Promotional Products Marketing Blog

3 common marketing mistakes small business make

3 common marketing mistakes small businesses can make

Small business owners must be careful when developing their marketing campaigns. The slightest errors can result in advertisements that don’t generate brand awareness or increase market penetration. Even the most experienced entrepreneurs can be prone to certain common mistakes when they’re preparing new advertisements.

Blunders often occur when owners overhaul their long-term strategies. It’s always a good idea to fuse new ideas with established tactics like promotional giveaways and direct mail, but without adequate preparation, such new strategies can quickly lead to a disaster.

Avoid the following three mistakes when creating new marketing campaigns.

1. Forgetting about current customers
Small business owners frequently overlook their loyal customers when trying to expand their businesses. Companies should always target consumers beyond their local areas, but they can’t forget to cater to their current clients. Chet Holmes, a sales consultant, told Startup Nation that it’s more cost-efficient to retain patrons than it is to generate leads.

“The conventional wisdom says that it costs six times more for a business to acquire a new customer than it does to sell something else to an existing customer,” Holmes said.

Small businesses should offer their customers special rewards for continued patronage. Loyalty programs like unique discounts and personalized business gifts are great ways to retain patrons, as these tools show that companies appreciate their clients.

2. Following popular trends
A popular – and sometimes faulty – marketing strategy is to adhere too closely to popular trends. There is some value in having timely advertisements, but they don’t necessarily offer longevity. Small business owners have to pay for multiple campaigns to capitalize on new trends and ensure that their brand is relevant to consumers.

Resources like unique promotional products and print advertisements are popular because they’ve stood the test of time. Entrepreneurs should wait to see if new trends have long-term value before putting all of their eggs into one basket.

3. Too much planning, not enough action
Small business owners can’t spend months drafting and editing their marketing campaigns. While companies should iron out major wrinkles before they send out their advertisements, spending too much time in the developmental stage is a mistake. Consumers forget about businesses that don’t run active campaigns.

Entrepreneurs should debut their marketing materials as soon as they have actionable plans. Additionally, independent establishments should have contingency plans in case they need to address any problems with their advertisements. It’s better to change course mid-stream than it is to completely delay taking action.

No comments yet.

Leave a Reply

© 2018 Business Trends & Marketing Ideas Blog. All Rights Reserved.