Six Commonly Made Marketing Mistakes
Business owners and decision makers are subjected to what seems like thousands of tasks each and every day with each task requiring a decision. Decisions that need to be made right then…right now. With that much responsibility and pressure, you are bound to make a few mistakes and marketing is no different.
As I mentioned in the last issue (for access to past issues, please click here) a solid marketing plan will steer you in the right direction when it comes to marketing your business, but no plan is foolproof, so this month I would like to discuss six of the most common marketing mistakes and how to avoid them.
1) An indistinguishable focus and positioning of your brand: Most companies market their business for the sole purpose of selling to customers while virtually ignoring their potential or realized brand. The truth is that properly establishing your brand can be one of the most effective tools in your marketing arsenal regardless of the size of your business. Approaching your marketing to receive an immediate but enduring response will bolster your brand. Remember, the stronger your brand, the stronger the customer loyalty.
2) Marketing without an USP: Your USP stands for your Unique Selling Proposition (or Position). It's the reason why your customers will buy from you over your competition. Your USP is your one single statement that will separate you from your competition. Just like your brand identity, your USP is more than just a statement. It is your philosophical foundation of your business and should be treated as such.
3) Blindly copying what your competition is doing: What gets a lot of companies into trouble is that they assume their competition is marketing properly to your target audience, which can start a slippery slope into an abyss of poor judgment and wasted resources. Every business is different regardless of the industry, market or even geographical area. You can be in exactly the same industry as the shop across the street, going after the same core target audience and offering identical products and services. However, it doesn't mean that both companies are the same. Each company has their own strengths and weaknesses and your marketing execution and implementation should reflect this. This doesn't mean that you ignore what your competition is doing, after all knowledge is wealth. It is a good idea to watch what others are doing, but don't assume that they are doing it right.
4) Discounting your competition : Contrary to popular belief, competition is good. Competition keeps industries healthy and credible. Competition not only maintains a market for your product or service, it also reinforces or justifies your industry's existence. An example would be chiropractic care. As recent as 30 years ago, chiropractic care was widely considered as nonsense and shunned by the medical community. Instead of chiropractors overlooking each other, most of these professionals decided to communicate with one another. They would discuss their respective experiences, knowledge and strategies. By working together, chiropractic care transformed itself into a reputable and profitable industry which continues to grow.
5) Failing to capture repeat customers: Approximately 80% of your business comes from existing customers. Yet, many companies ignore the lifetime value of their customers. A satisfied customer is a company's greatest asset. They can be difficult to come by and even harder to duplicate. Failing to maintain a relationship with your customers can cost the average company 5 times the expense to find, sell, and maintain a new customer. Many companies though think the sales and marketing cycle ends with the delivery of the product. Don't be afraid to establish a healthy relationship with your existing customer base. Remind your existing customers of sales, deals, as well as additional products and services that your company offers without inundating them with excessive communiqué. This leads me to the next common mistake…
6) Lack of focus on potential customer's needs: Ask yourself the following questions: Do you really know what your customers need or want? Do you know their buying habits? If you do, then you are way ahead of your competition. If you are not sure, there is a sure-fire way to find out what your customers are thinking…talk to them. Ask your customers questions. Ask them to complete the occasional survey. Let them know that their input is important and you respect their opinion. In order words; make them feel important. Keeping an open line of communication and not alienating your customers will keep you ahead of your competition, and keep you in the forefront of your customers' mind.
Look, nobody is perfect. That is a given. However avoiding the above mistakes can not only save you some money but can increase your business in the process.
