7 Strategic Marketing Mistakes You Will Want to Avoid
Marketing your business is both exciting and a bit scary.
On the one hand, you have plenty of resources (both free and paid) at your fingertips. This blessing can quickly become a curse, however, in that choosing among them and implementing the best ideas can put stress on even the savviest of marketers.
To help you over this hump, we came up with 7 strategic marketing mistakes that you’ll want to avoid.
Get your marketing efforts on the right track by avoiding these common pitfalls:
1. Investing in strategic marketing tools before developing a business plan.
This is a pretty common issue that entrepreneurs run into.
With so many marketing tools available, they pick and choose randomly, never really knowing if their chosen strategies are in line with their business plans. Instead of throwing money at various strategic marketing solutions, take the time to assess their usefulness and applicability first.
2. Throwing darts at any target that moves.
Targeting an audience that’s too broad is one of the cardinal sins of strategic marketing.
A better approach is to develop a niche customer segment (small business owners in a certain industry, large corporations that service a particular market, and so on) and then expand your horizons outward from there.
3. Trying to be everything to everyone.
The diversification that companies attempted during the recent economic downturn is a prime example of this faux pas.
While McDonald’s added oatmeal and espresso to its menu, Five Guys Burgers & Fries has done quite well by remaining faithful to its grease-laden menu offerings. The message is clear: stick with what works and serve your niche well.
4. Undervaluing your products and services.
You can avoid this problem by establishing synergy between what you’re offering, what your customers need, and what they’re willing to pay for it.
Undercut yourself too much and you’ll become the low-price leader that no one trusts to do a good job…or deliver a good product.
5. Overvaluing your products and services.
On the other side of the coin, pricing your goods and services too high will strip you of your credibility and hurt your long-term viability in the market. Take the middle road— not too high and not too low—to gain the best chances for success.
6. Delivering an inconsistent marketing message.
Coca-Cola is recognizable across the world for one good reason: everything the company does incorporates its signature shade of red and logo.
By delivering a consistent strategic marketing message (including advertising, packaging, website, logos, etc.) across all sales channels, you’ll be able to effectively build a brand that your customers will recognize and engage with.
7. Sticking to an ineffective marketing strategy.
Maybe that Yellow Pages advertisement worked in the 1980s, or perhaps that stagnant website was a great business generator in the 1990s.
Unfortunately, neither strategy is working for your business anymore. Review your strategic marketing expenses on a quarterly and annual basis to see what’s performing and what’s not, and then shift those funds in a way that maximizes the best marketing strategies on the list.
How do you measure the success of you marketing strategies?