In light of the coronavirus pandemic, businesses all across the globe have been left with no choice but to keep a much closer eye on their overall level of expenditure, making sure they receive as positive a return on investment as possible.
Whether it be avoiding any potential staff turnover costs, cloud-based storage price increases, or client losses, many business owners – like yourself – will have found themselves recently having to scrimp and save wherever they can to safely survive the pandemic.
One area that has been particularly thrown under the limelight has been marketing – an area in which many people will now be looking to make sure their money is particularly well spent, bringing in fresh consumers while retaining any existing ones.
As such, avoiding any costly marketing mistakes has become imperative in the current climate, which is exactly what we’re here to discuss with you today.
With this in mind, join us as we run through some of the key marketing mistakes businesses typically make while highlighting precisely how you can overcome them.
Failure to adapt
The world of marketing can move incredibly quickly. One minute it’s all about networking with magazine adverts and business cards. The next it’s suddenly all about prioritizing SEO, utilizing social media, or formulating an effective content strategy.
As such, the most successful marketers are the ones who keep up to date with the latest trends and act accordingly.
Just because social media platforms like Facebook and Twitter were popular a decade ago, that doesn’t mean they’re still as important as they used to be. In fact, they’re not – TikTok, Instagram, and Clubhouse are now just as good at getting your business seen by a larger audience.
So, it’s important to move with the times, otherwise, you could end up being left behind.
How to avoid: Tailor your marketing strategies to tie in with the latest trends and consumer interests, and don’t be afraid to experiment a little.
Perhaps the worst marketing mistake a business can make comes through a lack of research and a failure to focus the campaign appropriately.
It’s vital to have a firm understanding of your customers, after all, since it’ll be their interaction with your efforts that will ultimately denote whether it proves successful or not.
Therefore, the more you can know about them in advance – their behavior, their driving factors, their interests – the easier it will become to tailor your marketing campaigns as a result.
How to avoid: Carve out a section of your marketing budget to run A/B testing and conduct detailed consumer research.
Lack of USP
When it comes to marketing products or services, it’s important to put yourself in the mind of the consumer and ask ‘why’. Why should your consumers choose you over your competitors? Why should they trust what they’re telling them? And why is your business better than the rest?
In other words, you need to ensure you have a unique selling point (USP) – something that encourages your consumers to not only trust in your business but dedicate their time and money to it.
Once you have identified what this is, this should then become the central theme of all your marketing efforts, regardless of whatever the aim of the individual campaign in question may be.
How to avoid: Don’t use vague phrases like ‘top-rated’ or ‘most valuable’ as these will do anything but help you stand out from your competitors.
Not investing enough
While money may be tight at the moment, you need to ensure you don’t fall into the same trap as many business owners by feeling overly reluctant to invest enough money into your marketing efforts.
As the old phrase goes, you only get out what you put in – and, in business, the same is true of marketing.
In fact, according to recent studies, many business owners have stated they actually wished they’d invested more than 25% of their budget to marketing when they were first starting out. So, try to learn from their mistakes.
How to avoid: Invest more in marketing and don’t let your lack of budget prevent you from securing a stronger ROI.
Marketing a business is no easy task but, when done right, can make all the difference.
The key thing to remember is to continually research, research, research.
In essence, the more consumer research you can do, the better informed your decisions will be, and the more successful you should fare as a result.
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