MONSTROUS Marketing Mistake Number 1: Sinking a Fortune Into an Unproven ProductIs your business idea built on market research or a hunch?
Entrepreneurs often fall in love with their products or services before they determine if there's a real market, and they throw fistfuls of money into
venture. If you, your spouse, your uncle, and your neighbor think you've got a winning idea, that's simply not enough qualified input to run to
bank and drain your savings account!
Avoid this mistake by:
• Conducting your detective work (research).
• Testing your business idea with
real marketplace.
MONSTROUS Marketing Mistake Number 2: Believing That "If You Build It, They Will Come"
Do you think you have a product or service that will practically sell itself?
Trust me — you don't.
There is a misconception among small business owners that, with
right product or service, your customers will simply "find" you when you open your doors for business. Whether you have a physical storefront on a corner lot in
busiest part of downtown, or a graphically pleasing online storefront offering easy access to your hot products and services, your customers will not find you if you do not market to them.
The day you open for business is
day you put on your "marketer's hat" and never take it off. You must consistently move product, or schedule service time.
To stay in business you must profit.
To profit you must sell.
To sell you must market.
The good news is that, with a marketing strategy, you take
control out of your potential customers' hands and put it into your own. If you have a product that will "practically sell itself," then your marketing job will be easy. Just remember that
job must still be done.
Avoid this mistake by:
• Defining your niche market and USP (Unique Selling Proposition) that differentiates you from your competition.
• Developing a marketing action plan and strategy to reach your niche market with your USP message.
MONSTROUS Marketing Mistake Number 3: Trying to Reinvent
Wheel
Marketing is an age-old practice with some very basic principles. Yet, I'm sure you've read many marketing information products that stress
importance of being innovative and creative with your marketing efforts. It's easy to get caught up in
innovation process and forget that
REAL focus should be on results.
Avoid this mistake by:
• Emulating success instead of trying to create something completely new. Please note that I am not saying, "copy" what others are doing. Look at
basic structure of a tactic, campaign, advertisement, or event and use
same formula as a basis for developing your own tactics.
• Realizing great marketing ideas are used over and over again with just
right twist to make them fit a specific business. Focus on results, and choose imitation over innovation to create your own twist on a proven, winning technique.
MONSTROUS Marketing Mistake Number 4: Over-Preparing and Doing Nothing
The fear of failure can be powerful. So powerful that we do everything we can think of to prevent it. Yet, there is a point at which we are so busy preparing, organizing, and researching to prevent failure that we never get around to
actual marketing of
business. Here are two things to remember:
1. Activity is not productivity. 2. In order to sell a million of something, you have to sell
first ONE.
Avoid this mistake by:
• Doing something! If you believe in your business and have done your detective work, it's time to dive into
marketing pool. Start small, track results and build from there.
• Not being afraid to make a mistake. Mistakes are
entry to success. At
very least, a failed promotion means you have SUCCESSFULLY determined what promotion does not work. And, to learn what does NOT work is a valuable tool in getting you closer to discovering what WILL work.
So, go ahead. Fail a little. It will make your eventual successes even sweeter.
MONSTROUS Marketing Mistake Number 5: Boredom
When I was working for an ad agency many years ago, I had one client that was running an extremely successful ad campaign. After about six months, I received a phone call from
client. He wanted to develop an entirely new campaign. When I asked, "why?" he simply said, "I'm bored with
one we have."
What?
That client may have had
money to spend on a new campaign due to "boredom" but you and I usually don't. Yet, I've often seen my small business clients switch promotions for
same reason. This is detrimental to your business!
"Losing money" is a reason. "Boredom" is not.
Avoid this mistake by:
• Remembering that, what is old to you, is new to an untapped target market. If you have a promotion that is consistently getting you results, stick with it until results show you its time for change.
• Testing new promotions without abandoning
current one. Then track results. Never swap a current promotion with a new one that hasn't been tested.
MONSTROUS Marketing Mistake Number 6: Relying on Networking to Generate Sales Leads
Joining
Chamber of Commerce and schmoozing at association meetings can put you in contact with vendors and possible joint venture partners, and will be invaluable exposure for you as a community supporter - but it will rarely generate substantial sales leads.