Approaching marketing without a strategic plan results in unnecessary opportunity costs and significant budget oversight that could have been easily avoided. Once your brand vision and core belief system are established, it is important to consider the common pitfalls in marketing a business and how to avoid them.
Pitfall 1: Not Conducting User Research
Casting a wide-net to all audiences creates a greater opportunity for missing your actual target market. It is important to research your users, how to reach them, and where they spend most of their time. Understanding your users and developing buyer personas should come before developing a marketing plan. This will not only reduce the time spent searching for marketing qualified leads (MQL) it will aid you in developing a marketing strategy that drives your MQLs to you through useful content on your website and social challenges.
Pitfall 2: Not Surveying Your Competitor Landscape
Without a clear understanding of your primary, secondary and tertiary competitors, it is difficult to develop useful content that resonates with your buyers and drives them away from alternate solutions. Understand how competitors reach and retain their users to implement clearer messaging and improve your internal products and services. As the competitive landscape of all industries is in constant change due to technological advancements, this can be a tough area to develop and implement. You don’t want to create messaging mimicking the competitor, you want to add additional value and make sure you are driving users that are most integral to your brand and allow for your competitors to keep their customers that do not align with your vision for use and service in the future. Creating a marketing plan that considers your competitors is not always about driving all the customers away from them, it’s about driving the right customers to you.
Pitfall 3: Not Dividing Your Marketing Efforts Between New and Old Customers
For organizations that have well-established brands, it’s easy to devote most of the marketing focus on new customer acquisition. New customer acquisition is excellent and provides additional revenue streams, however, if you don’t continue to develop and retain the current customer base, it can cause a significant increase in customer churn. In reducing churn or preventing it altogether, companies must consider ways to market to previous customers or retain current customers through creative campaigns that re-engage and reinstate how much the brand genuinely cares about those who have engaged with a product or service. Understanding how to improve their experience and conducting additional research to plan campaigns via social media, newsletters, or direct mailers can have a significant effect on revenue.
Building a brand is an exciting adventure that allows for new businesses to create noise around their vision. In launching a new marketing campaign, it is easy to preemptively push out communications in several different directions from the excitement without a clear message or strategy. Start by engaging a professional consultant before developing a marketing plan; it is important to consider the pitfalls to avoid missing opportunities to increase customer engagement and revenue. Engaging a customer can be easily done through friendly explainer videos that align with your organization’s marketing plan, as well as thru a variety of other engaging means that keep the typical customers’ need, wants, likes and dislikes in mind.