Many people rush into business thinking it will be easy to run, but very soon they realize that it is not as easy as it looks. A successful business is a finely tuned machine. In order to keep your business running smoothly it is important to avoid making mistakes.
Here are the 7 most common mistakes to avoid:
1. Not having clear objectives: Many business people start a business without clear objectives. They fail to set realistic goals for their marketing and consequently set themselves up for failure. It is important to make a list of goals and objectives based on a quarterly and monthly time line. If you do not have company goals and objectives you are like a car driving without a road map. Make sure all employees are briefed on company objectives. When your employees are not properly prepared you will not be able to achieve company objectives. The key is to write them down.
2. Neglecting to analyse your potential customers is a dangerous mistake. You must know your target market inside and out. Not knowing who they are can lead to many problems. When you don't analyse your customers wants and needs you don't know what products and services to develop for them. This will lead to targeting the wrong market and neglecting to understand your own niche market. It's important for any business to do their marketing analysis so that you can target your market and maximise your sales.
3. Not testing: By not testing your sales copy in your direct mail, your email and your print advertising, you'll be losing sales. Split testing is simple to do but many businesses fail to do this. This results in a lot of wasted time and effort. Not ot mention money! If you don't test your ad copy and marketing promotions how can you possibly know what is pulling and what is not working?
4. Not budgeting: Budgeting is extremely important in business. This is especially true with your marketing and advertising ventures. It is important to have a monthly or quarterly budget for your marketing. Within that budget, put aside money for each promotion you will be doing. Start small, test and then build on successes. This will allow you to always stay solvent and have enough for promotions.
5. Giving up too soon: Companies go out of business at an alarming rate these days. One of the reasons is that the owners give up too soon. Just when success might be just around the corner they give up and decide to close the business down. In exactly the same fashion marketing promotions can fail, you need to give your promotions at least 3 months before you decide to scrap them. Some promotions will take longer than others to bring results. As always, test all marketing tactics before you launch a larger promotion. Patience is one of the hallmarks of business and you need to implement it.
6. Poor sales copy: How often have you wanted a product but when you read the sales page you had serious doubts? Poor unprofessional ad copy will cost you sales. In fact without good sales copy you will not be able to sell effectively at all. It is critical to your business to get this right. If necessary get an experienced copywriter to do this. It is worth the investment, as you will see returns when you make sales.
7. Not using a targeted list for prospecting: Have you ever heard the expression, "The Money's in the List?" It doesn;t matter how great your copy is, if you do not have a targeted list, the money you spend on printing and mailing will be wasted. It's true that you need good copy that converts, but first you het to get it in front of the right eyeballs.
The golden rule is to diversify. You should always use multiple forms of marketing promotions in your business. Do not just do one or two promotions and then wait for results. Use direct mail, opt-in email, telemarketing and make sure you try the latest sms/text messaging. Remember to diversify and enjoy the increase in sales!
By avoiding these mistakes you will take your company to the success you deserve. You will be able to have year round success for your business. So plan ahead, write everything down, and let us know how you're doing by commenting below.