5 Mistakes That Can Tank Your Marketing Strategy - And How to Fix Them
From the earliest days of street criers holding big placards of sale to the most recent mobile app advertising, marketing has come a long way in the United Kingdom. With changing times, the facets of marketing have also evolved into path-breaking techniques. It is the defining element of a business that helps in its survival. It breathes life into a name and transforms it into a brand that enjoys widespread popularity and customer loyalty. Being a mix of the four most significant Ps – Price, Product, Placement and Promotion, marketing is the foundation that supports a business through its lifecycle. From market research to understanding consumer behaviour, every business plan and strategy is guided by marketing efforts. Recently, the dynamics of the game have changed with multiple channels and platforms coming into the picture. The digital marketing budgets are on the rise as the modern consumer is spending more time online than watching TV or reading newspapers. Marketing becomes all the more vital for start-ups trying to gain visibility and businesses for sale in the United Kingdom who are vying to maintain their market share for a quick sale. It is a no-brainer that marketing is an indispensable part of a business irrespective of its positioning and place in the growth stage.
In their quest of getting a bigger share of the pie in the extremely competitive marketplace, brands are riding high on trying to reach maximum target buyers. The race to convert the maximum leads inadvertently makes them commit mistakes that dilute their promotional efforts and derails them from the path of success. Here are the top five mistakes that companies make while trying to increase sales and how they can be fixed.
1. Herd Mentality
Many businesses follow in the footsteps of established prominent brands and emulate their marketing tactics to grow in their domain as an easy way out. However, imitating competitors is only going to confuse the costumers who are already overwhelmed by the saturated markets. The similar pricing, packaging, product features, and advertising will just make your product look like a cheap copy of the original rather than creating its place in the market. This kind of marketing is doomed from the beginning and will bring no results whatsoever. If you are guilty of doing something like this, then it is time to make some amendments. It is a cardinal rule for a brand to communicate its unique selling proposition to help consumers differentiate it from the competitors. You can also buy an existing business or franchise for sale. To make sure the brand is not lost in the crowd, give the audience something new and tell them how it will add value to their lives. The USP will persuade the buyers to choose your brand over others and improve the sales.
2. Disregarding Research and Data
If you think you know who your audience is without conducting consumer research, then you are in for a surprise. Some complacent brands make the mistake of overlooking the data and continue with their gut feeling which makes the perfect recipe for failure. An in-depth analysis of the geographical region, the demographics of the target audience, their likes and dislikes, their buying behaviour, their media consumption, and the best channels to communicate with them is a pre-requisite for devising a marketing strategy that will ensure profits. In the digital age, the information received from analytics is gold for business owners who can use it to identify the problems of consumers and come up with revolutionary products that solve these issues. It is recommended that a businessman must undertake primary research by interviewing consumers and conducting surveys. Additionally, there should be provision for secondary research which includes analysing industry reports and insights.
3. Neglecting Repeat Customers
Retaining an existing customer is 5 to 25 times cheaper than acquiring a new one. Customer retention is said to increase profits by 25% to 95% which involves maintaining a long-term relationship with the buyers to make them come back again and again. Customer service plays a crucial role in creating a broad base of loyal clients which includes communicating regularly in a polite and friendly manner. Resolving issues at the earliest and offering discounts and sending out important company information to the existing customers. This helps in building trust, and it becomes easier to persuade them to buy further. Email and direct marketing are reliable ways to reach repeat buyers at regular intervals for generation of more business. Do not get involved in spamming people with unsolicited emails which can get your company blacklisted. Get a reliable email service provider like MailChimp or aWeber to keep in touch with your existing customer base.
4. Not Hiring an Expert Digital Marketing Agency
With the consumers spending most of their time online, it is more than necessary to have a digital marketing strategy in place. Small businesses can thrive on the publicity gained online in their local region and leverage it to drive their sales. In fact, the digital agencies in UK are showing a steady year-on-year growth in revenue. Besides bringing the website of your company on the first page of the search engine results page rankings, it helps in gaining visibility through Google Adwords and profiles on social networking websites. The internet is the most affordable medium to engage with your customers. However, most small businesses make the blunder of avoiding SEO tactics and get a static website built by a novice developer to save money. Some small-time agencies also indulge in black hat marketing which can lead to your website getting banned by Google. Hiring them is a sure-fire recipe for a catastrophe. A seasoned digital marketing agency or an experienced in-house expert will help you gain traction in the competitive market and interact with your customer base efficiently.
5. Trying to Get Multiple Results
With so many platforms to reach out to the customers, it can become a daunting task to advertise and promote your brand. Many businesses make the mistake of advertising through all the channels and await multiple results like lead generation, sales, awareness, and increased engagement from the same campaign. This kind of marketing never works as the target audience is not consuming every medium of communication and most of the advertising budget is getting wasted. For example, if you own cosmetics business, you can promote it through Facebook and Pinterest rather than LinkedIn and Twitter. Also, the business should focus on one goal and direct the message towards it so that the consumer doesn’t get confused about it. Since the attention span of the viewers has become too short, it is stupid to bombard customers with too much information. Give them a precise amount of messaging through dedicated channels that reach them.
There could be endless ways of going wrong with the marketing efforts. However, focussing on leveraging the market research insights to send out relevant and precise communication through identified channels can bring the strategy back on track. So whether you are an established business owner or an investor planning to acquire one of the flourishing businesses for sale in the United Kingdom, you must learn from your failures and those of others to become successful.