“Good advertising does not just circulate information. It penetrates the public mind with desires and belief”- Leo Burnett
This quote does hold a lot of truth. A well-made advertising campaign can attract the right prospects and get everyone talk about your product and service. While on the other hand, bad marketing can just as easily spoil your reputation and cost you thousands of dollars.
Here is a list of seven mistakes commonly made in the field of business marketing that you must avoid.
- Not Knowing your Ideal Customer - There are several companies that have no concept of who their ideal customers are. They keep a very product-centric view and believe that knowing who to target is not important since their product is so "hi-end". This is one of the biggest marketing mistakes businesses make. If you do not target the right audience, you will have a hard time increasing sales, no matter how “state of the art” your product may be.
- Lack of Testing and Research - Market testing and research should be done to determine how effective your marketing strategies really are. This helps you take the guesswork out of what your customer really wants. You should always make sure you have tested different prices, offers, and packages.
- Marketing without a Unique Selling Point - Your USP is the statement that singles you out amongst your competition. This should be utilized in every piece of advertising material. Do not market without it! Positioning your business away from competitors and making it distinctive keeps your business strong.
- Advertising at the Wrong Places - If you spend your advertising dollars at the wrong place then your advertising becomes expenditure and not an investment. It is important to get to know your potential customers. Give them a survey to fill out. Ask them what magazines or newspapers they like. You have to build a profile of your target market. After this, the advertising media will match you up with the right sections and stations.
- Listening to Wrong Advice - When it comes to advertising, everybody is willing to offer you advice. And, since you feel that you know so little, you take everything at face value. There are a lot of media salespersons who are just out to sell you advertisement. Hence, be careful whose advice you take.
- Concentrating on Product Features - There are so many businesses that talk about what their service or product has, not what it does. The truth is no one buys a service or product for its characteristics. Hence, evaluate every service and product you offer. What are the real benefits of each to your products? Are you displaying these benefits in your advertisements?
- Lack of Advertising Signs - One of the areas where businesses fail to invest is advertising signs. Banners, A-frames, and billboards are some of the most popular ways to attract foot traffic into your establishment. Make sure you get these graphics designed by creative and witty sign makers.
If your current marketing plan is making one of these mistakes then it’s time for you to take a step back from your present strategy, research prospective customer bases, and spend good time listening to the needs of your clients. It is never too late to start afresh.