Here are some of the most common marketing mistakes made — along with some strategies for avoiding them.
One day Elon Musk, founder of SpaceX and Tesla, said:
“If you’re trying to create a company, it’s like baking a cake. You have to have all the ingredients in the right proportion.”
So, if you are a founder of startup or entrepreneur, you understand that your business depends on many factors: your decisions, strategies, actions, etc. One of such factors is marketing.
Unfortunately, marketing is one area that many new business owners neglect or treat as more of an afterthought.
Developing a marketing strategy is just as important as developing a budget. It is a key element in growing a customer base and generating revenue.
According to the survey of CBInsights, 14% of startups close because they have a poor marketing. The reason is simple: many founders believe that their product is so cool, that people can’t help but use it. When investors ask such startups about their distribution strategy, they say “Social Media” and “word of mouth” without giving any details. They think that after a few posts on Facebook, their product will be booming! The reality would be harsh for those entrepreneurs. If you do not have a step-by-step plan, and if you postpone your promotional activities - at some point, it will be too late and not that efficient.
So, here are some of the most common mistakes made —along with some strategies for avoiding them:
1. Misunderstanding Your Audience
14% of startups fail due to ignoring customers
Your target audience is the basis of not only your marketing campaign, but nearly every decision regarding your business. You might think you know who your audience is, but without proper market research, you won’t know for sure. To get success in business you should carefully study your target audience: their demands, problems, habits and interests.
There are several ways to conduct your market research: you could hire a firm to conduct the research or use information from other free channels like social media, call-centre, etc.
2. Inconsistent Branding
90% of all purchasing decisions are made subconsciously
As a new business, you must work toward consistent branding across all marketing materials. That mean you should choose a message that will be in all your actions and products. This helps people recognize your business and helps your brand feel more dependable. When a customer sees a memorable logo, color scheme, or other brand elements, it brings to mind the characteristics and emotions they associate with your business; be it product quality or customer service. It ultimately builds trust.
3. Ignoring Offline Marketing
Offline influences have an impact on 40% of online searches.
Statistics prove that online and offline marketing efforts can deliver much better results than individual strategies. A Harris Interactive study carried out in the US, for example, suggests that 69% of people trust their local newspaper. A Nielsen study shows that 54% of people still have high trust in magazine and print ads.
It’s also interesting to point out that offline influences have an impact on 40% of online searches. In other words, everything is connected. People may go online because they’ve come across something relevant in the offline realm and vice versa.
4. Offering the Wrong Content
61% of consumers say they feel better about and are more likely to buy from, a company that delivers custom content.
Include useful information in your blog: resources would be helpful to customers, questions are they asking about your industry. Once again, your market research will come in handy. Give your customers what they need. People like to read life stories, real cases and stories from personal experience. Don’t fill your blog with self-promotional articles and reviews of your own products. Of course, such material is also needed for your customers, but you should present your customers different content.
Remember to share your content on social media to get more engagement with potential customers.
As we write before, the success of a company depends on many factors. In this article we spoke just about marketing, so here are other useful publications about how to be successful: