The business industry is not a place for those who settle to the usual, it is for those who takes risks and tries to do the impossible. Business minded people carries courage and confidence to succeed in the industry, but sadly, not everyone who has the guts could make it through.
“What did I do wrong?” entrepreneurs ask themselves when things don’t go as planned or their marketing strategy failed to make an impact. Below are common marketing mistakes some entrepreneurs unknowingly commit.
Settling To Gut-feel Strategies
Some entrepreneurs are busy enough expanding and worrying about sales without even putting efforts when it comes to marketing their business. They base their marketing plan on their competitor’s ideas; they don’t create strategies of their own or even bother to study whether those ideas are compatible with their business plans. Settling on marketing ideas that are rampantly used in the industry does not mean that it could benefit you as well; what is working well on them might even be your downfall. Create your marketing plan basing on the thorough research you do when you are studying your target market, focus on them and build your marketing plan around that information in that way you create a specialized marketing plan that would directly cater your target market.
Imitating Successful Businesses
Though it wouldn’t be easy, you should create your own impact if you want to surpass the present tycoons. If you are up against moguls you shouldn’t be a doppelganger because there would only be one genuine amongst you. Businesses sometimes fail due to their lack of perseverance to produce marketing plan that is different and new, instead they only copy strategies from bigger companies. What should you do then? A better option is to study their strategy and make it as a basis of your own marketing plan, take a successful idea then thoroughly study on how you could innovate it into something better and see to it that it fits your aim well.
Business Planning First Before Marketing Strategies
Some entrepreneurs put up businesses that they think are profitable – without statistics or research nothing is certain. One of the crucial parts of business planning is to have enough resources that would back up your claim that a certain business is indeed profitable; marketing plan comes to play when there is a hint of success on your business proposal. One of the common mistakes businessmen makes is that they failed to conduct research whether it is a good investment but they directly relied on marketing strategies. Doing so, it’s like growing seeds on the desert – the seed as the marketing plan and the desert sand as your business.
Making Good Marketing As An Escape To Responsibilities
Get proper background about business flow and educate yourself with fixed responsibilities you need to comply in running a business (eg. Rent, Electricity bills, telecommunication payments, permits, taxes, etc.). You can’t just change your commodity price anytime you want when those fixed payments start to increase, prices should be subject to standard rules and not dependable on your fixed expenses. Entrepreneurs use marketing strategies to start black propagandas to save themselves from their responsibilities, though it works for some but not for everyone especially when consumers starts to develop doubt that would lead to distrusting your company. Businesses should be marketed appropriately with facts and proper resources, consumers has their right to go against you and even take it to the court when they feel they’re being scammed or fooled. Don’t feed your marketing plan with lies; it’ll pile up and you might not recover with the paybacks.
As a businessman, you should be flexible – one should be aware that you need to keep up with the fast moving market where trends change surprisingly. To do an outdated strategy on this demanding population is a total waste of time, though it have worked from the past doesn’t warrant you that it would be as successful as it was before. Marketing Plan should always different from the past; it should be innovated, current, and even better.
Consumers are human being who is fascinated with new things and ideas and as a marketer; you shouldn’t present them with the same technique that doesn’t match your current target.