It’s a fact that business these days is more competitive than it’s ever been. To stay alive, you just can’t offer a quality product at a fair price. You have to know how to market effectively.
Unfortunately, most business owners have no idea how to get the most out of every marketing dollar they spend.
Here is an interesting point. Most businesses spend more time planning their Christmas party than they do creating powerful, persuasive, marketing communications. Does this apply to your business???
In fact, I would go far as to say that the financial success of any business, big or small, is directly related to how much energy and money it’s leaders can direct to marketing versus how much it is consumed by internal problems.
Now this can stop. Here are The Top 10 Marketing mistakes that business owners make. I can’t emphasize enough how important it is to be aware of the mistakes, because just by knowing them and avoiding them, you can make a HUGE difference in the balance of your bank account.
These marketing mistakes are not confined to a particular industry, they are found across the board. If one or two of these mistakes don’t apply to you, then congratulate yourself! You’re already on the road to marketing success.
Marketing Mistake # 1:
Being An Advertising Victim.
And it’s real easy to be an Advertising Victim. You see, some advertising sales rep or agency tells you that you need to advertise because you need to advertise. All your competitors are!
And they want to sell you “institutional” advertising instead of “direct response” advertising. The difference is obvious. In fact, it’s right in the name.
Institutional advertising is advertising like Coca Cola, GMH and Ford, or McDonalds. This is advertising where you can’t measure your results. They tell you that when someone is ready for your particular product, they will now think of you and walk into your shop.
If you fall victim to this -YOU’LL GO BROKE. The only companies that can afford this type of advertising are the Coca Colas, the Motor Companies and McDonalds of the world.
What you want to do and ONLY do is emotional direct response advertising. That’s advertising where every dollar you spend is measurable and accountable.
Marketing Mistake # 2:
Lack Of A System To Capture Your Clients and Prospects Names & Details
Why a business would spend hundreds of thousands of dollars to get a client in the door and then let them walk away without getting their name, address and other vital information is beyond me.
Of all the terrible marketing mistakes made, this one has caused businesses to lose the MOST money. The real gold in ANY business is in the client database. It is 10 times easier to get an existing customer to return than it is to get a new client in your business. Plus, returning clients will typically pay as much as twice the fee as new clients.
What would happen to your businesses if you had to constantly rely on selling new prospects instead of existing ones? In my own business, we get the name, address, phone number, fax number, e-mail address, and buying history of all our clients and prospects. My client database now exceeds 45,000 contacts. I could just market to my existing customers & prospects and continue to grow my business every year, without any concern of the current economic client.
Marketing Mistake # 3:
Not Trying To Sell Your Customers Something Else on the Backend
Your hottest prospect is someone that has just bought from you. This is your best opportunity for another immediate sale. The key to success is having products that offer solutions to problems that your prospects have.
Can you imagine how easy it would be for a hairdresser who has just cut and styled a client’s hair to then offer them some product to maintain the care at home. I would bet that a large proportion of salon professionals do not have a successful system for this.
Just remember, your customers are never “hotter” than when they first buy. Immediately acknowledge their first purchase and tell them how appreciative you are. Then, offer them something else so they’ll have the chance to solve more of their problems and to spend even more money with you!
Marketing Mistake # 4:
Not Implementing a Referral System
What is the second easiest customer to sell? Well the answer is A Referral. Unfortunately, most business owners live with the myth that if they treat their prospect’s and client’s great and give them great products and service, their customers will refer their friends to them. WRONG!!.
The “Lack Of A Referral Program” is a HUGE marketing mistake. The last thing that anyone is thinking when they leave your business is – whom can I send to these nice people so that they can buy from them. It’s not because they don’t want to. It’s because we’re all too busy to be thinking about it.
That’s why you need to have a “Client Rewards Referral System” in place, which will give your customers an incentive to refer – while they are still thinking about what you’ve just done for them.
Marketing Mistake # 5:
Not Trying to Activate Lost Clients
If a referral customer is the second easiest client to sell, then who do you think is the third easiest customer to sell? The answer is “Lost Clients”. Again, most business owners totally ignore the clients that you have NOT been in touch with for several years, when in fact, these people are infinitely easier to sell than new customers – if you have a system in place to successfully re-activate your “Lost Clients”.
