3 Major Marketing Mistakes Businesses Make
Business owners sometimes are unaware of committing one or two marketing faux pas that costs them millions of dollars in lost revenue and profits. Yes, it cripples their business but the extent of such mistakes might not give them the chance anymore to get back on their feet. Consumers are harsh and unforgiving and it will cost thousands again to rebuild another campaign to redeem themselves.
Whether business owners need more education or training, it is best to know what could be the possible outcome should they avoid committing the mistakes listed below.
Mistake #1. Not having a Unique Selling Point or USP.
Your USP is one thing that is going to set you apart from the rest of the competition. Without it, no can really differentiate you from the rest of the thousands of competitors who are also offering the same services that you are selling.
Mistake #2. Going into battle without ammunition.
Just like establishing a USP, every a marketing pitch has to have a strong offer. Prepare for the battle when you launch it. Turn it into a religion when you study, practice and devote all your time learning it.
Different businesses automatically send proposals and marketing letters that are poorly written that it is going to be miracle for someone to actually read it. They thought they can guarantee sales already by taking that huge leap into pushing their products aggressively.
When your sales and marketing are your foundation, establish them one by one. It might take time but the rewards are bigger and greater.
Achieve success by getting things right. Always prepare NOT to fail or you’ll end up preparing to FAIL at all. Athletes train all the time. Do you think they would win at the battlefield had they not practiced, exercised and prepared?
Mistake #3. No Sales and Marketing System.
So you’ve sent out your proposal and waited for a reply. How do you convert these leads?
How can you qualify if this lead is valid or not?
When brands form a system to market their brand, it does not establish on its own. A branch with a huge following like BMW, for example, might be doing well in one region but not in another. When I visited one BMW dealer in the area, I was surprised that they don’t have a marketing department at all. A marketing and sales department should be handy and ready to promote their business – and they should together and hold hands while at it.
Marketing your business is an art that you have to get down on your knees sometimes just to produce something creative – but it all boils down to one system. YOUR SYSTEM. Without that foundation, your efforts and conversions will go haywire.
Think this is it? There could be so many marketing mistake we could all do in a lifetime but the ones mentioned above are the basic marketing mistakes that we miss to correct but could certainly affect our businesses in the long run. I will be concluding more soon.
What about you? Have you committed mistakes in the past that affected your marketing efforts?
Keep posted for more marketing tips here.