by Linda P. Morton
Poor small business marketing is one of the major causes of early small business failure. Poor small business marketing not only fails to get new and loyal customers, it also wastes small business marketing resources. Three major reasons account for this waste.
1. Failing to conduct small business marketing research.
2. Not identifying the people most inclined to buy your products or services.
3. Failing to create a small business marketing plan to guide your business.
Small Business Marketing Mistake 1: Failing To Conduct Small Business Marketing Research.
You may be wasting your small business marketing resources if you are not researching your product, competition and market. The few resources that you’ll save by not doing this research, will cost you much more in wasted marketing and lost sales.
If you don’t have insights from research, you are more likely to build your business and marketing on bad information that decreases your chance of marketing effectively.
If you fail to do this research, your marketing plan will lack focus because you won’t have a clear marketing goal, won’t know how to select the best marketing objectives to reach that goal, and won’t know the best appeals for your target market.
Although small business marketing research is a cost that many small business owners are reluctant to pay, it’s a smart investment that saves wasting resources on marketing to the wrong people. That leads to the second mistake.
Small Business Marketing Mistake 2: Not Targeting The People Most Likely To Become Customers
If you don’t want to waste your marketing resources, you need to pick a target market and direct all your marketing to them. Otherwise, you market to everybody and don’t sell much to anybody.
No matter what you think, everybody will not want or need what you sell. Marketing to those who won’t ever buy from you just wastes your limited small business marketing resources. Instead you should spend all your marketing resources reaching the people who comprise your best potential market.
What you spend upfront to gather information on your target market, will more than return your investment in increased sales. Plus, it will save you from wasting your marketing resources on strategies and tactics that don’t work effectively with your target market members.
Plus, target market research helps small business owners to:
identify your target market,
discover the best appeals for this target market, and
plan at least seven marketing efforts that you will deliver each year to your target market.
By conducting target market research, you’ll discover much about:
the members of your target market,
the kinds of media that reach them,
what they want to know, and how to deliver that information through your marketing messages.
how much money they spend and how to price your product.
Including this information in a small business marketing plan, will greatly improve return on marketing investments.
Small Business Marketing Mistake 3: Not Creating And Following A Small Business Marketing Plan
This third mistake results from the first two. Without the proper research, you can’t have a good marketing plan. And without a good marketing plan, you will more easily fall for sales pitches.
If you think that the only reason to have a marketing plan is because lenders want to see one in your business plan, then you are missing a valuable guide for your business and marketing.
This results in failing to determine the marketing strategies and investments that produce the greatest positive return on investment (marketing ROI). Not planning what small business marketing strategies will best lead to marketing goals, leaves small business owners easily distracted by sales people.
Many sales people play on the small business owner’s lack of marketing planning in order to sell marketing and advertising that do not move the business closer to its goals. A well-developed small business marketing plan is the best defense against sales people who will waste the business owners marketing resources in order to meet their own sales goals.
Don’t waste your small business marketing resources just because a sales person has a “great” promotion on media advertisements. If the advertisements don’t reach your target market, the promotion is not great for your business.
Other sales people often convince small business owners to spend on various marketing products and services that scatter marketing resources to the point that the marketing wouldn’t be effective even if it was targeted to the best potential customers, which usually they’re not.
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