Biggest Marketing Mistakes You Can Make
Marketing is one of the most crucial components of success for any business. A well-thought-out marketing plan can target your desired demographic of customers, bring positive attention to your product or service, and ultimately help set up your business for financial success. However, a bad marketing plan can do the opposite for your company. Having a great product is the first step to achieving your business goals, but without a strong marketing campaign, you may find yourself spinning your wheels at the starting line.
If you look at the track record of any big or successful company, you’ll find plenty of mistakes along the way. This includes mistakes in their marketing strategy or execution. It’s a completely normal part of your business’ growth. The important part is that you identify the mistakes early enough to fix them without hampering your company’s success.
Here are some of the biggest marketing mistakes to look out for:
Reaching the Wrong Audience
In the past, many marketing strategies would consist of simply targeting as many people as possible in the hopes that the message would reach the target demographic. Today, the marketing industry has so many advanced tools and techniques that paint a much clearer picture of the audience you’re targeting. These tools can narrow down who your marketing campaign is targeting by giving you data on things like gender, age group, and geographic location. Reaching your core target demographic is one of the keys to success, which is why it’s a huge mistake to not consider whether or not your business is reaching the group of people you want it to.
Failing to Address Customer Needs
No matter how great of a product or service is, it needs to fill a particular customer’s need. Failing to understand your target customer’s needs is a common mistake that companies make. It’s easy to get so caught up in the product itself that you lose sight of why the customer needs it. The bottom line is that any successful business must identify a need that can be filled better than anyone else. There are several ways to ensure you don’t make this mistake, primarily by doing research and testing to ensure you understand the needs of your customer.
Neglecting Repeat Customers
Acquiring new customers can be expensive. When you’re just starting, it makes sense to mostly focus on attracting new customers. However, focusing on your current and returning customers is far more profitable. A repeat customer already trusts that your business is going to deliver the best possible product or service possible. New customers have far more obstacles in the way before they reach the same level of faith in your business. There is a big difference between tailoring your marketing strategy to gaining new customers compared to a marketing strategy for returning customers. It’s worth your time to consider the right balance for your business.
Too Many Discounts & Promotions
In marketing, there can definitely be too much of a good thing. While people generally like seeing discounts and promotions, running too many of these deals can hurt your brand image. Many companies make this mistake as they see early positive signs from these types of sales in the short term. However, if you’re constantly advertising your products as being discounted, your customers will eventually start to see your product or service as more of a budget option and you undermine your product or service’s perceived value. Too many discounts or promos create a situation where your customers know and expect you to have frequent sales, meaning they will rarely want to buy your products at full price. A well-put-together marketing plan will account for this to find the right mix of discounts and promotions.
Every business can make mistakes when it comes to its marketing strategy. With the right team, you can identify these shortcomings and remove them from your strategy moving forward. If you’re interested in partnering with a team like that, look no further than TriSpark Media. Reach out to our team of talented advertisers and marketers who can work with you to help your business advertising strategy stand out among the rest.