iBankCoin
Joined Dec 27, 2015
189 Blog Posts

5 Marketing Mistakes You Don’t Realize You Are Doing

When most people hear about marketing, they assume that it’s only about enticing people to buy a product or service. Although that is the main goal of marketing, the process is not straightforward.

 

Marketing also has several branches: public relations, market research, brand management, customer service, sales, and marketing communications. The mistakes that most people do in marketing involve these elements.

 

5 Marketing Mistakes That You Never Realize

 

  1. Offering A Lot of Discounts

 

Customers love a good bargain, and they are more likely to enter your store if they see a discount sign. However, avoid giving your clients reduced prices all the time because it can have long-term effects.

 

The negative consequences of discount promotions are as follows:

 

  • It limits revenue
  • It devalues your brand since customers won’t see the need to pay full price for your goods and serv
  • Customers may develop a ‘low price’ mindset – they’d rather wait until your next promotion to visit your st

 

Sometimes customers are interested in the overall value of the product or service, instead of pricing. Keep that in mind next time you hold a discount sale.

 

  1. Focus on Attracting New Clients and Forget About the Current Ones

 

Most people use marketing to focus on prospects. You create an advert that promises clients the best services or goods. You guarantee them that their lives will change for the better if they become your client.

 

However, once the customer buys from you, they become past tense. You forget to send them information about new product launches. The warm treatment that you gave them after the first purchase disappears. How many times have you seen an advertisement that promises current customers better services? Very few, if any.

 

Remember that a prospective client may purchase – it’s not guaranteed, while a customer has already bought – treat them better to retain them.

 

  1. Lack of A Unique Selling Proposition (USP)

 

You many launch a product or service that you believe is better than others in the market. However, if you don’t show your client what makes your item one of a kind, it will not sell. Don’t assume that you will launch the product and people will eventually discover its awesomeness by themselves.

 

Create a USP for your item. To do this effectively, assume that you are conducting an interview with yourself after using the item. You have to know what interview questions to ask, therefore, you need to prepare a random list of queries, and select the best ones for the product or service.

 

Once you answer those questions, you will know your USP. If you cannot convince yourself to buy the product or service, you can never entice prospective or current clients to do the same.

 

  1. Lack of A Target Market

 

Since you are excited that you have finally started a business, you may be tempted to aim your marketing efforts at anyone with money. It’s good that you are enthusiastic about getting customers, but its not the right way to go about it.

 

Since people have different needs, you cannot satisfy everyone. Therefore, you are better off targeting people with the same desires and wants. Have a buyer persona for your preferred client and create a promotion targeted towards people with such characteristics.

 

Knowing your target market saves you a lot of time and money. Instead of spending a lot on numerous general campaigns, you should only budget on what you know will yield results.

 

  1. Thinking that Once You Make A Sale, Marketing Ends

 

It’s true that you market your goods or services so that customers can pay for them. However, the problem comes after you make sales and attain your financial target. Most businesses fail because they end the marketing after closing a sale.

 

However, you should always follow-up after closing a deal to make sure that the client returns. For example, you can send them a thank you mail the following day, and then after a week send them another email with tips on how to enhance their shopping experience.

 

This way, the client knows that you value them.

 

Conclusion

 

Marketing is not easy, and it should be handled with care. One faulty move and your business can become bankrupt due to low client turnout. Follow the above tips to avoid making silly marketing mistakes and to stay ahead of your competition.

 

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