Do you know how important marketing is to growing a successful business? Successful marketing helps you attract prospects if your target audience understands how your product or service can benefit them and how it differs from your competition.
Are you aware that new businesses have a high mortality rate, with most failing within the first two years? Both an online business and brick-and-mortar business can fall over before they even get started, not because of a bad idea, but because many owners lack the skills to manage and market effectively.
Attracting an audience to your products and services is an on-going process that is vital to the health of your business!
Research has shown there are five common mistakes that many new and struggling businesses make. Review them below so you can avoid them and give your business the best chance of success:
1. Failure to Reach Your Target Audience
Many new online marketers set up a campaign and then try to market to everybody. This is a huge waste of resources which can quickly drain away the working funds without achieving any ROI.
Creating a persona to identify your ideal customer will reveal the demographic who your marketing message will resonate with.
You can then go about using tools to find out where your ideal customer spends their time and then create a marketing message that will address their pain points and speak directly to them. You’ll spend less on advertising and achieve a higher return for every dollar spent.
2. Failing to Research and Test Properly
You’ve had a lightbulb moment and have a great idea. So, you immediately set about devoting tons of resources to creating the product – only to have it fail dismally once it finally hits the market, why? Because you failed to do the research that would reveal the true market potential.
Have a great idea? Then go do some research to find out if there is enough of an audience for your product or service – those who will wonder how they ever lived without it! Why would you waste hundreds or thousands on developing a product or service that no one really wants; one that won’t sell.
4. Failing to Connect with Your Audience and Build Relationships
Finding your ideal customer is just the start of the journey. Once you know that you need to target a market segment, such as young professionals who work in the city, the next step is to set up a communications channel with them so you can build strong and lasting relationships.
The more you communicate with your audience, the more insight you will have about creating products or services that will solve their problems.
5. Focusing More on Features and Less on Benefits
Rattling off a list of features of your new video production suite will appeal to some, but most of your audience just want to know how your product/service is going to make their life easier or help them put more dollars in their bank account.
Craft your copy to speak directly to your audience by telling them what they want to know. If the goal of your product or service is to save time, money, or make life easier, then put that information front and center of your marketing message. Of course, a feature list won’t hurt, but it should be an optional extra, not the main spiel.
[tweet_box design=”default” float=”none”]If the goal of your product or service is to save time, money, or make life easier, then put that information front and center of your marketing message.[/tweet_box]
6. Failing to Understand Why You’re in Business
What motivated you into starting a business? Did you want to build a legacy to leave behind, improve your current lot in life, or is it so you can quit your current job? If you know why you’re in business, you will keep your passions and motivation high.
Once you are over the initial hurdle of getting a business up and running, you need to shift your focus away from why you started to why you should continue. Use your ‘why’ to propel your business forward with new ideas and better products and services.
If you remain mindful of the above mistakes, you will stand a better chance at seeing your business make it into the black, and beyond the 2-year mortality rate for most new enterprises. Do the research, learn to speak to your audience, find out what they need, and then go about providing them the solutions. The more people you help, the greater chances are to be successful and keep your business going.
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