Monday, November 12, 2012 posted by Rebecca Daneault
Just as with most components of running a business,
marketing isn’t a one-size-fits all task. What works for one company may not
necessarily have the same results for another. But just because you may be able
to adopt a different strategy than another business in your industry doesn’t
mean that your chosen strategy will be flawless. In fact, just about any
marketing technique may result in various errors. The good news is five such
mistakes are common enough that you can anticipate them and plan ahead to avoid
committing them for your business.
Forgetting About Existing Customers – Aiming for new clients is
an essential part of any business that wants to experience growth (and, who
doesn’t), but don’t forget about those loyal customers who helped you get your
start. More importantly, not only is obtaining new customers much more costly,
but studies have shown that existing customers
spend
an average of 33% more than new ones. Can you afford to lose that? Make
your existing clientele feel important and valued by offering perks and rewards
for repeat business.
Approaching Social Media Too Broadly – Some businesses make the
mistake of trying to be all things at all times on social media. What
inevitably ends up happening is that it quickly becomes overwhelming and many
simply abandon the strategy altogether. Instead of spreading yourself too thin,
figure out where the largest concentration of your target audience is likely to
be, and focus your efforts there. This is much more manageable, and will set
you up better for success.
Dropping Prices Too Low – Some companies think that they can
increase sales if they just drop their prices a little bit more. While this
technique may work for mega corporations like Walmart, it’s not necessarily the
approach a small business should take. In fact, this can be dangerous and you
may end up losing money in the long run. Instead, try other alternatives, such
as adding a ‘9’ to the end of your prices (like $9.99 or $49). Research has
shown that psychologically this makes people feel that they are saving money.
Not Clearly Telling Your Story – Most businesses need some type
of funding, but in order to get it, you have to be able to clearly and
accurately deliver your story – your mission – to investors. If you can’t,
chances are, nobody will buy into what you are trying to do. You are surely
passionate about what you do, so let that passion come through in your
thoughts, words and actions and make sure you’ve got your ducks in a row before
you pitch for funding.
Not Keeping Online Info Up to Date – Would you allow the front
of your brick and mortar building to become old and dilapidated? Of course not!
That would turn customers off and cost you business. Your online presence
should be the virtual front door of your business; therefore it should be
treated with as much care as your physical one. Make sure your website and blog
are kept up to date, and that your online prices are accurate at all times.
Otherwise, you risk losing a ton of potential new business.
Marketing a business isn’t an easy task, and it’s often a
trial and error experience. Knowing what things to avoid can help keep you on
track and better prepare you for success.
Labels: marketing, small business tips
posted by Rebecca Daneault @ 6:59 AM