For the many years I’ve been a consultant to companies, both big and small with their advising and coaching needs, particularly on the area of marketing, these are the major mistakes why they fail during the 1st quarter.
1. Budget planning is scheduled quarterly
Why planning your marketing expenses on a quarterly basis is a drawback? Well, first of all not all campaigns need to last 3 months before you can withdraw your investments, especially if you have seen big losses during the initial stage of trial. Some campaigns need to last longer for you to have a clearer assessment. The key is to budget wisely your marketing budget and if you have a marketing campaign like the PPC (Pay Per Click) that isn’t performing according to your expectations, then, don’t wait any longer, you can stop it right there and invest your money into other marketing campaigns that will project a higher ROI (return on investment). A good budgeting should at least cover a whole year period and after that time frame, re-evaluate where your marketing efforts performed well and focus on that campaign or series of marketing strategies.
2. Copying other competitor’s marketing techniques
What may work well in a particular business doesn’t always guarantee the same results to your own business. Avoid copying your competitor’s marketing techniques. Be unique and go for a marketing channel that isn’t heavily populated with marketers. Try all sorts of advertisements and keep track which among them worked alongside your marketing objective—more sales profit in the end. One type of marketing that isn’t crowded right now which is proven to be highly efficient where you might excel and get a good lead of prospects is the use of “content marketing”. Creating an original copy is very hard to duplicate and if you possess the writer’s passion to come up with interesting topics that will click with your target audience, then, I’m sure you will outsmart your rivals and win over them with a big leap.
3. Your marketing campaign isn’t becoming self-sufficient
If you are loosing a good deal of money from your current marketing campaigns, act quickly. Remember, you can’t bear to loose and wait more months for your campaigns to become self-sufficient in the long run. For example, if your investments in PPC campaigns for a period of 30-60 days, you can already gauge your efforts and get a verifiable feedback during that time frame and if you found that this campaign isn’t enough to fund for its next expenses, divert those funds into something more productive like social media marketing, SEO or content marketing where they pose greater ROI.
4. You don’t give value to your customers
This part is often neglected by business owners, but in every sense is really a vital part of the success of your business. Give value to your customers instead of focusing all your strengths to all kinds of marketing campaigns. Your customers are the real assets that any company could acquire and benefit greatly in the end through their continuous support on your products or services. Find ways on how you can increase the number of your existing customers by getting more relevant leads who will later become your real customers.
5. More time is spent on traffic generation, rather that on conversions
Any serious marketer must evaluate if their traffic generation campaign is really converting those leads into “real buyers” or not. You can conduct A & B testing to weigh which among your online visitors really boost your conversion rate to a higher percentage.
Before you even set-up your marketing campaign plan, layout your goals and the particular actions you wish to undertake for any of these campaigns to become operational. Remember, a strategic planning is your key to a successful marketing campaign.
Don’t just jump from one marketing effort to another just because it showed tremendous success to the other business. Discover your own secret formula on attracting more clients to avail your offers.
Do you have some remarkable marketing experiences that you have applied on your business where you acquired greater profits or perhaps you want to share some ideas on how you conquered failure? Share them here because we love to hear your personal journey to success.