When you consider all of the possible combinations of marketing activities, there are thousands of ways to get the word out about your business. But which ones are the right ones – and which ones should you avoid?
In this, our first installment of the Business Enhancement Series, Maureen Williams of Monarch Media Solutions talks about five marketing mistakes that you can avoid. See the full interview on our Facebook page below.
1. Focusing on a Specific form of Advertising because YOU Enjoy It
Many marketers make the mistake of focusing their advertising budget on mediums they enjoy instead of targeting their ideal demographic. Say you are a 20 something woman marketing for a golf shop. Although you may enjoy scrolling on Instagram, that is likely not where you will find your seasoned golfing enthusiasts. It is important to know your ideal customer and market to their habits and preferences!
2. Buying Ritualistically
“Well, that’s the way we have always done it….” Any routine is only as good as the results it produces. If your company’s marketing strategy is stuck in a rut, maybe it is time to shake it up. Trends are ever changing, and we must keep up if we are going to optimize our precious marketing capital.
3. “I just can’t say NO”
In the sales driven world of marketing and advertising it is not uncommon to feel bombarded by offers. As soon as you put “Business Owner” or “Director of Marketing” on your LinkedIn profile, the requests will begin piling up. You could spend hours listening to pitches only to feel more confused than when you started. So, it is important to know when to say NO and when to call a professional and objective media buyer to assist you in finding the right media mix to drive results. Find a firm that understands your goals and learn how to say no before someone turns up in your office ready for a meeting that you somehow agreed to.
4. Putting All your Marketing Eggs in One Basket
Diversification is not just for your financial portfolio! As you build your marketing strategy, it is important to remember that it takes multiple interactions with your brand for a prospect to engage. If you focus all your marketing energy on any one outlet, you will miss out on the synergy that a well-balanced strategy can bring.
5. Not Investing for Growth
You say you want to grow your business by 10% and yet cut your marketing budget by 20%… The old adage, “You have to spend money to make money” is never truer than when setting the budget that you allocate for marketing.