Marketing Mistakes That Will Cripple Your Company!
by: David Kingston
Common Marketing Errors That Will Destroy Your Business!
Errors happen regardless of 'what type' of business industry you're operating. Employees make critical errors on a daily basis. This is often due to the company's size, the number of employees, and the inability for management to review departmental progress. To avoid some of the critical marketing errors that occur, you need to recognize and evaluate your strategies.
Nonexistent Marketing Plan
Most small business owners don't have a marketing blueprint. Many lack a working marketing plan because of the manner used to fund their enterprise. It should not be surprising to learn that over half of small businesses begin with very little start-up capital because they do not seek investors to help fund their enterprise.
It is essential for all types of businesses to devise a comprehensive marketing plan in order to succeed. It is as important as taking a map with you on a road trip so that you don't get lost. It doesn't make sense to pursue a business without considering a marketing plan. Breaking down the important elements and charting the plan for success, eliminates the fear of failure.
Ignoring the Market
It is not uncommon for someone to not analyze their market by asking the who, what, where and when questions that can help you understand it. Your target market must be accessible because if it is not, you are in trouble.
"Who" refers to the type of customer that purchases the company's products and/or services? This often begins with listing by genders, age groups, ethnic groups, and local establishments.
"Where" is the location of the company's prospects, for instance: the neighborhood within a specific radius of the location, and the company's competitors' customers?
"What" is a reference to any potential limits. Location will always be a huge factor. Knowing the location of your competition's customer base is great because then you will know if there are any limitations that need to be addressed.
Interchanging Products and Services
Business diehards often enter one endeavor after another without being specific. Mass confusion occurs when this happens because there is no definition of "what type" of products and/or services the company sells. Most of these businesses use the term "full-service" as a title of what they do for the customer. Interchanging products and services may fatten your profit, but it causes too much customer confusion to be worthwhile.
Lack of a Business Plan
A business with no plan guiding it is destined for problems. You also don't want a plan that is dependent upon the actions and advice of others. People want things that are tangible so your dream must be believable and a plan helps make it so. Every step in the process should be carefully thought out and executed by you and you alone. The foundation of a company ultimately rests upon your knowledge and experience.
Not Responding to Customers
Businesses need to react quick in this fast paced world to the concerns of their customers because a slow or delayed response will cost customers. The holidays are a prime example.
A customer in a hurry jogs into a department store and cannot believe that there are at least fifty people or more waiting in line to be helped.
A. Does he wait patiently in line for his turn?
B. Will the manager open up another line?
Naturally the manager should open up another line because most people will never wait that long to buy anything. The manager needs to respond to the needs of the customer and find a way to help people get in and out of the store quickly.
You are less likely to commit marketing errors once you are aware of them. Review your basic strategies on a monthly basis to check for chinks in your armor. You might even consider spending the money for a business consultant to come in and help you iron out all of the details. Such an investment may well prove worthwhile in the long run.
About The Author:
David Kingston runs a very interesting website at FAT Marketing, there's a wealth of knowledge on the website, plus why not sign up for the free Business newsletter. For more quality articles on Business why not visit: http://www.fatmarketing.com/articles. There's also a free mini-course available that will teach you how to get loads of free targeted traffic. http://www.fatmarketing.com.
March 2006
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