Marketing Mistakes of Small Businesses
January 25, 2013
Small businesses need a great marketing strategy to start out and make a statement in the economy. In these tough economic times, everything can make a difference. However, there is a myriad of mistakes many small businesses make that lead to marketing issues. Here are some common marketing errors seen over time:
1. Sticking to a single, flawed business model rather than several integrated ones can hinder your business as there is only one situation involved. A common example is having an “hourly-payment” model, where you depend on clients to be consistent in paying for your business. If there is a slump and you can’t generate enough clients for a period of time, you will be at a deficit due to relying on your clients to pay for your business. Many companies get stuck in this rut as they don’t want to make the effort to change their model or incorporate another form of income for the business. Having different sources of revenue keeps your business consistent regardless of flaws in a certain area, giving you room to make mistakes or have a slump in clientelle. During these times, you will have time to fix these problems while maintaining your business.
2. Misplaced focus leads to mixed up business as the priorities aren’t set straight. Many companies feel the need to jump into the advertising field with social media networking and the marketing aspect. However, it’s important to have your products or services down first. Check what you have to offer and make sure that your product or service is set to be the best it can be before bragging to others about how great it is.
3. You’re not sure what audience to target. This is a big issue as businesses need to understand which audience would demand the product and have the money to afford it as well. Many businesses look toward other businesses in the same field and try to mimic their ways towards success. Although this may seem like a great idea, small businesses need to start smaller to trial their products. A one-on-one small tutoring company can’t look towards a large corporation and see that they have large classes for a much larger fee and expect to have their own clients jump at this decision as well.
4. If you don’t like your product, service or audience, it won’t bring you positive results and sales either. Passion and confidence for your product is important because audiences will see that you dislike the product and dislike it as well. People shouldn’t make products or offer services because they feel the “need” to please others. They should do it because they themselves have excitement for what they do. If you don’t like your product or service, change it to make it what you want it to be. This idea seems sensible but many people are unable to shake themselves out of their original plan. It’s important to understand that your feelings about your business truly reflect onto your audiences’s feelings as well.
These are some of the few marketing mistakes many small businesses have. With these in check, your business will have the ability to become more successful in the long run. As a small upcoming business, it’s important to work these mistakes out as they can hinder you greatly.