The only way to truly be successful in marketing requires the tenacity to work through a process, knowing that mistakes are inevitable, but keeping those mistakes at a minimum.
This said there are 7 Deadly Sins of Marketing that can cause a lot of frustration within an organization. Knowing these pitfalls is the first step to mitigate marketing risks.
Coming out of the gates, guns blazing, is a great way to garner a lot of attention. But, before bankrolling that Super Bowl ad, ask, “Are we ready for the attention? Is this the most effective method of spending our marketing budget?”
Sure, there’s a chance that this ad is going to help drive a lot of business. But, you could also win the lottery.
A more effective method is just to run a simple cost/benefit analysis of the opportunity; gauge the potential outcome on the return you are expecting to get against the cost. OzComm Marketing has a simple tool, made available to all to run these types of scenarios.
Another option is to run smaller test samples of the campaign. Running a test campaign is a great way to find out what your customers really want. This takes the guesswork out of future campaigns. Besides, in the end, every marketing campaign is a test – make sure you are measuring your successes. (See #7)
Being in the Wrong Place at the Wrong Time
As of April 2015, there are more than 20 top social media sites online, and social media sites are not the only place where people get their information. But for the sake of conversation, let’s consider social media.
Facebook, Google+, Instagram, LinkedIn, Meetup, Pinterest, Snapchat, Tumblr, Twitter, WhatsApp, & YouTube are some of the more recognizable names in social media. So what platform is right for your business? Look before you leap. Your business may not need to be on every social media site.
Just because your business is all about collaborative efforts, and Aristotle said that, “The whole is greater than the sum of its parts,” it is imperative to limit communal input.
Everyone’s ideas are based on their perceptions of the world, and how they have interacted with it. Deep, right? Stay with me. Now, we can compound that scenario with the fact that your customers have their own perceptions.
Here’s the silver lining. Your business is to be concerned about only one perception – the client. Therefore, it is best to set up a small committee within your organization, who’s only concern is to make sure that the marketing collateral developed is targeting the perception of the client.
Any other perceptions are wrong… no matter how right they are.
Keeping up with the Jones’ (Your Competition)
There is a stark contrast between being aware of your competition, and keeping up with your competition. It is most certainly important to know what your competition is doing, and what trends are happening within your industry. However, just because all your competition is using billboards (or, insert any medium) to promote their service, doesn’t mean that your business should as well.
First and foremost, your competition is not your company. They have their own reasons, perceptions, abilities that encourage them to do the things that they think are right for them. For example, they maybe competition in name only – they may not be servicing the exact same clients your company does. Or, your competition may have a large budget, and they are willing/able to spend more frivolously, but this doesn’t mean that you should.
Being big is different than acting big. And, if I had my druthers, I would side with acting big every time. Just because business is going well for you, or even if it isn’t, there is no reason to overstaff (in terms of head count or cost). Today’s society has moved into the “fractional” realm, which allows companies to tap into resources that would otherwise be unavailable to them previously.
Building a team of high-caliber employees is possible with a little innovative thinking. Consider agencies, fractional CMOs, or even freelancers – provided that you have processes in place to manage these options.
Practically Perfect in Every Way
Marketing is not about immediate perfection – it can’t be. Perfection takes way to long to achieve. And, considering the speed at which business moves today, a company that is focused on perfection is always going to be late to the party (i.e. not going to produce the revenue necessary to maintain business.)
Although marketing is an art, the approach one takes to accomplish effective marketing campaigns follow a more scientific method.
First, learn everything you can about your clients (what they like, what they want, and how they go about getting their information.) Next, tailor your marketing to meet those needs – the best way you know how, employing all matters of efficiency. Now, implement those marketing tactics in stages, and make nominal adjustments to your marketing as needed.
Your marketing isn’t going to be perfect on the first try, but by engaging with your clients (online and offline) your marketing will become perfect.
Failing to Measure Results
Albert Einstein was a brilliant man, and this quote beautifully articulates his wisdom: “Insanity: doing the same thing over and over again and expecting different results.”
And yet, so many businesses engage in marketing with the same process every time. They fail to take into consideration the value in measuring the results of each campaign, or they negate what they learn from previous campaigns by running a completely different campaign – with no similarities or consistencies.
Consider this… According to the Content Marketing Institute, only 21% of B2B businesses are successfully tracking their marketing ROI. Furthermore, CMO.com published that 81% of marketers would increase spending on digital, mobile, and social channels if they could better track ROI.
Marketing is an art with applied scientific application. Trying to garner the attention of your customers, and getting them to transact with your company is a continuously moving target. It is possible to be effective in marketing, but it is going to take consistency and tenacity. Avoiding these pitfalls is your first step to running and maintaining a successful marketing campaign.
For questions about authentic marketing strategies, and how to develop methods to track marketing ROI, contact OzComm.Marketing, today.