In virtually
every area of business, there will be pitfalls along the way. Marketing
is no exception. Time and time again I see businesses large and small
making the same costly mistakes. By knowing how to avoid these mistakes,
you will save energy, disappointment and money.
Mistake
1: Eliminating marketing efforts when times get tight
When cash
flow slows, advertising, direct mail and other forms of marketing are
the easiest expenses to reduce, right? But cut these, and you eliminate
the very activities that will bring in new customers to turn your business
around. This is the time when you may be spending more time analyzing
the results of your marketing efforts. But by stopping marketing efforts,
you will be setting yourself up for additional loss of business.
Mistake
2: Not measuring results
Don't wait
until times get tight to start measuring the results of your marketing
efforts. By constantly analyzing these, you will be able to reinvest
in what is working, and drop those that aren't. Ask customers how they
found your business, and then track the results. Use in-store or on-line
coupons, or host a focus group of a variety of customers to discover
what attracts them to your business.
Mistake
3: Putting all your marketing dollars in one area
If your
entire marketing budget is used on just one method of promoting your
business, you won't realize the highest return on your investment. Diversifying
your efforts will increase the frequency and reach of your messages
and stretch your marketing dollars. Businesses can get hooked into one
large advertising program with a local newspaper, magazine or radio
station, and put the majority of
their marketing dollars there. They feel as if they have to advertise
with the same media source, just because they always have or fear they
will lose ground since their competitors are advertising there as well.
I have actually known some business owners that stay with a company
for fear of upsetting their sales associate. Remember, it is your money
and your investment. Don't ever let anyone talk you into an advertising
program that is not producing the best results for your business. I
know this can happen, because it happened to me. My advertising dollars
were spent mostly on the same magazines for years until I started to
focus on measuring the results more effectively. Start to measure the
results of your advertising dollars spent vs the income received from
your advertising on a consist basis.
Many business
owners tell me they only do a few direct mail programs a year, targeted
to their existing customer base. Your customer base and mailing list
is gold, make sure you have budgeted a large part of your marketing
dollars to advertise to your existing customers. They already love you,
so keep them coming in by sending promotional postcards or mailers at
least six times a year, connecting with them every two months.
Mistake
4: Allowing your ego to get in the way of common sense
Ego can
tempt a very bright person to do dumb things. Your marketing decisions
should be based on factors that will positively impact some area of
your business, usually the bottom line. Buying full page ads or covers
featuring yourself and not focusing on your unique offerings may result
in money out the window.
Mistake
#5: Not getting help when you need it
If you
find you're too busy to handle your marketing efforts or that your materials
aren't looking as professional as they should, it's time to call in
the reinforcements. Hire a full-or part-time employee to allow you more
free time to work on the business end or hire an independent business
consultant to bring in new concepts and fresh ideas.
Debbie Allen is an International professional speaker,
marketing consultant and author of Confessions of Shameless Self Promoters.
To download a free chapter of her book, sign up for her free online
marketing newsletter or view her presentation topics go to http://www.ConfessionsofShamelessSelfPromoters.com
or contact Debbie Allen directly by email at debbie@debbieallen.com.
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