Marketing Mistake # 6:
Thinking You Are Your Client.
This next mistake is a BIGGIE. I can’t tell you how many times I’ve heard business owners tell me that their clients are too sophisticated for this type of marketing or that type of advertising. This way of thinking, without testing, can be dangerous.
Your business must be focussed on the needs and wants of your CLIENT! Not anything else, not you, not what you think is best.
Take a look through the Yellow Pages. Most of the ads are telling you about the business, where they are, how wonderful they are, what they do, how great their quality is, how great their service is…..basically all about them. Your ads must focus on the needs of the client! Your ads must tell your prospect what BENEFITS they get if they become a client.
What is very important to note is the fact that just because you might not respond to something, it doesn’t mean your clients won’t, and you need to be open to and test new ideas.
Marketing Mistake # 7::
Working ‘In’ Your Business Instead of ‘On’ Your Business
Many business owners do not realise the overall importance of marketing. One thing I hear all the time from business owners is – I’M TOO BUSY. I’m too busy to do any marketing because I’m the best salesperson and I need to wait on my clients. Or, worse yet, I need to look after the staff. The problem is, you are working “in” your business instead of “on” your business. If there is one thing that you should write down and post as a constant reminder, it is this-.
Stop seeing yourself as a provider of a product or service BUT as a marketer of that product or service.
Or better yet,
I am a marketing business that just happens to provide financial services, or prepares food, or sells insurance etc.
The marketer of ANY business will be the one who achieves financial success. It is often said that the best marketer wins, not the one that provides the best product or service. The real money is in the marketing, not in actually doing all the tasks within the business. Setting aside time to work “on” your business instead of’ “in” your business will become the most profitable time that you spend. So learn marketing!
Marketing Mistake # 8:
You are Not Persistant and Willing To “Stick It Out” Until You’ve Contacted Your Prospect Enough Times To Warrant Dropping Him – Constantly Testing and Trying New Approaches Until You Find The Hot Button That Sells
Too many businesses rely entirely on the hoped success of one advertisement or one direct mailing. Marketing success is not an event………it is a PROCESS. Process takes time. You should never put your faith in one ad, one mailing campaign, or one television spot.
Marketing requires persistence to say the least. You must work on it on a daily basis, some days which will be downright discouraging for you. But you cannot give up. If you have done your homework and you realise that you have the solution to your prospects problems, if you have focused precisely on your target, then you must not let discouragement get in your way.
It can keep you from succeeding!
If your response from your prospect is not as expected, then test other approaches. You see, you can’t know what your prospect wants, what the best price is, what the best selling package is, or what the best approach is, until you test.
Marketing Mistake # 9:
You Don’t Tell Your Prospects What It Is About You That Should Make Them Want To Buy From You Instead of Someone Else
This is all about establishing your Unique Selling Proposition (USP). What advantage is there for your prospects in choosing to do business with you? What makes you unique? Your USP is the distinguishing advantage you hold over your competition. It is something that the prospect cannot get anywhere else.
Most businesses are “me too” businesses. That is, they do exactly the same as the competition. They develop nothing that makes them different and nothing that creates a desire in the prospect to require that special uniqueness.
Too many businesses are just out there to sell! You need to commit to becoming a business that’s dedicated to solving your client’s problems.
Your USP can carve you out a market so quick that you won’t believe it! So figure out your USP and start promoting it’s benefits to your clients and prospects today.
Marketing Mistake # 10:
You Don’t Change! Once You Understand the Mistakes, You Still Go Back To Doing Your Business and Marketing The Same Old, Unprofitable Way
Change is difficult. Change can be tough. Change will make you feel uncomfortable.
My advice…………CHANGE! The distinction I will make is; Change with Progress!
It will not only mean a heck of a lot more money to you, it will also mean more satisfaction in knowing that you are running a business that is focused on the client, a business that wants to serve it’s client.
Just pick one of these ideas that you consider you need to work on the most. Focus your energy on changing just one thing at a time. Whatever you do, decide to make the changes that’ll make your business better. Once you think you have your first change down, pick another one. Focus on it and change.
Create a 30 day “To Do” list. Firstly, determine what you wish to achieve and work back from there, one step at a time. Then start at the beginning and I guarantee that at the end of 30 days you will have achieved your goal………if not MORE.
Become a successful marketer!