Thursday, April 8, 2021

Easy Business Mistakes To Avoid


Photo: Unsplash

A marketing strategy may sound like a "big task" but every business needs a marketing strategy that will take them forward. The problem is that the wrong strategy can cost you in losing customers and hurting cash flow. How will you avoid common mistakes in determining marketing strategy? 

Your customers are savvy and you should be too

Customers no longer like being educated. They are looking for professionalism and expertise, but they want to be spoken to in an easy language too. When the customer speaks, they should be listened to. It is important to conduct a survey, distribute questionnaires and characterize a consumer persona based on the marketing strategy. In building the profile of the ultimate customer we will address socioeconomic status, hobbies, preferences, aspirations, challenges, lifestyle, what the needs and weaknesses are, so that we can offer them exactly what they need.

Market without a set goal

How will you know that your marketing is working if you do not set a goal and objective to achieve the task? For example, you launched a new campaign or changed a marketing message - you should check how it affected customers and sales. Have more customers arrived in a month following the new strategy or vice versa. If the strategy included focusing on online sales, has your organic traffic grown? Have you spent a certain amount of money in Google Ads or targeted ads? If so, how is this shaping the future of your marketing plan and finances? If you do not have goals and then check if you are hitting them, then you can’t meet your expectations. Because in reality, you won’t have any. All you will have is a business that is drifting through the turbulent waters. 

Do not start marketing without a preliminary strategy, setting goals and characterizing the target audience and do not forget to follow the data to understand what works and what does not. Remember that an ad is part of a marketing strategy and also the launch of a website or profile on Instagram and everyone needs to speak the customer’s language and communicate the brand correctly. Establish a marketing strategy and implement it with the appropriate budget. If you go into a new plan without a budget, how do you expect to actually implement it? A social media campaign could cost a couple of thousand. A new website may cost the same. Therefore, it is vital to look at costs.

Not setting an appropriate budget

Every business needs a budget. Without it, you will overspend and end up with your accounts in the red. For this, meticulous planning must be undertaken and other areas of finances looked at. Are you buying things on credit? Do you have many payments? Are you investing and trading? You may have looked at something such as Metatrader 5, and if so you may want to analyse how this can help you budget going forwards. You are capable of success but these mistakes could set you back. It’s time to be prepared. 

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