“Marketing is a contest for people’s attention.”
– Seth Godin, American best-selling author
This quote explains, in simple words, the role played by marketing in driving businesses forward. Only the best survive a contest – this fact is more pronounced in marketing. One mistake and your competitors will zoom ahead of you!
Unfortunately, a good majority of businesses falter in their marketing campaigns. This is because they keep repeating the same mistakes again and again! It’s time for introspection. We, at Promo Direct, have compiled a list of the most common mistakes committed in marketing. Read through this list and make sure you are better equipped to reach your target audience next time:
1. Ignoring the target audience: The biggest marketing mistake any business can do is ignoring its target audience. Customers are meant to be nurtured and taken along for the long run. A lot of entrepreneurs fail to realize this. Instead, all they do is launch a product and expect the target audience to show up to make purchases.
2. Preparing faulty strategies: A marketing campaign can be successful only if it is based on a proven strategy. The right strategy is not created in a day. Ideally, several weeks or months should be dedicated to arriving at the right one.
3. Too many cooks spoil the broth!: Some businesses have 7 to 8 marketing minds working together to plan campaigns. This is not an ideal situation. There will be a lot of ideas thrown about and it will be extremely difficult to arrive at a consensus. The core team should comprise 3 to 4 members only.
4. Working with puny budgets: Let’s be practical here – a well planned marketing campaign needs quality investment. However, there is a tendency to allocate measly budgets to marketing departments. And most often, this leads to advertising campaigns that quickly fade into oblivion.
5. Not knowing your product or service: How well do you know your offerings? Imagine not having adequate answers to the simple questions posed by your customers! Spend time to understand your products and its benefits. Make a point to arrive at a unique value proposition as well.
6. Setting the wrong marketing goals: Don’t set your goals too high or low! Plan wisely and arrive at goals that are realistic and within reach. Have faith in the capability of your business to deliver and meet goals.
7. Ignoring current customers: Here is a mistake repeated quite often. In the pursuit of new customers, several businesses ignore current ones! This can lead to a tricky situation – the current customers will get wooed by competitors and move on.
8. Not getting the pricing right: This is an extension of the concern raised in #5. A better knowledge of your products and services will help you determine the right pricing. Never price your products too high – people will stay away. Never price your products too low as well – people will think your product is not worth the buy.
9. Ignoring feedback: A lot of businesses turn a deaf ear to feedback from customers, vendors and business partners. This will only lead to disaster. Pay attention to feedback – negative and positive – and react to it accordingly.
10. Using the wrong messaging: Marketing campaigns are driven by catchy taglines and slogans. You will never get anywhere with content that fails to make an emotional connection to your target audience. Invest in a quality writer with the experience to drive your brand’s advertising campaign forward.