Mistakes are often a positive experience, providing useful knowledge in a lasting way that promotes growth. But when it comes to marketing your business, avoiding mistakes before you make them can save you a lot of time and money.
There are probably very few entrepreneurs who haven’t made mistakes during their first foray into marketing. With the plethora of different approaches and opportunities available today, it’s easy to fall for the wrong one. This is something a small business should avoid at all costs, as the shortage of time and resources can leave you with no room for error. To help you develop the perfect marketing strategy, here are five common mistakes you should avoid.
Not Developing a Plan and Budget
According to a 2016 report done by the Content Marketing Institute, 40% of marketers that were deemed less effective didn’t have a written marketing strategy. Developing a proper marketing plan and setting aside a reasonable budget for your marketing efforts should be your first step.
Consider every component of your marketing strategy that will require investment. This includes your SEO efforts, website design and maintenance, ad space, logo design and money for the software and tools you’ll be using. It should also include what you’ll pay freelancers or services to fill the gaps where you lack the expertise.
Not Knowing Your Target Audience
A very common mistake that businesses make today is failing to narrow down exactly who their target audience is. When it comes to effective marketing that makes use of every cent of your budget, you need to narrow down who your customers are, so you can use the appropriate marketing and messaging methods to reach them directly.
Using the Wrong SEO Service
It’s no secret that good SEO is absolutely essential for any website to succeed in this day and age. It should also be noted that not every SEO service is created equal and some offer much more bang for their buck. Consider whether you’re really getting what you pay for and if that doesn’t seem to be the case, get help from experts instead.
Ignoring Social Media
According to Blue Corona, 68% of small businesses aren’t taking social media seriously. This is a huge mistake, as social media is one of the most powerful, affordable, accessible, and effective marketing tools a business can use in the modern marketplace.
The lack of investment in social media is perhaps largely due to the fact that small businesses feel as if they don’t have the time and resources to invest in it. However, the road to success in social media marketing is much easier than you may think, especially with the plethora of learning resources the internet offers.
If you can boil down the process into a few simple steps, it would go as follows: Start by identifying your audience. From here, focus on one platform at a time based on what’s most suitable. Then, determine your key success metrics before analyzing them. Finally, create a plan based on your findings and apply it to other social media sites moving forward.
As a business with a large internet presence, you’ll be collecting a fair bit of data. Whether it’s from Google Analytics, social media insights or the shopping habits of your customers, this data holds a significant amount of power. Drawing and utilizing these insights can take your business leaps and bounds ahead of your competition.
By avoiding these simple mistakes, you can move forward with comfort knowing that your marketing budget is going in the right places. It helps to always keep an open mind to new ideas in marketing, but to also be wary of the wrong approach. Get it right and your business will flourish.
Video – What is marketing?
This MBN (Market Business News) video explains what marketing is in simple English and examples.