Common Mistakes to Avoid When Marketing Your BusinessIf you knew what not to do when considering marketing choices for your business, just think how much money and energy you would save! Put these helpful tips in your marketing toolbox and pry it open before you make any costly decisions!
1. Putting all of your eggs in one basket
Could be very costly. If you bank of success with one thing and one thing only to promote your business, you won't begin to realize
return on your investment. Keep in mind that marketing is an integrated process. That means that it must consist of a variety of strategies to be successful. By diversifying your efforts, you will increase
reach of your message and stretch your marketing dollars.
2. Shooting in
Dark
You don't have a target. You're just hoping something will stick. If you find that you are throwing yourself at every marketing opportunity coming your way, step back and realize that's it's better to have a plan. Set your objectives first. What goals do you want to accomplish in what time period? Define your target market. Set your budget for
next 6 to 12 months. When you have a plan, there is no reason for "crises marketing." This eliminates advertising rush charges and prevents you from straying to far from your plan.
3. Having a Rigid Marketing Plan
This means an earthquake couldn't get you to change your mind! Remember that marketing plans must be flexible. You must always be adjustable to marketing conditions, new opportunities and other factors. Your marketing plan should be re-evaluated at least every quarter. This doesn't mean that you need to add more money to your budget. If a great opportunity comes along, eliminate one piece of your plan and move
money to your new idea. I always find it helpful to include a "contingency" line item in my plans. This is kind of like "emergency" funds.
4. If it Ain't Broke, Don't Fix it
If your advertising and direct mail is producing results for you, don't change it just to try something different! Once you see that your returns are slowing down, then look at changing your ad of your message or your offer. Just remember with every new thing you want to try, test it first. Don't sign long-term ad contracts or send out 5,000 direct mail pieces. Send 250 and look for a 3-5% return. If you don't get that, change your message or offer or re-evaluate your list or target market.