Why Marketing Fails: 5 Marketing Mistakes to Avoid
Marketing is an integral part of any business, and a marketing campaign connects you to your target market, and gets everyone talking about your company and what you offer. However, marketing mistakes can be easily committed, which might cost you a lot of money.
Knowing common marketing mistakes and how to avoid them is sure to propel your business in the right way.
Mistake #1: Copying Competitors
Being aware of your biggest competitors and what they are doing is essential, but you can’t let it affect and command your marketing strategy. Don’t enter into a “lower cost” competition of always providing the lowest price, as you might find yourself entering into financial issues.
How to Avoid the Mistake: Unmet needs and wants are a factor you should focus on. Finding a reason for your customers to choose you over other competitors will differentiate you and help you to find your niche market.
Mistake #2: Targeting the Wrong Market
Niche markets are ideal targets for your marketing campaign. However, a market that is too specific will only limit your ability to succeed long term with your business. Narrow markets won’t sustain your business like capturing an entire market with a service or a product will. Keep in mind that your target market has to be able to afford your services or products; don’t compete for someone’s rent money.
How to Avoid the Mistake: Identify your target market and create a customer profile. By knowing the characteristics of potential buyers, you will be able to determine the long-term potential for not only new but also repeat sales.
Mistake #3: Lack of Patience
When running a marketing campaign, lack of patience can be your downfall. You might not see the results you were expecting straight away, or quickly get bored of the campaign you are currently running. Abandoning it or switching ideas in the middle of your campaign in never a good idea.
How to Avoid the Mistake: Your target market is likely to see your campaign as something new, and if it provides you with the results you need, keeping with it until apparent that it’s time for a change is ideal. You should also test new campaigns before abandoning the one you’re presently running to avoid bad publicity and loss of funds.
Mistake #4: Not Focusing on Existing Customers
At the start of any business you can’t avoid focusing on gaining new customers, which can become expensive if you aren’t aware of your niche in the market. Your customer base is your biggest asset, and making sales doesn’t mean you’ve ended your relationship with those customers.
How to Avoid the Mistake: When a sale is finalised, it’s the beginning of a relationship with your customer. You should focus on offering additional products or services to your customer base, or develop a referral venture or program emphasising on your existing buyers.
Mistake #5:Fear of Failure
It’s natural to fear your business will fail, but sometimes this fear can be overpowering instead of becoming a driving force to help you succeed. You might get caught up in too much planning and organising to prevent failure and don’t actually begin a marketing campaign. Being active is not the same as being productive; you need to sell the first product before you can sell a million.
How to Avoid the Mistake: Don’t be afraid to make mistakes. A failure is an opportunity for you to know what doesn’t work and what isn’t valuable in your marketing campaign, so that you can tailor it in a way that will work.
At Breeze People we believe in providing the best promotional staff for your business, helping you to succeed every step of the way. You can get in touch with us by giving us a call on 02380 015 000 to speak to our friendly team. We’re always happy to help!