5 Marketing Mistakes That Cost You Big $$$
The following is an excerpt from the mini-course Market Wise, you can get access to the full mini-course for free here: Market Wise - Ironclad truth savvy business owners understand about marketing (and broke business owners learn too late).
Here are five common mistakes business owners make, in no particular order. Understand that these mistakes are made often, and usually by smart, intelligent, educated people.
Now the fun part - see if you can spot yourself! Now don't get suicidal over this - you've already decided that you want to fix this, and learn.
So again, if you're honest with yourself you will learn big.
Mistake #1 - NO MARKETING
- You make this mistake because you still don't know the difference between advertising and marketing.
- You are also the type of person who will take out an ad to sell your business, but not to sell your wares
- You believe word of mouth is king, but think that it literally is still 'out of people's mouths'
- You think you can't afford marketing (but you're still taking a salary)
Mistake #2 - NO STRATEGY
- You find yourself running out of marketing budget at random times, still not getting results you wanted. You may often 'borrow' money from some other part of your company to buy more (yeah, like an addict) hoping that this next spend will relieve some pain, fix some problems
- You find yourself randomly entertaining marketing sales people. And buying.
- You see marketing as a business cost
Mistake #3 - NOT BUILDING AN ASSET
- When the facebook/google ads stop, so does the flow of leads/sales, and your ability to leverage those leads
- You aren't building a list of contacts, week on week, month on month, year after year
- In fact, you don't even know what you'd do with a list of contacts
- You have no idea of the money you're leaving on the table by not building an asset
Mistake #4 - TRUSTING YOUR MARKETING TO SALES PEOPLE
- Do you seriously think they have your best interest top of priority?
- You believe your guy 'is a good guy - he's looked after me, gave me a good deal'
- You wait for them to call you - you see it as just something you have to do (an interruption to your day/week)
Mistake #5 - TRUSTING YOUR MARKETING STRATEGY AND EXECUTION TO YOUR STAFF
- You still don't get it do you
- You think that your staff care about your business as much as you do
- You don't understand the pivotal importance of marketing and it's intimate relationship with driving sales, and profit (and company growth)
WHAT TO DO THEN?
Ok, so what the hell are you meant to do? I trust this list of mistakes is already giving you some clues about how you could be better thinking about your marketing.
Getting good help is crucial. You need to be able to trust that your advisors have your best interest at heart. That's why we don't work with everyone who approaches us. We only take on a new client if we think we can really help.
All the best - Pat