4 Common Marketing Mistakes Made By New Companies
#1 Not Knowing Your Identity
There are thousands of brands, so what makes yours different? A conscious business is able to identify their competitive advantage, in other words, what makes you different to your competitors, what is your unique offer? Finding this niche is critical to your business’ success. Make sure you know your industry in-and-out and implant your brand identity.
#2 Not Knowing Your Audience
Most new businesses don’t realise the importance of choosing the right market segment in their communications. Marketing must always place the consumer first. Conduct some research to identify your most profitable market. Check who is following you on social media and interacting with your posts, who subscribes to your newsletter etc. Your Marketing Manager should be able to tell you their demographics for example; whether your brand resonates more with men or women, how old are they and where are they located. Start with focusing your marketing efforts on your previous customers and turning them into loyal customers.
#3 Not Tracking Performance
Modern technology has changed the way of doing business making it easier to measure your performance. Collect the data (as outlined above), analyse it and turn it into gold by showing targeted ads while your customers are online. You can even target people who visited your website or added items to the shopping cart but never actually finalised the purchase. Make sure you track your ads performance and review your campaigns regularly.
#4 Failure To Listen To Advice
New businesses usually start from a great idea, but the problem surfaces once they don’t evolve in their strategy. As the commercial world constantly changes, so must businesses and brands to remain fresh and innovative. Companies that refuse to embrace new ideas or engage new technologies will eventually face failure in some capacity. The best businesses are the ones that are welcoming change or event better pioneering it. Study your competitors, explore their websites and social media, shop in their stores. Follow relevant influencers and listen to your audience. Nowadays, anyone with a smartphone and an Instagram account can set up a business. Be prepared and stand out from your competitors. Learn from your mistakes, and most importantly, learn from the mistakes of others. Success is at your fingertips, but be prepared to go the distance.
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