Marketing is meant to bring in business and up your profit through increased sales. However, get it wrong, and it can end up costing your company money! To prevent this from happening take a look at the most common marketing bungles below so you can steer your business well clear of them.
Forgetting the data collection
Marketing is no longer just about getting your product in front of potential customers. In fact, a large part of any modern marketing strategy will be to collect data both on how the customers are responding your campaign, as well as their contact details.
Collecting contact details, in fact, is a hugely important part of a successful marketing campaign. This is because it is these that can be turned into warm leads, as the individual conceded has already shown an interest in your product. Something that as any salesperson knows is far easier to convert into a sale that will make you money than a cold lead.
Ignoring personalization in marketing is a mistake that many companies are still making. They are still working on the old school assumption that the more impressions you can get in front of people the better. However, this isn’t always the case. You can bombard people with images and slogans all day long, but if they don’t find anything relevant to themselves or their life, they will discount them without a second thought.
That’s where the personalization of marketing content comes in. It’s a way of appealing directly a group or individuals that are picked on the strength of their demographic to be the most likely to want or need your product. Something that can make your marketing much more effective in terms of conversion, even though you may be reaching fewer people overall.
Not tailoring content to your industry
Not all fields and industry are alike, and more business would do well to remember this in their marketing campaigns. After all, the content and approach you take for a breakfast cereal are not going to work in a situation where the main product is luxury perfume or vice-versa.
That is why it can be valuable to your business to keep your marketing methods appropriate for the industry that you are in. To do this, you can work with a specialist like Berbay Marketing & PR that have extensive experience in particular industries such as finance and law. Something that gives you the best chance of finding an effective and appropriate approach.
Alternatively, you can also do some research on your closest competitors and see how they are running their marketing campaigns. Although, it is worth bearing in mind that you don’t want to come out with something too similar as the possibility of confusion in the eyes of potential customers is too strong.
Relying too heavily on influencers
Influencers are the big dogs of the marketing world, right? It’s them that everyone listens to and if you have their stamp of approval then your product is guaranteed to sell, or is it? Actually, experts predict that the power of online influencers will sharply decline in 2018, making investing a fortune in sponsorship, collaborations, and free products for review a bad idea.
Instead, focus your marketing funds on tech solutions such as automation and increased personalize as noted above, as these can help you generate profits more effectively.
Being too traditionally minded
Last of all, a mistake that some firms are making, and that is costing them big, is their overreliance on the traditional forms of marketing. Forms such as TV, radio, and cinema adverts, as well as direct mailings, and newspaper and magazine articles.
It’s not that these methods don’t work at all. It’s just that there are more effective ways of spending your marketing budget. Something that you will need to keep an eye on if you want to make a profit.
For example, the open rate of direct mailing is super low, but nearly everyone will open and read a text, even if it is sent from a company that they have not heard of before.
Even email marketing isn’t as strong as it used to be, as most people have spam filters and can easily delete items if they don’t have incredibly effective taglines in the title. However, buying ad space through instant auctions that match the type of customer to your demographic are much more likely to end in a conversion.
Something that means even if you are not willing to go entirely digital in your marketing approach, using both will help you to get the best returns for the money you invest.