10 Marketing Mistakes That Are Hurting Your Business
Marketing has the power to really make or break a business.
With budgets to manage, platforms to explore and sales to be made – it has a heavy influence on the success of your organisation.
While you may be diligently managing this function where you can, there are 10 key oversights that might be hurting your business. We’ll be outlining these mistakes and teaching you how to fix them too!
A Poorly Defined Target Market
If you don’t know who your audience are, then you can’t possible hope to be able to reach them. Each organisation will have a different target audience, which informs how they use their marketing resources to get to them.
Without this knowledge, you may be targeting the wrong audience or creating a message that doesn’t resonate with your consumers.
There are many ways that you can refine your target market, including market research. Market research can give you excellent insight into the type of person that needs what you offer and how to create a campaign that gives them the nudge that they need. You can also find out how to reach them; are they newspaper-readers or social media addicts?
No Focus on Brand Trust
As consumers, we’re ever more sceptical when it comes to the products and services that we use. Brands have to create a trustworthy image if they want to tempt us to try out their offerings.
In the modern marketplace, we have hundreds of options to choose from at the touch of a button. In order to tempt us away from brands that we’re loyal to, newcomers must create a strong sense of trust.
Using review sites, social media and displaying consumer reviews shows new customers that they’re not alone. Customers want to see other reviews that show the quality of the product or service, so they’re not going in blind.
To encourage this, you can ask customers to review your offerings, send out promotional items in return for reviews and incentivise existing customers to review in exchange for rewards. Then, when a new consumer discovers your brand through advertising, they can view a full catalogue of glowing reviews to set them at ease.
Spending too much or too little can present a problem for your marketing campaign.
With too little, your campaign won’t reach enough people and it will be doomed before it begins. If your budget grows out of hand, then this can have grave consequences; it also indicates that it’s not being managed proactively.
If a budget is separated out into several different methods of marketing, then you may be spreading this too thin. Each marketing campaign takes time and resources to set up, but if they only have 10% of the budget, they may not be effective.
Instead of splitting your budget to this degree, you could select fewer advertising methods and give each a larger share of the budget.
Lack of Attention to Detail
Without the right degree of attention to detail, you could unwittingly spend money on a marketing campaign with a broken link, spelling mistake or other error that impacts the conversion rate.
Creating layers of proofreading and approval drastically reduces the likelihood of this happening. While you may have a perfectly contentious employee in charge of creating advertisements, everyone makes mistakes from time to time.
This kind of review process should be implemented throughout your marketing campaigns to ensure that all money being spent benefits the brand image, instead of detracting from it.
Unknown or Inconsistent Brand Identity
Defining what your brand represents is just as important as reaching your target audience. If this audience sees conflicting messages or a lack of identity, they won’t be likely to choose you over a strong competitor.
As you work on your target audience awareness, you can shape your brand and tone to appeal to these potential consumers. This kind of research will seek to maximise all of the funds that you spend on marketing, as you create a better connection with the audience.
Creating a guidance document that outlines your brand tone will also reduce any inconsistencies. This should comprise of overall concepts and specific examples, so that everyone working on campaigns understands the way that the brand communicates with consumers.
It’s essential to be clear with the desired outcomes of any marketing campaign. Whether these are communicated internally or externally, you should understand the goals of the campaign.
The goals that you have can come in many forms, not just increasing sales. Brand awareness and recognition campaigns may not deliver instant results, but they can make a big difference in the long run.
Understand what your marketing campaign aims to achieve, and what’s possible with the resources that you allocate to this.
Use forecasting tools within your marketing campaigns to manage expectations. When setting up paid ads, you can estimate the outcome using the tools within the platform. Alternatively, you can look back at previous campaigns and what they delivered to estimate the outcomes of a future campaign.
Failure to Attribute Traffic
If you suddenly get an influx of high value sales, you want to know what caused this success so you can replicate it in future!
A well-placed Facebook ad or a high-ranking blog post may have significantly boosted your revenue, but without attribution you won’t know where this has come from. This is why traffic attribution is so important, so you can assess what’s working and where you could divert resources away from the platforms that aren’t bringing in these customers.
Setting up UTMs and goals within Google Analytics will centralise this reporting in one place. This allows you to break down traffic and segment customers, to refine your marketing efforts to the platforms that work for your product.
Unclear or Unstated USP
Marketing moves at breakneck speed, and if you’re not able to explain what makes your product or service unique quickly, you’ll lose your potential customer. While you may have an amazing USP, if you don’t communicate this effectively, it won’t bring you in any new customers.
Creating an effective strapline that communicates this in a few seconds will ensure that your potential customers know why they should come to you.
Your USP should be the basis for your campaign and should be taken care of far before you spend time and money on the later stages. Get the fundamentals right or you could be throwing your marketing budget away.
No Focus on New Platforms
As with many professions, sticking to ‘the way things have always been done’ can be a dangerous attitude in marketing. In this digital age, there are new platforms and marketing methods to explore on a regular basis. If you’re not using these then your competitors may be gaining an edge.
These can be used to get better results with a lower budget, so it’s well worth exploring all of the options at your disposal. For example, organisations have used influencers to greatly boost their profile through organic posts, enhancing brand trust and awareness.
Ensuring you’re aware of new platforms and keeping an eye on your competitors will keep you ahead of the curve where it matters.
Skipping Evaluation and Improvement
If you don’t evaluate the outcomes of your marketing campaigns, you can’t hope to improve on them. With regular reviews and improvements, you can refine your campaigns to get more for your money.
Campaigns should never be stagnant, as there’s always areas to improve and increase the value that marketing adds to your organisation. Running split tests and monitoring the outcome will allow you to consistently improve over time.
New trends and changes within the algorithms of the platforms that you use will drastically impact the results of your strategy. Evaluation and improvement will continue to make your marketing campaigns more effective over time.
While these marketing mistakes are common, they don’t have to be! Taking time to understand what you want to achieve, before building a strong foundation to get there is key to any marketing campaign.
With the right tools and attitude, marketers can create dazzling campaigns that bring real return on investment.