Entrepreneurs who are just making the transitions from the
corporate world to the new world of entrepreneurship are often at the mercy of
learning through mistakes, especially, those who do not
have marketing and
selling experiences. Yes, what majorly drives entrepreneurs is the need to
solve a problem, it could be anything from creating a product from the
problems/challenges they are facing, to modifying an existing product, to
introducing a new product. One very outstanding thing about all of them is that
they are passionate about the cause they are pursuing and creating a business
around. However, putting your idea into a business is the first breakthrough
and marketing and sustaining your product is another thing which requires great
precaution, for you not to blow away your business at the early stage. The
followings are among the Marketing mistakes startups easily make at their early
stage.
1.
CROWDING YOUR MARKETING DEPARTMENT WITH TOO MANY
DECISION MAKERS. Obviously, your marketing department should be staffed with
resourceful personnel who will analyze and design a well targeted marketing
tool that will bring about the desired responses from your business customers;
however, precautions should be taken not to give them the power to make all
your marketing decisions. Each of them is sure to have a smart marketing idea
which can lead to uncoordinated ideas and ultimately slow down your decision
making process. You should know that speed is very vital in your overall
business efforts, marketing especially.
2.
SPENDING TOO MUCH ON FIRST ADVERTISING. Yes,
it’s the right thing to engage in advertising, however, it’s very wrong to blow
your budget on your first advertising tool too quickly. Yes, like I noted
above, speed is very vital to the success of your business and marketing
especially, which always lead startups to engage in “AGGRESSIVE” marketing. The
result of that will be either attracting a lot more demand and attention than
you can satisfy, or blowing away your business running budget, either way, it’s
not healthy to your startup. I can’t deny the excitements and motivations
startups usually have to push their products out into the market, it’s a good
thing, but precautions should be taken to achieve a budget balance.
3.
FOLLOWING YOUR COMPETITORS. It’s tempting to
convert your competitors’ customers to patronize you, which very often leads to
battling your competitors. In reality, you are only following your competitors
and ultimately not maximizing your own marketing potentials and thereby putting
your business in a disadvantageous position. In as much as this may sound
ridiculous, but the truth is that every business has its own customers, and
when you are trying to follow your competitors, you are losing your own
customers. You should know that it is easier and best marketing decision to
attract your own customers and maintain them as well, that way, you are sure of
their loyalty than converting your competitors’ customers.
4.
USING THE WRONG CHANNELS. In launching your
startup, there are usually many attractive channels through which to reach your
audience and get them to take actions. Care should be taken while choosing the
channels, the right channel should achieve not only brand or product awareness,
but also ensure inciting the customers to take action. For instance when
offering a product or services that targets the young generations, social media
channels like Facebook will prove to be the best option than radio and
newspaper.
5.
BRAND PERFECTION. Startups will as a matter of
necessity try to wow the market with something perfect and irresistible. The
problem with this is in not being satisfied with what you already have and have
done. Constantly re-branding your product sends a message of doubt across to
the market about your business, and no customer will like to patronize a
business with so many complications or seems to be experimenting with them.
“Done is better than perfect”, said the CEO and founder of Facebook, Mark
Zuckerberg. You can never always get it absolutely right the first time,
however, that shouldn’t stop you, push it out, once your product is valuable,
it is sure to make a huge impact.
6.
FAILING TO MEASURE RESULTS. Engaging in many
marketing channels and tools are sure to produce results, however, the mistake
startups often make is failing to measure results and monitor which channel or
tool is making the huge impact and which needs to be modified or stop
completely. This has always taken up budgets that can be saved and invested
into other areas. Do not be carried away by your responses that you will fail
to measure and monitor your marketing tools and channels.
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