services. Changing your products or services just to send a new message undercuts all of the work you had previously done with your marketing. It’s easy to drive away your loyal regular customers that way.
Don’t feel like you can never change your offerings, but it’s important to do some market research first. Make sure you understand what your customers are looking for when they buy from you first, so that you don’t accidentally take it away from them.
Many businesses switch marketing approaches on a constant basis, never sticking with one long enough for it to work. These businesses are constantly chasing the latest marketing fad, hoping that it will be the magical key to success. Trouble is, that’s not the way marketing works. To achieve success in any marketing channel, you need to stick with it for awhile and learn how to make it work. If you’re looking for the marketing approach that is right for your business, you need to take the time to investigate each one thoroughly before deciding to ditch it.
Speaking of thoroughly investigating your results, this includes using digital marketing analytics tools. These tools allow you to gather large amounts of very detailed data and use it to figure out the details of how people responded to your various marketing messages. By using analytics to figure out what works and what doesn’t, you can fine tune your marketing efforts for best results.
Marketing mistakes can happen to any business. However, as long as you know what the worst mistakes look like, you’ll be able to avoid doing too much damage to your bottom line.