Running a small business is no easy task. Whether it’s uncertainty about funds, tough competition or customer retention, there are a lot of concerns that run through a small business owner’s mind. If you represent a small business, then you are probably aware of just how difficult it is to survive in this competitive world.
In this article, we will highlight 5 marketing blunders that small businesses commit the most:
1. Having a weak marketing strategy in place
It is difficult to run a small business without a sound strategy. Divert a good amount of time and resources to finalize a strategy that will stand the test of time. Perform detailed competitor analysis to arrive at the nature of the market you are venturing into.
It may take several months or a year to arrive at the perfect marketing strategy. It is better to wait rather than regret later.
2. Not figuring out the right target audience
Are you confident your business is tuned to the right target audience? Not sure? It is easy to find out – what’s the level of target audience penetration your business has compared to other companies in your domain? If you are way behind them, there is a possibility you haven’t been able to make a connection with the right audience yet.
3. Not being customer-friendly
A small business often has to deal with a lot of queries from customers. But how many small businesses can boast of a customer support system in place to answer queries? Several businesses make the mistake of ignoring this very important aspect.
4. Offering faulty product/inadequate services
Never launch a business with products or services you are not sure of. Make sure you offer a unique value proposition that will set your business apart from others. Customers should associate your business with efficiency and quality. There may be initial problems with your offerings – make sure you iron them out immediately.
5. Wasting financial resources on the wrong priorities
Make sure funds are allocated to only the most important priorities in your business. For this, a proper investment plan should be prepared with details on every investment. Identify and plug any investment blunders on your part.
We hope the blunders listed in this article provide you the right path towards a successful business. All the best!