If you aren’t getting a marketing company to help push your business forward, there are some mistakes you might not realize.
Below are the Top 5 mistakes you might be making with your business marketing.
Failing to have a marketing strategy
Some companies assume that their products or services do all the work; that reaching out to clients is unnecessary because what they offer is so spectacular and no one else offers that. Therefore, they underestimate the value in being laser focused on a target market. Setting limits somehow equates to limiting an opportunity to reach more clients.
What is actually true is marketing efforts are most successful when you define a target market segment. You may have the greatest services on the planet, but those services are only relevant for a specific sector. It is within that group of potential clients that you also have the best competitive advantage for successful sales. Marketing everything under the illusion that clients have no other option to consider is a terrible oversight.
To recover from this faulty thinking, you must have a marketing plan. Cease all marketing activities until you invest the time into developing a new approach to reaching potential clients. Develop a brief overview of the products and/or services that your company offers. Include all features and benefits that clients will receive.
Research your competition because every business has at least one other company that offers the same. Find out what the competition offers and how their pricing is structured. Look at their strengths and weaknesses, and identify your competitive advantage, also known as value proposition. Once you know your key advantages over what the competition offers, consistently message these advantages in every marketing vehicle that you create.
No matter how large your budget, you cannot market to everyone. Instead, you must define a target market based on categorizing characteristics of your current client base. Remain patient and persistent. Soon, sales will begin to climb.
Failing to be consistent with your brand
Another common mistake companies make is changing how they are positioned based on a particular audience. This opens the door for a confused audience. Once you have your target audience’s attention, you need to maintain consistency in the messaging they come to expect and trust. You will never be able to do this if your customized message leaves your target audience unsure not only of who you are, but also what your company does. Knowing and understanding your brand awareness is really important.
Improving this mistake means you need know and show how you differ from the competition. Changing this process may involve brainstorming sessions with your team or auditing existing marketing to ensure there are no inconsistencies.
Failing to integrate marketing and sales
Some companies combine marketing and sales, others treat both separately. Marketing materials and campaigns will soon fizzle out if the sales team never uses them.
It is important to make sure your sales team understand and accept the marketing strategy so they happily use the new material.
Every marketing campaign will fail when there is no clear integration between marketing and sales. This will cause you to lose money in wasted expenses and lost opportunities for generating new revenue.
Do not despair because you can quickly recover by including the sales team in the marketing planning process. Allow the sales team members to provide feedback on proposed marketing efforts. Another possible solution is to schedule visits for sales to reach out to current clients. You can also find out the client’s perspective on what your company is currently doing. Social media is a great platform for this.
Failing to measure the success and failure
Every strategy will work differently for every company, even when both are in the same industry. Therefore, you need to look at what worked and what didn’t.
No matter what size your business is, you should always look for ways to measure success. Doing this helps you evaluate your company’s performance and highlights what your marketing goals should work toward achieving. There are several simple, inexpensive ways that you can track the return you receive on investing in marketing campaigns. Ultimately, you want to be confident in which strategies are more effective than others, and how each one ties into the big picture goals of your company.
First, define the channels that you want to track in order to measure the success of a campaign. Linked to this is defining a collection of numerical data points. These will help to give you some perspective on how well or poorly your marketing campaign is working. One of the best ways to know this is if marketing goals are being met. This is all part of Kriate Digital Marketings full audit, let us deal with the numbers for you.
Some key marketing metrics to consider are:
• Sales and costs conversion rates for different leads, i.e. trade vs. Internet vs. direct mail
• Conversion rates from potential clients who accessed your website
• Length of sales cycle
Once you develop a planning process for how you will measure and track the marketing campaign, the next step is to actually begin tracking once the campaign begins. Not measuring your ROI is simply setting your company up for one of the worst marketing mistakes.
Failing to focus on needs of potential clients
If you have no idea what potential clients need, how could you know what they will respond to in an email or snail mail? Every effort you make towards marketing should focus on their needs and wants.
In truth, few businesses have a solid grasp on what clients need. This failing often comes from having a product-centric view, rather than a client-centric view. Your marketing team might be able define your products and/or services from every possible angle. However, they can only vaguely describe who might actually need or want those products and/or services. Lost in this translation is their belief that the features and benefits make it obvious why anyone would want to spend their money.
The result of your marketing campaign spend can then go down the drain because the message delivered means nothing to the potential clients. Your products and/or services will only count when they satisfy the needs of potential clients.
Turn mistakes into success
Marketing is one of the most important expenditures your company will make. Doing the right things to add to your client base ensures that your company’s revenue and size will grow. Effective marketing campaigns are critical to this level of success.
As one of the most important elements of your company’s business strategy, marketing will set you apart from the competition and keep you top-of-mind with current and potential clients. Expanding your base, increasing revenue or brand awareness will not happen without a savvy marketing strategy.
With those top 5 in mind, do you have what it takes to market your business effectively? Like most people, it’s better to get the right people to perform the task and not fail yourself if you don’t know what you are doing.
Get in contact to discuss how we can help you and your business.