There are many ways your marketing plan can go wrong. So, what can you do to make sure that your marketing efforts are generating the greatest exposure and return on investment?
Instead of focusing on the many possible strategies a good marketing plan must include, we’ve outlined the most common mistakes that Challenger Brands make. If you simply avoid these common pitfalls, you should enjoy a considerable difference in your marketing and advertising returns:
- Lack of marketing focus – Do you know who you are and what makes you different from your competition? But most importantly, do your customers and prospects know? Don’t try to be everything to everyone. Identify what makes you unique, keep that message simple and stick to it.
- Overlooking testing and research – How did that last ad pull for you? Did you decide to use that creative tactic because that’s what your research told you? If you want a return on your marketing dollars, conduct some targeted research.
- Lack of a consistent image – If you have a smaller ad budget than your larger competitors, creating a recognizable image in the marketplace is challenging. To accomplish this, you must be religiously consistent in everything you do. That includes your look, style, messaging, media and call-to-action.
- Overlooking existing customers – You’ll find us often citing this statistic because of its importance: on average, getting an existing customer to buy something else from you or to refer you to new business is 80% more likely than generating a new customer. Every Challenger Brand should have a program in place that keeps them in front of their existing customers.
- Creating brand advertising instead of direct response advertising – Brand advertising tells your target audience about your company, products and services. Direct response advertising does the same thing, but, it invokes a response. Your advertising should always include a strong call-to-action that provides your prospects with a compelling reason to respond now, not later.