Whether based online or as a traditional brick and mortar store, small business owners like you understand that marketing is one of the fastest ways to grow your business. However, some fail to realize that not all advertising methods work the same way.
Specifically, effective marketing depends largely on what industry you’re in and what works best for your target audience. As a result, while business A might find a certain method to be a valuable investment, business B’s implementation of that same strategy might result in a financial sinkhole.
Here are four common marketing mistakes that your small business should avoid.
Not Tracking Your Efforts
While publishing your advertisement in a well-known magazine might seem like a surefire way to reach customers, that’s not necessarily the case.
For example, how will you know if that ad is being seen? In this situation, one solution is to implement promo codes or coupons as part of the ad. Then, by tracking how many times that code or coupon was used, you have an idea of how effective that tactic was.
Similarly, when it comes to online marketing, keep tabs on key indicators such as web traffic, conversions and backlinks.
However ingenious your product or amazing your service, chances are pretty good that it will not universally appeal to everyone. Unfortunately, many small businesses suffer from the misconception that it’s safer to market to a broad audience than targeting a specific group.
Before throwing money in all directions, always consider your target audience and specialize your marketing strategies to reach them specifically. Not only will this increase the appeal of your business, but it often is much more efficient.
Ineffective Ad Placement
Often the result of not getting to know your customer base well enough, poor ad placement is a basic mistake. While most small businesses owners know better than to rent a billboard out in the middle of nowhere, many end up wasting money placing their advertising in less than ideal places.
For example, a business that targets teenagers would benefit more from running marketing campaigns on social media and utilizing YouTube videos than they would a traditional ad in the local newspaper.
Neglecting Existing Customers
An easy pitfall to slip into, many small businesses focus so much on getting new leads that they neglect existing customers. This is a major mistake for a variety of reasons. After all, it doesn’t make much sense to spend all that money and effort attracting new people only to lose the ones you already had.
First, while getting new customers is great, ensuring customer loyalty and repeat visits often results in greater returns. Second, existing customers don’t need to be convinced anew. Most of the time, they only need a coupon, special promotion, or friendly reminder to be encouraged to come back.
Lastly, customer loyalty should not be taken lightly. Most people can tell if a business is taking them for granted and are likely to respond by looking elsewhere (such as to your competition) where they feel wanted and appreciated.
Got any small business marketing mistakes you’d like to share. Please do so in the comments below.
To your success!