Marketing is critical for business. One misstep in marketing can ruin your entire business. While you try to put in your best tactical efforts, always audit and re-validate your marketing strategies before implementing them.
Today’s marketing scenarios are way much broader and dense that earlier. With multiple channels and modes of marketing, finding a perfect balance in implementing the best technical mix is hard to find. Thus, making auditing of marketing strategies an integral aspect of the organizational activity.
You can download the marketing pdf to get detailed information on how to conduct a marketing audit along with knowing its pros and cons, from the link given below.
So, now let’s proceed with some serious and critical marketing mistakes that you must avoid and save your business from going down the drains.
- Follow the Pareto Principle: The Pareto Principle establishes that 80% of effects arise from only 20% causes. Now, you know this, but have you utilized it? Irrespective of your marketing strategy, your efforts should focus on the information you provide to your customers. Be it Conventional or Digital marketing methods; you must use 80% to provide valuable information while leaving 20% devoted to promoting your business.
- Target individuals, than personalizing: The time of using personalized marketing techniques is over, you have to move further by creating one customer view for all your marketing approach. Creating a meaningful experience for all your customer through all channels has to be implemented.
- Document your content-driven marketing strategy: Content is king, and time has proved that beyond doubt. Meaningful, content can work wonders for you. But are you documenting all the content that goes through your marketing channel? Content management is an integral aspect and documenting the content will create and distribute informative and compelling content across all channels.
- Pay attention towards retention marketing: Customer retention is the backbone of a stable business. Eventually, it is easier to connect with your previous customer and establish trust with them along with generating sales. The reason behind paying attention towards your existing customers is that the probability of sales is 60% higher than approaching new customers who need convincing. So you must not stop marketing to your current customers. In fact, you should pay considerable attention towards them or even plan a separate market strategy that focuses on your existing customers.
- Take advantage of every marketing channel: Success comes when you take leverage of every opportunity that comes your way. Similar is right for marketing. Use multiple platforms to market and promote your business for maximum advantage. Nowadays every venture is investing simultaneously in traditional marketing methods and the growing digital marketing techniques. Evolving along with the continually changing marketing channels will provide you the opportunity to connect with the larger targeted market.
Now, that you know the do’s of marketing do not forget to pay close attention to the don’ts.
Here we have compiled a short list of don’ts for the marketing strategies.
- Do not neglect the power of email marketing. With increasing stress on digital marketing services, companies have laid off their hands from the very efficient email marketing technique. This is a big mistake. No matter how much you grow on different platforms email marketing has always been the essence.
- Do not use email marketing only for promotion. Go beyond the obvious. Connect with your customers one on one and develop an understanding of your customers and the market. Engage the potential market with the information they can use and benefit from it.
- Do not concentrate on only one medium. Multitasking in marketing is essential. Know your market and customers first, then use all the different marketing resources to connect with each kind of customers.
Well, Marketing is like oxygen to business. Without the support of a competent marketing strategy, business will no longer breath to survive the competition. With ecommerce taking a plunge, companies have to face both local and global competition side by side.
Now this calls for drafting marketing strategies that are exceptionally well drafted and documented along with backup plans for each.
Marketing experts are now aiming for a three-tier marketing strategy, B2B, B2C, and competitor. Drafting strategies that can take care of all three aspects individually with an overall impact on the business, is one excellent strategy you must adapt.