Common Marketing Mistakes to Avoid as an Entrepreneur
Marketing is an innovative tool to leverage for business promotion. Not only does it help to build and maintain your brand reputation, but it also fosters goodwill between your business and your customers. Moreover, it enables you to effectively engage your customers while boosting your sales and providing insight into your business. 57% of the UK’s small businesses leverage social media marketing, while 52% opt for digital advertising. These statistics reiterate the importance and need to market your business.
While marketing is helpful, you can damage your company’s reputation with the wrong marketing strategies. Various studies have revealed that many companies make marketing mistakes that hurt their brand and sales. However, you can avoid this once you know what to do. That said, here are some common marketing mistakes to avoid as an entrepreneur.
Spending most of your time planning (analysis paralysis)
Analysis paralysis occurs when entrepreneurs can’t decide due to problem over-thinking. While research is practical for your marketing campaign, too much can cause you to over-analyse your options, leading to wasted time and intangible results. Business experts believe that business isn’t an exact science since many factors come together to guarantee success. Therefore, relying too much on information can cause you to feel inadequate, causing you to miss business opportunities. Moreover, your theoretical knowledge may not reflect in the natural business environment.
Therefore, you need to take practical steps to avoid falling into analysis paralysis. For instance, you’d want to categorise your decision by importance and align them to your marketing goals. By all means, avoid the illusion of a smooth road to success, as you’ll face uncertainties as you market your brand. What’s more, you’d face new challenges as you strategise, requiring experience to address. Therefore, it’s prudent to create a healthy balance between research and experience.
Not tracking your marketing performance
Entrepreneurs must measure their marketing performance. Not only does it help you determine your success, but it also gives you an idea of your sales leads generation. Besides, it will provide information on the most successful strategies to leverage and what needs improvement. However, a study by the JDR Group revealed that many business owners fail to measure their marketing performance due to a lack of time, technology and knowledge, often leading to incomplete information to improve their efforts.
Fortunately, you can track your performance with the proper steps. For instance, you’d want to measure your return on investment (ROI) on each marketing campaign to determine its effectiveness and calculate the cost per win to compare campaigns. Perhaps, you can measure your incremental sales to ascertain the effectiveness of all your marketing efforts while determining your customer retention and loyalty. Business experts advise that you measure your marketing against your revenue generation to determine your profits.
Not earning repeat customers
Your business will thrive if you have a large repeat customer base. A SumAll survey revealed that businesses earn 25 to 40% of their total profits from repeat customers and generate almost 50% more revenue from 40% of their repeat customers. These impressive statistics reiterate the necessity for your business, making it a disaster to lose them. Not only will you lose customers that pay more, but getting new customers will cost you more. Therefore, it’s prudent to map out strategies to maintain your repeat customers.
For instance, you can implement a customer loyalty program to reward them for constantly patronising you or offering more personalised customer services to treat your customers correctly. Perhaps, you can include complementary products to appeal to your customers. For example, if you sell baked goods, you can include coffee treats to keep your customers interested. However, you’d have to read the best bean to cup coffee machines article to determine the best one for your business. You can also offer future-use coupons and freebies to increase their loyalty to your brand.
Not wanting to invest in marketing
You’d want to invest in your marketing campaigns to gain loyal customers, especially if you have a small business. Although marketing efforts may cost money, you’re sure to reap the benefits in the long run. Marketing helps build brand awareness and increase your sales, contributing to your success story. Therefore, it’s expedient to push more money into your marketing strategies for the best results. Fortunately, you can spend little to launch your marketing campaign.
For instance, you’d want to invest in practical marketing skills like SEO to boost your sales. Again, customer service is an effective marketing tool, making it imperative to invest in. You should also put money into your marketing team’s training to enhance their productivity and treat your staff right to improve staff retention and loyalty. You’d also want to invest in the right marketing tools and software and promote innovation among your marketing staff for optimum results.
Unwillingness to adapt to evolving marketing trends
Growth and development are crucial for success, making it imperative to adapt to evolving marketing trends. New marketing methods, platforms and technology spring up every day, and you must leverage them to keep your business relevant. Business expert Brian Solis likens business to Darwinism, where society and technology change rapidly, threatening businesses. However, successful ones adapt to these changes, and so should you.
For instance, artificial intelligence can take up simple jobs to improve customer experience and retention, making it essential to leverage. Moreover, different surveys indicate that chatbots will support 85% of customer service; therefore, you’d want to include them in your website for maximum efficiency. Furthermore, customers want to feel special, making it imperative to prioritise personalised customer service. Therefore, it’s best to research and apply emerging marketing trends to promote your brand.
Although it’s an obvious mistake to avoid, many entrepreneurs still target the wrong audience. Therefore, ensure to determine your target market before launching your marketing campaign to avoid wasting time and resources.
Marketing is profitable and effective when utilised properly. Hopefully, you’ll avoid these marketing mistakes to enjoy the full benefits of promoting your brand.