Setting up in business, buying a new business or reviewing an existing business, will require marketing skills and knowledge. Many websites are created to launch new businesses, here we discuss the most common marketing mistakes.
No Market Research
Don’t risk a new business venture on ‘gut feeling’.
Test your product or service, before launching it. Check the prices? Can you make a profit at these prices? Can you differentiate your business? Who are the competition? Why are you better?
No Planning
Fail to plan. Plan to fail. Cliché, but true.
A marketing plan outlines your business strategies to reach your target customer base and sell your products and services.
A marketing plan will give you clear guidelines and a structure of what you have to do to hit your business goals.
No Goals?
If you don’t set a goal then you will never hit it. Start with a clear objective and break it down in to monthly, then weekly, then daily tasks. The goal(s) may be number of enquiries, number of prospects or the number of referrals that your business needs to generate to ultimately drive sales.
Competitors know it all – don’t they?
Don’t fall into the trap of being another ‘me to’ company. Differentiate your company and it’s products and services. Sometimes it’s better to lead than to follow – take a chance.
Know your customers
Unless you are Tesco or BT, forget trying to sell to everyone.
Only a small percentage of the population will actually buy your products or services. You need to know as much as you can about them and learn how to make your product appealing to them.
Don’t confuse Marketing and Sales. Do both.
Many new companies begin their marketing efforts to kick start sales, then stop marketing, when the sales come in. Be consistent with your marketing strategy and never stop.
Always follow the lead
Have a system in place for following up leads. Never give up on a lead as it may bring in a future sales. Keep in continual contact and don’t let it go cold.
Don’t forget about me
It is easy to get caught up in the thrill of the chase, the new contract, the new customer, the new opportunity, but don’t forget about your existing customers. Existing customers have already shown that they like your product or service and are much easier and cheaper to sell new products to.
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