Business is a combination of talent and hard work. The talent can only take you so far, so begin by doing your homework. Every business benefits from advertising in some form or another. The key to becoming a name that people can trust is to let them know who you are and what you stand for. Here are a few marketing mistakes that, if avoided, will spare you much grief and money.
Not having a marketing plan - What is a marketing plan? It is the way that you will go about promoting your product or service. Just like you wouldn’t begin to get serious about your business without a definite plan, it is best not to approach the marketing of your product without a plan. When a product is promoted well, sales increase.
Putting all your eggs in one basket - This old saying seems to work in a lot of situations and marketing is one of them. You may find a strategy like email marketing that has been successful for you. But, don’t base your entire marketing plan on that one strategy. In order to grow, diversification is the answer. By not exploring other options, your business will become stunted in no time.
Ignoring the value of networking - For business, networking is invaluable. It is the way that entrepreneurs get together to pick each other’s brains. During these “meetings of the minds”, partnerships are struck. You can find someone who will complement your business with a new idea. Joint ventures mean more profits for everyone.
Working as a force of one - All businesses need support in some form. There are not enough hours in the day to do it all and still make money. Outsourcing can be your best friend. You can outsource for practically anything that you need. Hire someone to design your web page, answer your emails, and organize your invoices. When these tasks are taken care of, more time can be devoted to marketing the product in new and creative ways.
Cutting back on your marketing budget - When business is slow, we can panic unnecessarily. We want to save as much money as we can until things pick up again. Since business is down, we might decide that we don’t need to advertise as no one is buying. That is the worst mistake we can ever make. This is the time to use our extra minutes in the day to beef up that marketing plan to appeal to a wider net of customers.
Have you already made some of these marketing mistakes? In this world most things are fixable. Begin again, but this time with the knowledge of what not to do.