In virtually every area of business there will be pitfalls along the way. These times are no different and marketing is also no exception. Time and time again businesses of all sizes make the same costly marketing mistakes. But knowing how to avoid these mistakes can save you energy, disappointment, opportunity – and money.
Mistake #1: Eliminating marketing efforts when times get tight
When cash flow slows, marketing efforts and advertising may be the easiest expenses to reduce, right? But, cut these and you eliminate the very activities that will bring in new customers to turn your business around. This is the time when you may be spending more time analyzing the results of your marketing efforts. But by stopping marketing efforts you will be setting yourself up for additional loss of business.
Mistake #2: Not measuring results
Don’t wait until times get tight to start measuring the results of your marketing efforts. By analyzing regularly, you will be able to reinvest in what is working, and drop what isn’t. Ask customers how they found your business, then track the results.
Mistake #3: Putting all your marketing dollars in one area
If your entire marketing budget is used on just one method of promoting your business, you won’t realize the highest return on your investment. Diversifying your efforts will increase the frequency and reach of your messages and stretch your marketing dollars.
Businesses can get hooked into social media ads, media promotion, etc. and put the majority of their marketing dollars in one basket to see if it works. In fact, some business owners stay with a company that’s not producing results in fear of upsetting them.
Remember, it’s your money and your investment. Don’t ever let anyone talk you into a marketing program that is not producing the best results for your business. And continue to measure your return on investment consistently.
Your customer base and mailing list is gold. Make sure you have budgeted a large part of your marketing dollars to market to your existing customers. They already love you, so keep them coming back.
Mistake #4: Allowing your ego to get in the way of common sense
Ego can tempt a very bright person to do dumb things. Your marketing decisions should be based on factors that will positively impact some area of your business – usually the bottom line. Buying full-page ads or spending a ton of money on a PR firm may result in money flying out the window.
Mistake #5: Not getting help when you need it
If you find you’re too busy to handle your marketing efforts or that your materials aren’t looking as professional as they should, it’s time to call in the reinforcements. Hire a full-or part-time employee to allow you more free time to work on the “business end” or hire an independent business consultant to bring in new concepts and fresh ideas.
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