Do you know what the most common Marketing Mistakes are? It is important I discuss this topic as a Professional Marketer with years of experience. I see it every day. What? You may ask. People are making marketing mistakes unconsciously daily, especially young entrepreneurs. Although they're not doing it on purpose, in fact, these mistakes are being made because people don't realize what they're doing is having a detrimental effect on their businesses.Different Forms of Marketing MistakesThere are a countless number of Marketing Mistakes with various names to call them. Call it ignorance, call it lack of knowledge; lack of marketing savvy. Simply call it whatever you like. The truth you should know is that almost every business is making many of these mistakes, and if you’ll be starting a new business project, this post is a great piece for you.Statistical Analysis of Marketing MistakesStatistics tell us that 80 percent of businesses go out of business the first year they’re in business. And of those that remain, 80 percent of them will not be in business five years from now. That’s a scary but true statistic!Yet, even as mistakes seem like an inevitable consequence of marketing, people still take their dreams into the marketplace with little or no planning, and with little or no regard for the harshness and cruelty of what the marketplace can bring, without proper planning and ‘marketing savvy.’Importance of marketing In a nutshell, and straight to the point, any success or failure in businesses is almost entirely down to how well a business is marketed – and not down to how good the product or service is – or the people in the business! Anyone who markets most effectively – wins – and wins big!That’s why inferior products and services have stood the test of time. It’s because they were (and are) marketed well – better than superior products and services. And that’s why hundreds of brilliant inventions fail to materialize (only 1 in 5,000 makes it to the hall of fame). It’s also worth noting that a good product or service is nothing without effective marketing.What do I mean by effective marketing?To be precise, effective marketing is the ability of the business to consistently and repeatedly get people to buy the products or services they sell and extract as much profit out of each customer over the duration of the relationship.When you understand what effective marketing means, it’s easy to appreciate why businesses all over the world struggle to fill the gap of being able to remain leading frontiers. Companies simply haven’t found a way(s) to generate a constant stream of customers and keep them buying – from time to time. This is why businesses fail – or don’t prosper as much as they should. Factors that affect marketing
But when you dedicate a large proportion of your time to effective marketing, you’ll make your business ‘immune’ to outside factors such as the competition. Better still, you will be able to capitalize on other competitors’ mistakes to monopolize the market.How to capitalize on the vast competitors’ Marketing Mistakes?Knowing that these marketing mistakes are so COMMON, we're presented a huge opportunity to monopolize the market because I guarantee many of your competitors will be making many of these mistakes - mistakes they’re not even aware of. Mistakes you can now transform into winning strategies.By looking at the greatest mistakes people are making every day, you’ll get an appreciation of why they’re failing. You’ll be able to spot the mistakes before they happen. And you’ll ultimately be in a position to transform each mistake into a powerful marketing strategy that generates windfall profits the moment you take action!Outline of the common Marketing Mistakes
"You can't be all things to all people." I know this may come as a shock to you, but it's true. You cannot hope to market your products or services to everyone, even if you think everyone needs them. I'm not saying you can't be successful doing this. What I'm saying is that you will limit your business potential by not focusing on a selected group of people or businesses. These specific groups are called "target markets".By focusing on one or more target markets, you're able to connect with these people at a much higher level, and consequently, you automatically gain more business.I'm sure you've heard people say things like, "This person really connects with me, they really understand my business." This is what you have when you choose to market to your target markets than just random individuals. – Understand the need of your Target MarketsWhat’s also important to understand is that certain groups of people or businesses are more likely to want and need your products and services more than others. I have a short way I express this, and I quote, “Find the need and the group of people in need.”More importantly, your target market must focus on the groups who can AFFORD your products or services. There’s no point in targeting groups who want and need your products or services if many of them can’t afford to buy or pay for them!– Start-up by concentrating sales on a smaller number of people A common question young entrepreneur often asked is this – “If I limit my market won’t I be reducing the chances of transacting with more people?”Of course, you will, but to succeed in today’s competitive marketplace, you need to concentrate your marketing on a smaller number of well-chosen segments or niches into which you pour all your resources.If you target smaller numbers, you will have more financial capacity to spend on each prospect across this smaller group than you would if your market was bigger. This alone makes you more successful.In a nutshell, your target market is the segment(s) that represents your best chance of getting a good return for your marketing efforts. These target markets are critical to you!– Focus on meeting the needs of your TARGET Market continuously If you focus on a smaller group, you may not get other clients or businesses outside the target group. However, what happens is you're able to increase the amount of business you receive from your target market(s). This is because you are specifically meeting the needs and requirements of your chosen market. You're saying to them that, 'you are THE company that knows about their situation.' No other company specifically meets their needs in this way, and therefore you are seen as the logical company to turn to.A typical example to show the power of defining your market or nicheLet’s say you’re a start-up business, and you need an accountant. Your first choice is to look at the local newspaper. Although there are several small ads, the first one you saw reads:
The second ad reads:
Which firm of accountants are you likely to choose?The answer is obvious; you will go for the second ad because it serves as a good example to show how effective the strategy learned in this post is – yet only a few businesses follow this simple approach!Difference between the first and second adsThe first ad is trying to be all things to all people and is a general approach. The second ad is completely focused on 'start-ups' and is much more likely to get start-up business owners contacting them and in much higher numbers.ConclusionIf you can create this bond between you and your target market(s), I guarantee you'll grow your business to unprecedented levels. That's the power of target marketing.By concentrating on specific groups, you can achieve very high market shares in that particular category because people automatically come to you. You'll 'own' the market and be seen as the only choice because your product or service is 'designed' to solve those people's specific problems.Not focusing on one or more target markets is perhaps the biggest mistake people make!*****That's it for now. If you need any extra help to grow your business quickly, check out the two valuable FREE resources below. If you sign up for either of these, you will eventually receive details of the other 25 common marketing mistakes!To your success,Tariq Syed | Business Growth Mentorhttps://www.linkedin.com/in/tariq-syed-269919/ #1: FREE download of my NEW Book >> Get Your FREE Copy HereGet a FREE copy of my acclaimed new book titled, “How To Become Irresistible To Customers - The Proven Formula For Increasing Your Sales & Profits”!#2: FREE 5 Day Sell More Stuff Challenge >> Register For Free HereWhat if you can massively increase your sales WITHOUT spending a penny more than you’ve done on advertising and marketing? And you can do it from the comfort and safety of your home or office. Perhaps you can achieve great sales within five days!Well... you can with the SELL MORE STUFF CHALLENGE...Better still...For the time being, the Challenge is FREE.