Your advertising and marketing strategies are making a difference – but it’s easier than you’d think to sabotage their success. Monica Brubaker explains four common mistakes that can doom a marketing plan.
The correct adverting makes a difference when it comes to increasing the bottom line. Let’s be clear: advertising and marketing are critical to your success.
If your business sees advertising and marketing as an expense and not as an investment, you’ve just met Blunder No. 1.
Over the years, I have worked with very small and very large businesses. When I hear someone say, ‘We need to cut expenses,’ and they target marketing first and foremost, that is a red flag. This usually means the business’ real problem has more to do with mismanagement of everyday operational budgets and real expenses.
Marketing is an investment that will help you to maintain and grow your company’s market share. Cutting marketing simply to achieve cost containment can very likely decrease your bottom line by diminishing the visibility of your products or services. In a market where your rivals are investing in advertising, your lower visibility can open the door for competitors.
Blunder No. 2 is a failure to educate and advertise to your market. It’s closely tied with the philosophy that says, “if we are here, they will come.”
Business is not a movie script. The reality is you must toot your own horn. If you believe your company’s product or service is second to none, then you need to educate your target market so they can clearly see why you are the best choice.
Recognize that, even in the year 2020, your target markets get their information from a variety of sources. An effective marketing strategy that targets your key demographics provides the correct promotional mix to reach your ideal consumer where they are.
Blunder No. 3 is relying solely upon word-of-mouth. Referrals are a good source for promoting your product or business, however, they should not be your only promotion resource. Providing your market with a constant reminder of your product or service is imperative to your growth and longevity. Whether your target market is business-to-business or business-to-consumer will determine the modality of your promotional advertising mix.
Finally, there’s Blunder No. 4: Everyone thinks they’re the expert in marketing and advertising. Small-business owners and entrepreneurs often work with a strong do-it-yourself approach, while larger companies may have a pre-existing, in-house marketing team. In either scenario, it’s possible you aren’t seeing the whole picture. An outside source that specializes in reaching target markets can provide objective planning and implementation of a successful advertising and marketing campaign.
Whether you’re a small business or a large corporation, rely on professionals to analyze, plan, implement and evaluate your promotional campaign to achieve the desired results. Proper marketing and advertising will reward with ultimate results.
This is the first in a series of articles on educating target markets. Next time: The print comeback.
Monica Brubaker is the principal of Eloquent Media Communications, an advertising and marketing firm. Monica previously was President of New Life Printing & SERVICES.
She spent more than two decades in the printing, advertising, marketing and publishing business. Monica headed up the Business Connector Radio Talk Show, authored thousands of articles for several magazines and for a decade hosted The Business Connector Magazine business symposium and networking events.
A former critical care nurse with vast experience in health care marketing, she has assisted clients in many industries in connecting with their target markets and increasing their bottom line. Contact Monica at mlbemc[at]gmail.com.