Every day people make common mistakes. These mistakes whether personal or business can be deterred with simple awareness and certain strategies. In business, marketing is a key ingredient and it is important to be aware to the common mistakes usually made. How many of the following mistakes in marketing have you made?
Lack of product market testing
This is by far the biggest mistake in the marketing today by small and even large businesses. Great product ideas are always birthed from a thought. Successful ideas are birth from the market with a business ability to capitalize on the need. It is amazing how many companies decide on the product they will sell before ever checking to see if the potential market would be interested whether it is business-to-business or business-to-consumer. The reason for this common mistake is well placed in the question “Whose idea is the best idea? Well, everyone knows it is your own.”. That’s right, the seller falls in love with their own product and assumes the market will too. This thinking clouds the business ability objectively. It is better to take a subjective position to determine the true potential of any product market. Test the water and ask your customers and clients what they think. Survey a portion of your current clients and the general public. You owe it to the balance sheet! of the business and the products success.
Neglecting to explain why your prices are lower
In today’s market, low price brings the question of how? How, can they sell it at a lower cost than their competitors? If a business fails to answer that question in their marketing strategy, customers immediately become suspicious of the quality of the product. If they had only given an explanation that would increase trust in the selling relationship. Remember trust is a key factor in making a sale.
Forgetting to make it easy for the customer to do business with you.
There is so much competition out there today; you should make sure the selling experience is better than the product. To often businesses are forgetting this important detail. Why make the experience of the sale difficult and undesirable to do business with you when they can go elsewhere. Make things convenience for the customer. It is there hard earn cash, make the experience easy and enjoyable. Do not consume the customer’s time. If you want to lose a customer, go ahead and waste their time or make them wait. Today’s customers hate to wait and would rather pay the extra dollar or whatever with the competition if they can deliver faster efficient pleasant service. Consumers expect their shopping experience to be an enjoyable one. If you can make it fun and entertaining to do business with you, chances are they’ll be back and possible bring a friend or two.
Don’t be a General Practitioner
If you do not have a unique position, why would your customers be interested in you? Find a unique angel to your business, be great at it and stick with it. This is called a Niche. You can have a Niche product, service or market. Not everything under the sun has to be for the general market, it is not always the most profitable. But to have an advantage over your competitors you better know your Niche, know who your customers are, and how to target your market.
Forgetting to set the stage for the repeat business
This is an area where many businesses lose money. Businesses look for the first sale and rarely set the stage for repeat business. Remember to develop a “back-end” sales strategy. It’s extremely important before you sell your first product to already have your follow-up product at the door and waiting. If your customer has purchased from you once, there is a good chance they will again. You have already established a certain kind of trust with your customer. Do not let them down and never rely on one primary product to carry your business unless it is a daily livelihood necessity like food and water. Product development is an integral part of any business. If you want to stay in business keep your present customers coming back for more through product development and highly effective customer service.
If It’s Not Broken. Don’t Fix It!
Why do businesses feel the need to change a marketing strategy that works? The fact is, it happens every day. Businesses find a winner and hope they can create a new one. Practice the notion of asking, “Is it broken?” if it is not leave it alone and use the strategy again. Now that is not to say that you should not test new marketing ideas, but never drop a winner because you are tired of using it or feel the market is tired of seeing it. If they are, trust me, sales will go down and you may probably receive a few emails or phones calls. Until those signs occur leave well enough alone.
Recommended Books on Marketing Mistakes:
- Marketing Mistakes and Successes
- The 25 Most Common Sales Mistakes: . . . And How to Avoid Them
- Brand Failures: The Truth about the 100 Biggest Branding Mistakes of All Time
- No B.S. Grassroots Marketing: Ultimate No Holds Barred Take No Prisoners Guide to Growing Sales and Profits of Local Small Businesses
- The Luxury Strategy: Break the Rules of Marketing to Build Luxury Brands
- Marketing Warfare
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Category: Marketing Mistakes