A good marketing strategy can grow your business and make you money, but a bad strategy can cost you customers. Today’s competitive business environment doesn’t allow much room for error. One set back and your competitors are quick to scoop up your business. Here are the top 5 marketing mistakes small business owners make:
1) “If you build it, they will come” mindset.
You know you offer a great product that provides great value to consumers, but that doesn’t mean potential customers know that. You can’t just hang a sign outside and wait for the customers to break down your doors and throw money at you. And a yellow page ad isn’t a marketing plan, it’s one component of a plan. If all your marketing dollars and hopes are attached to only one approach you’re missing thousands of potential customers. Your product won’t sell itself, you need marketing.
2) Targeting the wrong market
No company provides all things to all people. With a clearly defined market you can focus your marketing efforts on only the people who are likely to buy from you. Spending money to reach people who don’t want or need your product is a waste of money and an exercise in futility. Take the time to recognize and understand your target market.
3) Focusing on features and services rather than benefits and results
We are all guilty of this from time to time. We’re so enamored with our own product and history that it’s all we can talk about. The truth is, no one cares about you, they care about themselves. How will your product benefit their life? What results can they expect to receive from using your product? Create a mental image to your customers of how they will benefit from using your product, and then they will want to buy.
4) Underestimating the value of public relations
PR is more than a mouth piece for crisis communications. It’s one of the least expensive forms of marketing available. The community service you provide, the innovative new product you design, the exciting new hire you made are all newsworthy events. Utilize public relations to notify the media and get that well deserved public recognition.
5) Expecting immediate results
Marketing is a process and it takes time to cultivate consumer trust. Don’t get discouraged when your first direct mailing delivers only a small return. Studies show it takes at least six “touch points” with prospects before they trust you enough to become a customer. Stay the course and you will build a foundation for long-term growth.
The good news is avoiding these mistakes is easy when you let the professionals at MLT Group help you develop and implement a marketing strategy. Contact us today and one of our knowledgeable marketing consultants will help get you on the path to marketing success! 507-281-3490 or sales@mltgroup.com
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