6 Awful Marketing Mistakes You Should AvoidWebfox
Costly mistakes can hurt your business. Do yourself and your customers a favor and think about the following statements in respect to the marketing strategy of your company.
Marketing activities have never been more diverse with a large number of marketing strategies for every type of channel which are combined in order to effectively increase the attention of the target audience.
Entrepreneur (magazine for ambitious entrepreneurs of the word) is teaching us the marketing mistakes that can cost companies a lot of time and money which are resources that no one has for spare. The following mistakes should be avoided so the marketing strategy of your company is successful and is in line with the development of your brand.
1. You don’t differentiate personalization from individualization
Everyone is talking about the personalization of marketing messages but companies still do not manage to create customer experiences which customers truly remember. The question is not have you personalized your messages – they are all personalized to some extent.
The more important question is: do you take into account individual insights of your customers when you are creating your marketing campaign?
Recent findings show that only 6% of companies all over the world plan their marketing activities in relation to the individual insight on customers. If you don’t fall in this 6%, your marketing is not targeted enough.
2. You don’t follow the 80/20 rule.
You must have heard of the Pareto principle? It says that 80% profit comes from 20% of sources. This principle applies to marketing as well! Whether your focus is social media, email marketing or content marketing, 80% of your effort should be focused on creating value for your target audience. Value can be provided in any way, from recipes for cocktails with the alcoholic beverage you sell, fitness and diet advice from your pilates studio to news about the business world for your consulting business.
20% of your effort is left for the promotion of your company and its products and services. In this way, the audience is engaged and a long term non-commercial relationship is created with it. There is nothing worse than someone always aiming to acquire profit from you, right?
3. You ignore retention marketing.
Retention Marketing should be the backbone of your marketing strategy. Why? For two reasons:
- It is easier to sell to someone you have a relationship with, who knows you exist.
- It is more profitable to sell to existing customers.
You are not convicted? Take a look at these statistics:
- The probability of selling to an existing customer is between 60 and 70 percent. Probability of selling to a new customer is between 5 to 20 percent.
- Acquiring a new customer costs 6 to 7 times more than what you would spend to retain an existing customer.
When someone becomes your customer, do not stop the marketing effort aimed at that customer. It is hard to acquire a loyal customer today. It is all about creating value for them so they stay loyal customers to you for life.
4. You ignore new channels and platforms.
The most successful businesses do whatever it takes to utilise every marketing channel that exists. They don’t only hold on to traditional marketing channels and strategies. According to the Harvard Business School study, retailers that use many marketing channels were more profitable than those that used only one channel.
5. You use e-mail only for the promotion of your company and brand
There was a time when email marketing was only used for promotion and that time has passed.
Today’s professionals know that email marketing plays a key role in creating a relationship based on trust so your customers are engaged and retained. If you want your marketing to be successful you have to use email as a tool for engagement of your customer and not only for promotional purposes.
6. You don’t spend enough time creating your brand’s message.
This is one of the biggest mistakes marketers make – they don’t put enough attention to the creation of the brand message before they push it to the customers.
Think very carefully about what you want your customer to believe. Whether you are writing a blog on your website, creating an email, writing a status on the Facebook page or constructing a copy of a website, every word that you use should clearly and convincingly deliver your brand message. When it comes to marketing, it’s not only the channel used that’s important but also the message that your company and your brand is communicating.
For more information about creating an effective marketing strategy or revision of an existing one, contact us.