Mistake #1: Not Having a Marketing Plan
Without a plan, how can you set your objectives for growth and profit? It’s impossible. Very few businesses of any size will survive in a relentlessly competitive world. Think of a marketing plan as a road map for your business journey. You’ll always know which direction you’re taking and how long you need to reach each of your milestones along the way.
Mistake #2: Not Knowing Your Target Audience
It’s essential to understand who you are trying to reach with your marketing efforts. Look at the customers you have now. What do you know about them? How old are they? What are their interests? Why should they keep doing business with you? Would they stay loyal if a competitor opened in the next street? The more you know about your customers, the more profitable your marketing campaigns will be.
Mistake #3: Not Measuring Your Results
Every dollar you spend on marketing must deliver a return on your investment. Only by measuring the impact of your advertising and promotions can you determine which are the right channels for you and how much you should be spending for best results. Monitor all your metrics, all the time – website visits, social media responses, new customer acquisition rates and so on.
Mistake #4: Underestimating the value of referrals
What is the world’s best advertising medium and always has been? Facebook? Instagram? YouTube? No way. The best by far is word of mouth. Every customer you have is a potential ambassador for your business. What strategy do you have for making sure they tell their friends and families all about your wonderful product or service? I bet you don’t have any!
Mistake #5: Sleepwalking through your business life
If every business day for you is pretty much the same as the one before, you’re heading for trouble. The world is changing at a frightening pace. Look how quickly AI has burst upon the scene. Did you see it coming? You might think it happened overnight. In fact, the term artificial intelligence dates from August 1956.
As long ago as 1969, a deep learning algorithm was created. But only from 2000 onwards was the computing power available to make it work. That was 23 years ago, hardly an overnight sensation.
Approach each day with increased alertness and a fresh set of eyes and ears to search for new opportunities and to expose unexpected threats.
So there you are: create a marketing plan, get to know your target audience, measure your results, get referrals and testimonials, and keep a close eye on what’s happening in your business world and beyond.
If you need advice about all or any of these, contact us now. chris@sme-smartmktg.com
