Marketing your goods and services is an immensely tough task. Often you get things right, but the times you get something wrong becomes a colossal waste of your time, money, and resources. All of which could have been allocated to receive a better return on your marketing dollars. In fact, according to a survey of 1,000 marketers worldwide by Rakuten Marketing, respondents estimated they waste an average of 26% of their budgets on ineffective channels and strategies.
So, here is a list of don’ts to allow your business to market better –
- Don’t underspend on your marketing – “Build it, and they will come” is just a misinterpreted quote from a fictional movie, and it is truly just fiction. The world is filled with highly qualified people working tirelessly to devise unique solutions for the same problem. While having a great product is essential, you must support it with good distribution, promotions, pricing strategies, and service.
- Don’t expect perfection – Winston Churchill once said, “Perfection is the enemy of progress.” It is tough to get everything precisely right on the first go. Only after persistent hard work can one progress with their marketing efforts. A lot of behemoths in business have accepted this truth. Alphabet’s CEO Sundar Pichai claims that the spirit of striving to make things better has been the key to success for Google. Therefore, be patient with yourself and the due process to consistently improve how you market your services.
- Don’t assume you are an expert – New avenues in marketing are being unlocked every day, and to believe that you are aware of it all would not be a wise strategy. Do not shy away from taking help from experts. Taking help does not mean you have to be a paying client for someone; the internet has an incredible amount of literature that you can scour to find new techniques to improve your marketing and your top lines.
- Don’t make baseless assumptions about the market – Support all your decisions with data instead of intuition and untested assumptions. Engage in market research to truly understand your target market. Ensure that the data used is accurate and has good integrity, especially when making significant decisions.
Building a commercially-viable business from the ground up and ensuring that your brand is marketed well is challenging. It can certainly be a task to ensure that your brand has a long-lasting digital presence due to the capital required to sustain such efforts. Although, this is undoubtedly an issue of the past as GetVantage offers up to 4x your marketing budget in as fast as 5 days!
