Mistakes; we all make them at some point. The negative connotation that follows inflicts the feeling that the something you wanted to go right, just went wrong. In marketing, mistakes happen regularly and can potentially create setbacks. But, that does not mean you can’t bounce back. Through mistakes, we learn valuable lessons that can help expand ideas and teach us what will work best with our brands or our next marketing approach.
There are some mistakes that can leave a long-lasting effect on your business. According to the Bureau of Labor Statistics, 20% of new businesses fail during the first two years of operation. Half of all companies do not survive past the fifth year. So what mistakes should you avoid to not fall under that percentage?
Avoid doing your own branding if you aren’t sure where to start. If you create a brand and try to market your business without a brand strategy, consider yourself lost at sea. The identity of your brand is the centerfold for your business. This is how old and new customers identify you. From the content of your website to your latest Instagram post, your message should highlight your brand. How your brand is created and exemplified generates buzz from people, formulating a brand opinion. If you’re not sure where to start or have no idea what branding is, get help and contact experts.
Do not assume that everyone is your customer. Hard to believe, but not everybody is your customer. When creating your brand, choose who your target audience is and who you will market to. Many business owners believe they need to market to everyone. This is not the case. A vast audience is positive, but is it worth it when the vast majority isn’t genuinely interested in your brand? To make your brand marketable, be relevant. Craft messages that target a specific niche and then expand from there.
Don’t do everything by yourself. Many entrepreneurs might think that they are alone or that they have to operate independently – that isn’t necessarily the case. Find trustworthy experts and advisors that can generate business ideas, strategies, and progress. Adding wise counsel to your team will round out your business and lead to a stronger business model.
Find the right investment balance. Try not to invest a lot of money right from the start. A successful investment involves a careful balance. Take the time to figure out your target audience before investing too much money in a marketing campaign. Test out different platforms to see what works best with your marketing strategies. Figure out what will work best. That being said, you don’t want to start with too little of an investment either. Doing so won’t generate enough meaningful data to form any conclusions. Once you figure out what works best, go all-in.
Don’t launch too quickly. Many startup companies tend to make this mistake. Being ‘done’ does not necessarily mean that you’ve reached your full potential. By being ‘done,’ make sure you are ready to take on new clients and that everything is running correctly, such as payment terms and process, contracts, communications, and maintaining your marketing strategy. If back-end processes are not up to par, cracks will show, and you might appear unprepared.
Growing too quickly. That first taste of success can be troublesome. It can be easy to assume that growth will continue. Take it slow and create a good strategy for long-term success.