The Biggest Marketing Mistakes Every Entrepreneur Should Avoid!
Marketing isn’t just one crucial kick-off part of a business, it’s a part of business that never ends and each strategy has to be better than the last. At each point, a decent amount of money will have to go into your plans and reading every single marketing book wouldn’t guarantee the success of your marketing strategy.
It’s a proven fact that the effectiveness of any marketing strategy solely depends on implementation and of course, having a thorough understanding of consumer behavior.
However, certain mistakes are graver than others and especially for start-ups, it’s a harder task considering limited budget and resources. Looking from a realistic point of view, mistakes are inevitable in business but not all mistakes are mild. Some marketing mistakes can give a long-term blow to your business and this is as a result of not understanding best marketing practices.
Although, you might not be able to fly over every single mistake, consider not making the mistakes listed below:
Not Having a Brand
Your brand conveys a unique message, something consumers can associate with your business. If you fail to create this unique voice, the marketing strategy will be a total waste because no one would know how to reach you or patronize you. A brand is your identity and building one makes your business recognized and not just hang in the air like every other less-appreciated product.
Not Having a Targeted Audience
- Targeting everyone is as good as targeting no one. Whether you have a restricted budget or not, you need to know who needs your product, the location it’s needed and who can afford it as well. Not everyone can afford Ariel Detergent or Peak Milk, it would be a bad idea to promote both products in a location like Makoko, the Coast of Lagos Island.Another example is trying to sell candles in the sophisticated parts of Lagos Island, this is a total waste of time and resources.
Spending a Fortune on Big Marketing Too Quickly
- It’s a great idea to invest in a marketing strategy but it could also turn out to be a massive marketing mistake. Here’s the truth; if you don’t get lucky with the blockbuster ad, you lose! If you do, you might get a huge audience base you’re probably not ready to cater for yet.Remember, you’re still testing the waters, so don’t be in a hurry to blow out so much money on your first killer ad on Big Brother Naija, slow down and invest wisely.
Marketing Through the Wrong Channels
- Among all the marketing mistakes, this one is more speculative; it would be a big slip to advertise through inappropriate channels. Once you understand your audience, you would know where to grab their attention. This is why you need research; figure out the appropriate channels beforehand so you can get the best returns.
Failure to Measure Marketing Progress
- Executing a marketing plan would require constant modification, you can’t always repeat the same process.
- What do your customers think of the product? Did that billboard at Lekki Toll Gate bring any customer your way? Are people satisfied with what you have to offer? – These questions must keep ringing in your head if you must succeed.
- In order to measure your return on investment, you have to adopt a standard measurement system.
[tweetshare tweet=”Targeting everyone is as good as targeting no one. Whether you have a restricted budget or not, you need to know who needs your product, the location it’s needed and who can afford it as well.”]
Engaging in Fierce Competition
There’s a special mix to your marketing strategy, this is what you should focus on. Your competitors have probably made a name, it’s a bad idea to keep replicating their efforts if you want to beat them at their game. You can’t really trust your competitor’s process, instead, get deep in the system, learn from their mistakes and productive efforts, then find a way to do it better than them.
Allowing Marketing Decisions from Every Angle
While trying to avoid marketing mistakes, you have to be open to ideas but not all ideas should be implemented. Everyone seems to have something to say about marketing, you don’t have to take it!
In the end, you can’t afford to relent. Whether your marketing strategy make waves or they simply go unnoticed, you shouldn’t halt, it takes continuous effort to succeed as an entrepreneur.
YouTube, Google, and Indomie are all known brands and won’t be extinct anytime soon, these brands still engage in advertising.
Note that while a marketing mistake won’t necessarily end your business, it will hinder its growth, this is why you have to keep up with solutions mentioned in this blog post.
We are open to other marketing mistakes you may be aware of, do contact us soon.