As we all know, there are many ways your marketing plan can go wrong. So what can you do to ensure 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 companies make. By simply avoiding these pitfalls, you should enjoy a considerable difference in your marketing returns:
- Lack of marketing focus – Do you know who you are? Do you know what makes you different from your competition? 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 – Know everything about why your prospects buy, and most importantly, know what they need to hear to buy from you. If you want a return on your marketing dollars, conduct some targeted research. As we like to say, Targeted Research Uncovers Evidence (TRUE™).
- Lack of consistent image – If you have a smaller budget than your competitors, creating a recognizable image in the marketplace is challenging. To accomplish this, you must be religiously consistent in everything you do – including 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 acquiring a new customer. Every company should have a program in place that keeps you in front of your 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, as the name implies, 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.
Tags: branding, challenger brands, competitive analysis