The statistics of companies that go under after only the first few years should be alarming for all business owners.
One of the reasons this happens is a lack of proper marketing skills.
Yet I’ve always gotten the impression that marketing was thought of as a joke or an afterthought. The focus is always on SALES…I just need more sales!
Well, how do you think those sales happen? MARKETING!
Many Entrepreneurs forge ahead with an idea for a product or service, never pausing to slow down and learn if their potential market even wants what they are selling. What would solve that? MARKET RESEARCH!
Networking is super important… time, money & energy is always spent on just getting in front of people. But what do you say to them? Your MARKETING PLAN with tell you!
Here are five marketing mistakes to avoid if you want to give your business the best possible chance of long-term survival.
If you are spinning your wheels trying to gain traction with your business, see if you are making these mistakes:
You can’t sell to everyone. Start with a general idea of the demographics and psychographics of your market and aim at them exclusively. If people from another demographic or psychographic buy from you, that’s an added bonus. When you learn to focus on a specific group, their interests, trends and buying habits, you will understand just what marketing message to send.
TAKE ACTION: You can refine this over time, but pick ONE to start with! Start by having conversations with the target market you think best fits. Tweak your profile after each conversation until your value to them is crystal clear.
One of the biggest mistakes business owners make is jumping into trying to sell their product or service without having done any type of research or testing of the product. Unfortunately, it doesn’t work that way. In order to discover your target audience, adequate research is required. The more you dig deep into why and what is behind your customers decision to buy a product or service from you, the more positioned you are to sell to them. This is where you have to prove to the market your product or service’s value through a series of tests and trial offers.
TAKE ACTION: Create your own test market by launching a “beta” version of your product or service. Offer it at a lower price, in exchange for feedback and testimonials from your clients.
The consumers need to be informed about how your product will benefit them. It’s not just about the merchant making revenue, people want to know that they are paying for something that would be of good use, or interest to them. If your product can benefit a person’s quality of life or enhance it, it stimulates them to consider purchasing from you.
TAKE ACTION: Steps 1 & 2 will give you the market to test. Start by LISTENING to your potential clients. What are they struggling with? Describe how your product or service solves their problem.
Getting to know your clientele is also a key factor in ensuring sales success. Communicating with them on blogs and other social media is an effective way to accomplish this task. People generally love to interact on a personal level with the owner or the “face behind the business”.
TAKE ACTION: An easy place to start is with your personal Facebook profile — it’s faster and easier than Pages these days. You can add on more advanced ways such as video marketing or tutorial videos where you are explaining your product or service.
Finally, share your passion about why you are doing this. It’s easy to make a connection with your potential clients if you can let this shine through. Your authentically is a natural way to build trust. Understanding “why you” will set you apart from your competition in a way that cannot be duplicated.
TAKE ACTION: What more can your audience know about you in order to convince them that you’re the person to buy from? Share this as you talk to your network and it will build you know, like & trust…leading to more sales!
Keep these 5 mistakes in mind as you build your business, and you’ll greatly increase your chances for success. Marketing isn’t just a bunch of random tactics, it is a strategic process that evolves from knowing your audience, creating solutions they need and then marketing to your audience in a one-on-one way that makes the customer feel like you are speaking directly to them.
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