Top 10 Marketing Mistakes to Avoid - Evergreen Writing Services, LLC

Top 10 Marketing Mistakes to Avoid

By: Valerie Weber Hamann, President -- October 2005

If we were to take a survey of business professionals, and ask what they thought would be the top 10 marketing mistakes in business, how do you think most would answer? ... Instinctively, we may already know a few answers, but by continuing to learn what not to do helps us avoid the most common marketing mistakes made by many businesses.

1. Not Taking the Time to Research Your Target Market. This is huge factor when deciding to introduce a potential product or service to the market. Too many business owners miss the mark because they think they have a great product, and that everybody will buy it. Not knowing if the market is receptive to your product or service is critical. The market may either be over-saturated, or may not be interested in what you have to offer.

Market research does not have to be overly comprehensive, but you have to have an idea about what you are getting into. Many marketing research firms and government websites offer online information about trends and potential areas of growth. Other sources include surveying your local and regional markets regarding the competition and the industries they are servicing.

2. Not Clearly Defining Your Target Market. Once you have done the research, you can now define your target market. Not knowing who may need your product or services is like shooting in the dark. Awareness about your target market and their needs are critical to success -- so it is important to learn as much as possible about their needs, concerns and expectations. Once a target market is defined, stick with it, and position your company as being very knowledgeable about that particular market segment.

3. Lack of Promotion and Marketing. To introduce your product or service to the market, you need to have a marketing plan. People will not automatically find you unless the necessary marketing dollars are spent to promote the company, product and/or service. Outline a budget, a sales and marketing plan, and then stick with it. Starting and stopping promotional activity does not work either; the message has to be focused and consistent.

4. Overconfidence. There are a lot of smart and talented business professionals who are constantly improving what they are doing. Thinking that your particular marketing strategy is better or smarter is a sure way to eventual failure. I have seen overconfidence completely stop a business from growing because management thinks they are offering "the best" product or service, and that it will never change. It is good to be confident, but always be aware that the dynamics in any particular company or industry is constantly changing. What may be the latest technology today may be completely outdated in a 5 years. This leads into our next point...

5. Lack of Knowledge about the Competition. This goes without saying. Business owners and managers need to be aware of the competition, how they are marketing their businesses, and the products and services they are offering. In business, competition as a good thing as it will force us to do better, be smarter, and drive us towards achieving business success.

6. Not Listening to Your Customers. If your customers are willing to share information about what they want or need, listen to what they have to say. I always believed customers who are willing to share information, whether it's good or bad, is doing us a favor. Take suggestions and criticisms constructively, and then decide what areas need improvement to better your business.

7. Not Being Flexible to Change Directions. Assertive and smart managers know that if something does not work, they need to quickly change directions. People who succeed in business know that being flexible is essential to their survival. If something is not working, a smart business professional will analyze, and then take action to change it. Continuing to do something that does not produce positive results is wasting time, resources and energy. If you are not getting the results you want, be flexible to change directions when necessary.

8. Thinking that Customers only Care About Price. Price is an important factor, but you first have to take into consideration your target market. Many consumers understand that the type of product or service offered comes with a higher sticker price. Low-balling your price on top-end products or services does nothing but erode away the company's credibility. The key is understanding the market, and stick with a consistent marketing message to successfully brand your company.

9. Not Communicating with Your Customers. Customers want to know they are receiving the best possible product and service. Communicating with your customers is important in maintaining a high level of customer satisfaction, and to discover if they are shopping the competition. Customer retention should always be at the top of your list as it is more expensive to find new customers, than it is to maintain them. Direct mail, newsletters, emails, short survey letters, and courtesy phone calls are a means to stay in touch with your customers to let them know their business is important.

10. Contingency Planning - Not Having a Backup Plan. None of us likes to plan for unexpected events to happen, but it does happen. A business may either experience a sudden drop in sales due to market fluctuations, or an unforeseen event may occur within the business. Not having a backup plan may setup a business for hard times or potential failure. Contingency planning includes outlining alternative solutions regarding sales, marketing, financial planning and public relation strategies to name a few.

About the Author:

Valerie Weber Hamann is the Founder and President of Evergreen Writing Services, LLC. Valerie has accrued over 10 years of sales and marketing experience, and is a member of the American Marketing Association. Read more insightful articles on sales, marketing, writing and marketing communications at http://www.evergreenwritingservices.com/marketing.html.