10 Marketing Mistakes that Businesses Make & How to Avoid Them!

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If you have been in business a number of years, you will recognize some of the most common marketing mistakes businesses make.  If you are just starting your business, this is a good time to be cautious and a time to build your knowledge as to what marketing activities do and do not work.

 

The 10 marketing mistakes that businesses make are:

 

  1. Marketing & sales activities and tools are chosen randomly without having a written marketing strategy and plan.  Investment of time and thousands of dollars are lost on these random choices.

 

  1. A budget for marketing & sales has not been determined therefore the marketing & sales work can be underfunded and therefore marketing & sales activities are not being fully executed in order to increase sales revenues.

 

  1. Businesses can often ‘fall in love’ with a certain type of marketing or sales idea and spend ten’s of thousands of dollars, for example, on advertising, with little to show for the dollars spent.  Other times businesses, take the word of a person in position of authority with regard to using a marketing  tool or technique.  What can happens is that the business fails to clearly set goals with the service provider – a branding or promotional item is built and doesn’t fit the needs of the business – tense’s of thousands of dollars are lost.

 

  1. Very often businesses don’t clearly understand who their target customer is, what the target customer needs, and, how to reach them effectively because they do not do adequate market, customer or competitor research to determine customer needs and preferences.

 

  1. Sometimes businesses are not clear as to their unique value proposition and therefore have difficulty attracting customers.  Without a compelling value proposition why would customers come your way?

 

  1. Businesses fail to write a business plan describing their business  – the business model, the revenue generation model, the operations model and the financial model to clearly understand what they want to accomplish with their business, and, how each of these models work together to create efficiencies for the business, and, most importantly, attractive products & services for their customers.

 

  1. A marketing & sales strategy is built but the business fails to execute on the strategy either because they don’t know how or because another pressing issue has come up that needs their attention.

 

  1. With companies that have been around for awhile, they continue to market and sell in the same way and fail to re-invent new strategies, plans and tools that will give them more upside.  Other times, a marketing & sales strategy is built but the business does not fully understand how the strategy will work or how it will help them so , they don’t execute fully or may go back to their old ways.

 

  1. A marketing and sales strategy is built but the business fails to execute on the strategy consistently every week and every month and therefore this lack of consistency doesn’t give the cumulative benefit over time.

 

  1. A marketing & sales strategy is built but an accurate tracking system is not set up to account for results.   Without the data to show that the business is progressing and that the marketing & sales activities are actually being executed, the business has little reason to continue to execute on the strategy as they have little proof to determine what is working well or not working well.  What was an exciting initiative to move the company forward peters out due to lack of accountability.

 

The best way to avoid these common marketing mistakes is to build a strategic business plan showing how the strategic, marketing, operations and financial models work together to give the business leverage & traction.  The next step is to execute on the marketing strategy by using the right marketing/sales tools aligned to reach the target customers and build sales.  Hiring a consultant to assist you work though building the plan and then coach you on the execution of the plan, will ensure that you reach your goals especially part way through the year when you want to give up and try something else because the results aren’t coming in on the short term.

 

Call today at 403 252 0799 or email consultation@strategictimelines.com to find out more about these marketing strategies and how they can help you accelerate your sales revenue!