Marketing is one of the key determinants of business success and profits. Unfortunately many companies make common mistakes with their marketing. Here’s a few of these common mistakes.
Using institutional advertising
Institutional advertising is about creating brand awareness and establishing what that brand stands for in the mind of the consumer. Most television advertising is institutional and it is often used by larger companies as a way of getting their name out there. It doesn’t want a response to a specific offer. For most businesses institutional advertising is a mistake. Far better to attempt to engage your prospects at an emotional level with a specific offer that solves their problem.
Chasing new customers at the expense of existing and past customers
Many customers leave you because of perceived indifference; not because you actually did something wrong, but because they think you didn’t appreciate them. This could simply occur because you failed to stay in contact with them and someone made them another offer that they decided to go with. The best bet is to stay in contact with your customers on a regular basis; seven times a year is a good number and much of this can be done using email. Promotional gifts like pens and mugs are a nice way of keeping in touch and saying: “Thank you for your business.”
Trying to achieve a goal with a one-shot campaign
Your prospects need to absorb a message between four and seven times before they will be motivated to try something new. No single marketing shot can get this result unless the offer is exceedingly good.
If your budget is limited, focus on targeting a smaller group rather than a larger one. A classic example is direct mail. I have been guilty of sending out thousands of letters to everyone I know only to receive a poor response. A smarter thing would have been to select a smaller group and have a series of mailings.
Being tactical not strategic
Marketing is about strategy, to gain new customers, to have customers spend more money when they interact with you, to encourage customers to return and so on. The strategy is the message you are delivering and the action you want the customer to take. The tactics are the particular methods you use to deliver that message. Often people choose the tactics then the strategy: “Let’s do a brochure! Great idea” “What do we want it to say?”
Choosing a tactic before a strategy is like jumping in your car, pulling out of your driveway and then asking, “Where do I want to go?” If you are thinking strategy first, you would ask yourself what message you want to communicate and the action you’d like to take, then you would think about the right way to go about it,
Not being unique
Advertising is like wallpaper; most people know it is there but can’t recall specifically what it is. This is not good, especially when you consider that a marketing study discovered that only 20 per cent of people could describe the wallpaper in their own home. Let’s face it, it’s hard to stand out in a market when people can’t remember things they see every day.
Research suggests that people are exposed to between 4,000 and 9,000 advertisements daily. Seth Godin talks more about this in his book Purple Cow (a must-read for every marketer). If you want people to talk about you, be unique. This may simply involve identifying what you do best.
What is one of the best ways to make your business stand out? In some industries it is hard to stand out. For example, commodity markets like petrol, electricity or building products. But regardless of what industry you are in, there is one way that will allow you to stand out in the marketplace. By choosing the thing you want to be known for, a unique selling proposition or unique buyer advantage, you can create a strong presence for your business. Unfortunately, this is easier said than done.
It is difficult for business owners to choose the thing that they want to be known for. It’s almost as if by saying “We offer the fastest deliveries”‘ you are saying that your quality is not good. But what if you think your quality is also worth mentioning?
Given the amount of advertising noise heard by customers and prospects on a daily basis, you are better off sticking with one message and repeating it over and over.
Take FedEx for example, they do many things right, but the only benefit they promote is speed : “When it absolutely, positively has to be there overnight”. This is a fantastic marketing slogan that is single-minded. It doesn’t tell you that they offer great value. It doesn’t tell you that their staff are the friendliest. It tells you that they are fast. By adding another four qualities, it would only dilute their message.
The key to choosing something to be known for is to emphasise your strengths. There will be things that you are really good at and things that you are okay at, learn to accept this and focus on your strengths. You can never be all things to all people, so focus on the prospects that you are likely to convert into customers and fulfill the needs that are important to them.
Keeping in contact with customers and prospects is a marketing strategy that many companies neglect. What better way to say thanks for your business, than promotional gifts? Promotional pens and promotional mugs are an excellent way of thanking your customers and keeping your name top of mind.