Five Marketing Mistakes Businesses Make
One of the biggest challenges a business faces is to create great products and services and market them the right way. Unfortunately it’s easy to let the quality of marketing fall, causing a negative impact on the product and service that the business provides. The following are ten marketing mistakes to avoid:
1. Assuming the past is a predictor of the future.
The pace of business and technology is ever changing and these changes have forced marketers to question all historical patterns. “Smart marketers plan for a changing future and embrace change, rather than stubbornly avoiding it.”
2. Underestimating your competition.
One of the worst things that can be done in a business is thinking you’re “safe” when it comes to competition. Arrogant marketers assume that a lack of resources or knowledge will keep the competition at bay but this is not always the case. It is valuable to respect the competition, anticipate their actions and continue competing.
3. Taking your customer for granted.
Always remember that your customer is in charge. It is imperative to give the customer what they want, where they want, when they want it. In another time, a marketer could decide what products and services to offer and at what price. Times have changed and the consumer is now in control. Loyalty will last as long as the customer’s last purchase and it is not wise to assume continued loyalty.
4. Assuming your prospective customers know you.
“We’ve been around for over 50 years!” As much as your longevity is valuable to you and your business, it doesn’t necessarily mean that prospective customers know about you. Do not assume that your sheer existence is enough to develop awareness.
5. Not providing incentives for loyal customers.
The best way to keep customers coming back is to reward them for being loyal. It doesn’t matter if a customer likes your business or has a good relationship with you, if another company provides better incentives or prices, you may lose them. It’s hard to go wrong when providing special promotions or incentives to loyal customers in a way to drive more business and keep them coming back.
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