Many people disenfranchised with today’s corporate world, decide to start a business by taking a skill they love and believing that after they start their business, life will be great. Quickly they realize that it is not as easy as it looks; a successful business takes work and there are so many other aspects to running a successful enterprise than they ever realized. In order to keep your business running smoothly it is important to avoid making costly mistakes, yet so many entrepreneurs make these same 5 mistakes over and over.
Mistake #1 – Not having clear objectives
Many business people fail to set realistic goals for their marketing and consequently set themselves up for failure. They think that they have “hung out their shingle” and the business will definitely follow. Unfortunately, it is not that simple. Successful businesses require successful planning and a clear set of goals and objectives. If you do not have company goals and objectives you are like a car driving without a road map. If you don’t know where you are going, how on earth can you get there? A marketing plan is a must have for any business to grow and thrive.
Mistake #2 – Not being clear on your ideal target client
Neglecting to truly know your ideal potential clients is a dangerous mistake. When you don’t take the time to analyze the best client for your product or service and then learn everything you can about their needs, wants and desires, how can you expect to attract them to your offering? Improper analysis can lead to targeting the wrong market, using the wrong sales approaches, techniques and sales copy and ultimately stop your business in its tracks. An effective target market analysis will allow you to create a focused and targeted marketing strategy that will allow you to attract your ideal clients and maximize sales.
Mistake #3 – No budget
Budgeting is extremely important in business. This is especially true with your marketing and advertising ventures. Within that budget don’t forget to put aside money for each marketing effort you want to explore and undertake within that given time period, whether it be a month, quarter or annual budget. The best road to success is to start small, test and then build on successes. If something works, continue with that effort and if something isn’t working than move onto something else. Also, remember that with today’s internet usage there are several “free” options for marketing that will cost only your time. If your budget is tight, why not explore these avenues first.
Mistake #4 – Giving up too soon
I’ve seen this time and time again. A company tries a marketing effort and then gives up after only a couple of days or a couple of “impressions.” [Impressions are the number of times a particular marketing effort is sent out to your target market] I would suggest giving your promotions at least 3 months before you decide to scrap them. Some promotions will take longer than others to bring results. Although not easy, patience is one of the hallmarks of business and you need to learn to implement it.
Mistake #5 – Poor Sales Copy
How often have you wanted a product but when you read the sales page you had serious doubts that this product was exactly what you thought it was originally or what you truly need? Without good sales copy you will not be able to sell effectively at all and it will cost you business. It is critical to your business to get this right and especially with the copy on your website. Many times you only have one chance to make a good impression on your potential client and move them enough to purchase from you or at the very least bookmark your site. If necessary don’t be afraid to get an experienced copywriter to assist you; it is worth the investment.
Remember the golden rule is to diversify. Don’t concentrate all of your efforts in one single area, but rather be marketing in several different avenues concurrently. Also remember not to be afraid of change, if something isn’t working explore new avenues. Finally, what works for one may not work for another; test, test, test until you find the formula that works for you.
By avoiding these mistakes you will take your company to the success you deserve and it will all be worth it!!