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Common Pitfalls of Marketing and How to Avoid Them!! |
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Written by Sonya Carmichael Jones
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 | | business start-up |
If Your Marketing Efforts are Not Bringing in Good Results, It's Time for a New Year's tune-up
Are your marketing strategies working? Don’t know? Check your recent bank deposits. What do the number of pending sales transactions or invoices tell you? How much of your business is from repeat customers, referrals, word-of-mouth advertising, or clientele you win from competitors? If your marketing efforts are not bringing the results you expect, maybe it’s time for a marketing tune-up. Since marketing generates everything from your company’s operating income to the earnings on your paycheck you want avoid these costly mistakes.
Ignoring Gaps in Your Competition
You can gain an edge over your competitors by offering something they don’t. But first, you must know what that something is. A simple a market analysis will help you find out. Conduct an Internet keyword search on your products and services and in return you’ll receive links to companies whose have similar product offerings. Study them. Find limitations. If a direct competitor touts round-the-clock customer service, promote your customer service as one that doesn’t have endless voice mail prompts because a company employee will always answer the phone, and it might even be the company president! Pushing Loyalty Programs with Little Value
You’ve probably participated in loyalty programs that offer a free sandwich or beverage after you buy twelve. Unless you eat at the same place daily it will take several months to get your freebie. For most people, this isn’t worth the trouble of keeping up with their receipts. Loyalty programs that focus on quantity instead of quality tend to discourage customers from making additional purchases, particularly if getting the freebie seems too laborious. A worthwhile loyalty program will also steer customers to higher cost items or ancillary products. For example, photographers can offer wedding portrait customers a compilation of their photographs on DVD with options to purchase complimentary products such as magnetic picture frames. Not Engaging Ethnic Groups
Multi-cultural consumers have significant buying power. Don’t let a small marketing budget prevent you from embracing these markets. Look for community events where you can rent a booth and hand out products and company literature. Also, simple things like using images that represent targeted ethnic groups in direct mail pieces and website graphics, help personalize your advertising messages. Magazines and newspapers targeted to ethnic segments have a large influence on consumer purchases. Consider placing an ad in the media that serves the ethnic community you’re trying to reach. Dismissing Strategic Alliances
Find ways to pair your services and products with other businesses whose customers share the same needs as your target market. Strategic alliances with larger companies can become bread and butter accounts. Take a house painter, for instance, whose business will likely slack off during winter months. Yet, apartment property managers routinely need walls repainted when tenants move out. A contract such as this would create an additional revenue stream. Focusing on Products Instead of Customers
When you know your business inside and out, it’s very tempting to get caught up in describing your offerings in terms of features rather than solutions. Envision yourself as your own customer, and consider ways you can refine your offerings so they add more value. Many times, it’s convenience factors like fast delivery, guarantees, and extended business hours that satisfy customer needs. Creating Adhoc Referral Systems
People prefer to do business with others they already know and trust. That’s why a referral system is a solid marketing strategy for home business owners. It’s not enough to ask customers for someone’s name and address when they’re in the middle of writing you a check. Here are some tips to help you get the most out of referral marketing: · Think your system through carefully — know how it will be implemented, maintained, and specify what goals you want it to obtain. · Offer exciting incentives. By now everyone has a cup cozy and paper-weight. · Be persistent. Don’t just ask certain customers, ask every one of them. · Make everyone involved in your business a key player in promoting your referral program. Each team member should be comfortable telling customers how the program works and how they benefit from participating in it. · Make your system easy to use. Give customers extra business cards, put call out boxes on your website, links in your Ezines and emails that take customers to a sign up page. HBM Sonya Carmichael Jones is an independent copywriter, marketing strategist, and success coach for small and home-based businesses. She’s launched marketing campaigns, instructed marketing classes, and written over 500 articles for magazines and newspapers. She’s also the author of “The Art of Smart Marketing, what small business owners must know to get customers and sell products. For more free marketing tips go to www.marketingbuddha.com. Previously published in the February 2007 issue of HOME BUSINESS® Magazine, an international publication for the growing and dynamic home-based market. Available on newsstands, in bookstores and chain stores, and via subscriptions ($15.00 for 1 year, six issues). Visit www.homebusinessmag.com |
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