The execution of your marketing campaign will determine its overall effectiveness. Some business owners tend to complain about how expensive advertising can be. However, marketing is only costly if you’re unable to make a profit from the advertising dollars spent. To help you develop more profitable marketing campaigns with long lasting results, let’s take a look at 4 marketing mistakes you could be making now.
1) Not knowing your audience
It doesn’t matter how valuable the content your brand has developed or how great your product is if your marketing campaign isn’t targeting the right people than you’re wasting your time. Remedying this issue comes down to learning more about your ideal target audience by studying analytics.
Learn to use tracking pixels to retarget individuals who have visited your website and learn how to dig into your current user base to derive as much data as you can – the more data at your disposal the more successful you will be during your marketing campaigns.
Data you should be looking for includes:
- • Profession
- • Interests
- • Location
- • Average income
Ultimately, you want to build a customer profile which will help you to identify your ideal customer base. Marketing to uninterested audiences will only lead to wasted ad spend.
2) An unwillingness to invest in marketing
It’s not uncommon for small businesses with smaller budgets to completely neglect their marketing. Advertising or other types of marketing like sponsorships, social media and press releases seems complicated, expensive and perhaps not very useful. But marketing is one of the best ways to generate new, sustainable revenue.
Small budgets are no excuse for lack of a marketing strategy. Funding options exist that can put money in your account quickly.
3) Not willing to adapt to change
You should always be willing to adapt your marketing campaign when necessary. Businesses unwilling to make changes (such as utilizing new technologies and experimenting with new platforms and audiences) may lose ground to the competition.
Highly successful companies understand the need for constantly tweaking marketing campaigns and paying close attention to new trends. As a business owner, you should be willing to experiment and adapt. If not, the likelihood of maximizing potential profits both now and in the future and your ability to reach wider audiences will be severely hindered.
4) Failing to bring in repeat business
Statistically, the vast majority of your sales will come from repeat customers while a significantly smaller percentage comes from new customers. Neglecting to retarget your current customer base means you could be missing on significant profit.
Furthermore, it’s far less expensive to sell to an existing customer (someone who has already expressed an interest in your product) than to a new one. Therefore it’s important to pour a significant amount of your marketing resources into retargeting your current customer base to get repeat sales.
Avoid these 4 major mistakes
We’re all human, and we’re prone to making mistakes. However, the business world can be a cruel place, and the smallest mistake can eat away at your profits. If you’re making one of these 4 crucial marketing mistakes, then work to correct them quickly so your marketing campaigns can become more profitable.
Don’t let a lack of funds stop you from marketing your business. Reach out to One Park Financial today. We’ll help you find the right funding options for your business so you can kick your marketing plans into high gear. It only takes a moment to apply. Visit us today to learn more.