When done right, marketing can generate you thousands of dollars in sales and grow your business to levels you had only dared dream of. But when done wrong, it can be a very costly exercise, not just in wasted spending, but also in lost opportunity and credibility.
To ensure your marketing is as effective as possible, here are four of the most common mistakes businesses make regularly that could be costing you money and potential business.
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1. Not following up
One of the biggest and most expensive mistakes you can make in marketing is to not follow up.
Whether you’ve attended a networking event, sent a sales letter, conducted a meeting or distributed a media release – if you want to increase your marketing results, always follow up.
Not every letter is delivered, not every email is seen, not every business card is kept and not every media release is opened. Following up gives you a second chance to convert the sale or opportunity.
2. Not upselling or cross-selling existing customers
The second biggest marketing mistake a business can make is to focus only on bringing in new business instead of utilising their existing customers and database.
These are people who already have a need for your products or services and have seen the value in buying with you or at the very least hearing from you.
While bringing in new business is important, look to up-sell, cross-sell and generate repeat sales from your existing customers and database. They will always be the easiest leads to convert.
3. Targeting everyone
The third marketing mistake is to not be clear on your target market. There is no quicker way to waste your marketing dollars than to target anyone and everyone.
To be more strategic with your marketing, know who needs your product or service and who has the problems you solve.
Once you know who they are, look at their key motivators and influencers. What is most important to them? What keeps them up at night? What do they read? Who do they listen to? Who do they follow on social media? Where do they network?
Start to develop a profile of your audience so you can identify strategies and platforms that will make your marketing more targeted.
4. Not establishing your value
The fourth mistake is to not clearly articulate your value and why a customer should come to you above anyone else.
Even the cleverest advertising and most targeted marketing campaigns won’t help you if you can’t establish your value and convert the people you are talking to.
Before you embark on your next marketing campaign or print thousands of brochures, work out your target market’s needs, challenges and frustrations, how you can add value and why you are different to every other person out there offering the same products and services.