The Top 5 Marketing Errors
A marketing campaign can not only connect you with the right prospects, but it will also get everyone talking about your company, your product or your service – at least if it's properly developed and done right. Marketing mistakes can do the opposite and perhaps result in disaster, costing your business thousands of dollars in lost revenues and other expenses. Here's a checklist of five mistakes commonly made in marketing and how you can avoid them.
Lack of Research and Testing
Market research and testing are critical because they can determine the performance of each of your marketing efforts. They take the guesswork out of what your potential customer or client wants from you. Always make sure you've done your due diligence when it comes to testing different your offers, prices, and packages, then get the input of your customers to see how they react to each.
Improper Focus and Positioning
Don't market just to build up the company, neglecting brand awareness in the process. Create marketing that will demand an immediate response from the recipient. Improper focus and market positioning can be avoided by following the proper solution positioning of marketing.
Marketing Without a USP
Your USP is your unique selling proposition. It's the one single statement that will single you out from among the competition. It should be used in every piece of marketing material. Think of your USP as the philosophical foundation of your business. Don't market without it!
Failing to Capture Repeat Customers
Keep in mind that 80 percent of your business comes from existing customers and 20 percent is the result of new customers you've attracted. Failing to resell to your current customer base could have a detrimental effect on your profits. It will cost you five times the expense to sell to a new customer than to sell to an existing customer.
Lack of Focus on Potential Customers' Needs
Do you really know what your potential customers need and want? You're way ahead in the ballgame if you do, but the truth is that very few businesses have a good grasp of what it is that their customers need and want from them. The secret to avoiding this common error is to find a need that you can fill, then fill that need better than anyone else.