5 marketing traps to avoid for your business
5 marketing traps that are worth avoiding your bannwaldallee Bureau of statistics recently published a report on the level of “mortality” among businesses in the period from 2003 till 2006 years. For businesses whose incomes ranged from $50,000 to $200,000 level of “mortality rate” was 50% in three years. The bitter truth is that many of these businesses were forced to retire through a weak ability to conduct marketing activities. However, there is good news – in some cases, there are simple ways to avoid marketing traps. For this you just need to know about it. Daniele Lima, the author of the blog Australian Anthill shares the most common marketing traps.
Overconfidence that you know all about the needs of their customers
Leading Australian market researcher Frank Domantay always says, “Marketing research among consumers, is the routine of every successful business. They conduct them on a regular basis and don’t even know how to do without this amazing tool, which is essentially almost the most important indicator of business success, as it shows that the company is doing right and what’s wrong.”
The study can be conducted in the form of a survey, interviews with consumers or focus groups.
Attempts to copy the marketing strategy of your competitors
To understand the danger of this trap, you need to understand what the needs of your consumers essentially consist of two aspects. This is the part need you (or anyone else) has managed to satisfy and a much more important part of the need – which nobody has been able to satisfy. That is such a satisfying (hidden) needs, you can exceed client expectations and thereby stand out from the crowd.
Now imagine that your company is fully detail copies the behavior of a competitor. So at best you will be able to satisfy only those needs that satisfies your competitor. But is there then a sense for the client to seek your services?
The perception of their clients as appropriate
Ongoing support to existing key customers to become part of the company’s strategy. The only way you will be able to maintain customer loyalty at the appropriate level and encourage them to continue interacting with your company.
These schemes do not have to be complicated. For example, a coffee shop Buddha’s Belly offers a simple but effective program of receiving a free coffee after five purchases. Elementary and at the same time – efficient!
It is important to remember that for most businesses, the rule of Pareto, which States that 20% of customers bring 80% profit of your business. The point is to know their most profitable customers and make every effort to continue to operate the rules.
Unwillingness to work on their weaknesses
Your entire business is strong exactly so how much the weakest link.
You can have an exceptional product, but if you put him on a wrong price, I will not do an effective promotion or give up the slack in logistics and simply will not deliver your masterpiece to the shops – then the whole strategy will be a failure. So to focus on one thing, ignoring everything else – you just can’t!
The loss of key objectives and a balance between work/life
Of course, the business has great value and is guaranteed to require a significant time investment. It is therefore not surprising that sometimes it takes over your life, leading to loss of balance. If it happens to you – remember:
- Create a holiday schedule Holy hours and observe them at all times.
- Try to listen to the advice on time management and learn to use it more effectively.
- Learn how to delegate.
We all know that the vast majority of newly established businesses cease to exist during the first year. If you will learn to identify the traps described in the preceding five paragraphs, you will significantly increase your chance not to join them.