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Correct Marketing Mistakes before they are Made
We all make mistakes, but in business, mistakes are costly. Mistakes will happen, but in business, we must make sure we can avoid them, or ideally, do what we can to avert them entirely.
Marketing requires a great deal of effort and due diligence. Marketing involves finding the right consumers and maintaining the integrity of the business. Consider the following:
Get informationWe ultimately want to reach our target markets. In order to engage them, we need to gather as much information as we can on the population. Capture germane information such as radio stations they listen to, television programs they watch, restaurants they frequent, etc. You need to know where their attention lies, in order to vie for their interest.
All customers are not created equalDefining a target market is only the beginning. It is necessary to distinguish customers within your target market. All customers are valued, but some will contribute more and warrant supplemental attention. All customers deserve regard, but defining those that will help you build your company is a smart business tactic.
Call on themMarketing firms will help you gain the attention of a larger percentage of the market, but do not divert your attention away from keeping great contact with those that mean the most. Foster regular contact with customers that contribute substantially to your business. Be attentive and make them into loyal, lasting consumers.
Customers costMost companies would pay more attention to the two preceding insights if they tracked how much it costs to attract each customer. Assessing the dollars it takes to bring consumers on board will prompt your decision makers to value each customer more and influence their behavior regarding the measures needed to maintain them.
In addition, calculate the costs of maintaining a customer for a lifetime. Discover the customers who reciprocate interest and help in building the business. Lastly, closely analyzing customer profiles will illuminate those who are not a right fit for your company. Stress focusing on the quality of the relationship with the right customers rather than amassing a quantity of them.
Price warsSome marketing professionals will advise to lower your prices to intrigue customers. This may be effective, but it leaves you susceptible to the same tactic. The competition needs only to lower their prices below those of yours.
The answer is focusing on delivering quality to the customer. Quality is much more difficult to duplicate and compete with than pricing. Quality products and services beget lasting customers of the same mold.
How are you different?What is the personality of your business? Just as an individual is distinguishable from others due to personality, a businessí personality creates a disparity from other companies. Communicate your unique personality to the consumers. People will pledge allegiance by relating to the likeness of your business. Customers want to buy from a distinguished entity, rather than something formed from a cookie-cutter cast.
Itís about them and not about youAdvertising often involves self praising; businesses publically pat themselves on the back regarding the incredible nature to their goods and products. This is a mistake. Customers want to be informed of why goods and services are great for them; they are only marginally (if at all) interested in your businessí level of acclaim. Emphasize their benefits rather than your accolades.