Marketing is a kind of big investment for all sized business. A powerful marketing plan not only brings you across the right customers, but it can also let everyone talk positive about your organization and your product or services. However, this marketing strategy should be properly planned and developed properly. Even a few flaws of your marketing plan can cause a big disaster in your business, costing your business millions of dollars in other expenses and huge loss of revenue.
Here is a list of five common mistakes which most of the business owners make while marketing their business online:
1. Choosing wrong Target Audience
Always remember that you cannot sell your products or services to everyone. Generate an effective idea of the psychographics and demographics of your target market and focus at it effectively. If you have customers from different psychographic or demographic purchase from you, it acts as an additional bonus for your business. As soon as you start focusing on a definite group, its trends, interests and purchasing habits, you will soon understand its requirements. This will help you in providing a creative marketing solution to the users.
2. Lack of Testing and Market Research
Initial testing and market research are essential processes as they help in determining the overall performance of your marketing efforts. They also find out what exactly your existing customers and clients expect from your business. You should try to ensure that you execute your task accurately when in terms of testing your different prices, packages and offers, The next step is to obtain a feedback of your customers to analyze their reaction towards all your marketing initiatives.
3. Not Updating your Business Website
Maintaining and updating business profile reflect your business presence in front of your current and prospective customers. If you have a blog on your website, then, it should be updated as well. It can also help you in building trust and loyalty between you and your clients. Updated content on your website even helps your business in building domain authority.
4. Improper Positioning and focus area
Marketing is not just about building up a big organization while ignoring the most essential aspect i.e. brand awareness in this process. Try to generate a creative marketing plan which demands an instant and positive response from your customers. Improper market positioning and focus area could be avoided by following a genuine solution and positioning of successful marketing.
5. Losing your Repetitive Customers
Eighty percent of your business comes from your current customers and the remaining twenty percent is the outcome of your prospective customers you have attracted. Losing your current and repetitive customers can have a destructive effect on your business profits. This can cost you ten times the actual cost to sell your new customer than selling it to your current customer.
By avoiding the above stated common marketing mistakes, you can definitely increase the potential of your business growth and success rate. To know more about marketing strategies and latest digital trends of marketing, Contact us !