I see it every day. People making marketing mistakes. It’s not that they’re doing it on purpose. No. In fact, these mistakes are being made because people simply don’t realise that what they’re doing is having a detrimental effect on their businesses.
Call it ignorance.
Call it lack of knowledge.
Lack of marketing savvy.
Call it what you like.
The point is that almost every business is making many of these mistakes.
Statistics tell us that 80 percent of businesses go out of business the first year they’re in business. And of those that remain, 80 percent of them will not be in business five years from now.
That’s a scary but true statistic!
Yet, even with what seems like an almost impossible task, people still take their dreams into the marketplace with little or no planning, and with little or no regard for the harshness and cruelty of what the marketplace can bring, without proper planning and ‘marketing savvy.’
In fact the success and failure of any business is almost entirely down to how well a business is marketed – and not down to how good the product or service is – or the people in the business!
This may be difficult for you to agree with at the moment, but if you do a little research on your own, you’ll quickly understand that ‘he or she who markets most effectively – wins – and wins big.’
That’s why inferior products and services have stood the test of time. It’s because they were (and are) marketed well – better than superior products and services. And that’s why hundreds of brilliant inventions fail to materialize (only 1 in 5,000 make it).
A good product or service is nothing without effective marketing.
What is Effective Marketing?
So what do I mean by effective marketing?
To be precise, effective marketing is the ability of the business to consistently and repeatedly get people to buy the products or services they sell and extract as much profit out of each customer over the duration of the relationship.
When you understand what effective marketing means, it’s easy to appreciate why businesses all over the world struggle…
They simply haven’t found a way(s) to generate a constant stream of customers and keep them buying – time after time.
This is WHY businesses fail – or don’t prosper as much as they should. Sure we’ve all heard of the excuses…
· Too much competition
· I have to reduce my prices
· It’s a poor market
· Etc, etc
But when you dedicate a large proportion of your time on effective marketing, then you make your business ‘immune’ to outside factors such as the competition.
Because these marketing mistakes are so COMMON, this presents a huge opportunity for you. I guarantee your competition will be making many of these mistakes.
Mistakes they’re not even aware of.
Mistakes you can now transform into winning strategies.
By looking at the greatest mistakes people are making every day, you’ll get an appreciation on why they’re failing. You’ll be able to spot the mistakes before they happen. And you’ll ultimately be in a position to transform each mistake into a powerful marketing strategy that generates windfall profits the moment you take action!
As you read through each mistake, think about your business, and see how you’re doing in each of the areas.
Some mistakes are worse than others. Some can be deadly. But if you catch them soon enough – you’ll have time to act.
And ACT is what you must do. If you keep doing the same thing you’re going to get the same results.
If you can get control of your business and avoid making these costly mistakes, you can expect truly amazing results! That’s the true purpose of this email course…
Identify your mistakes, put them right, and skyrocket your sales and profits literally overnight!
Okay, let’s get started…
Marketing MISTAKE #1 – Marketing To Everyone.
“You can’t be all things to all people.”
I know this may come as a shock to you, but it’s true.
You cannot hope to market your products or services to everyone, even if you think everyone needs them.
I’m not saying you can’t be successful doing this. What I’m saying is you really do limit your potential by not focusing on select groups of people or businesses. These specific groups are called “target markets”.
By focusing on one or more target markets you’re able to connect with these people at a much higher level, and consequently you automatically gain more business.
I’m sure you’ve heard people say things like, “This person really connects with me, they really understand my business.” This is what you do when you choose to market to these different groups.
Think about it…
What’s also important to understand is that certain groups of people or businesses are more likely to want and need your products and services more than others.
More importantly your target market must focus on the groups who can AFFORD your products or services.
There’s no point in targeting groups who want and need your products or services if many of them can’t afford to buy or pay for them!
A common question I’m often asked is this – “If I limit my market won’t I be reducing the chances of doing business with more people?”
Of course you will, but to succeed in today’s competitive market place you need to concentrate your marketing on a smaller number of well chosen segments or niches into which you pour all your resources.
Because you are targeting smaller numbers, the same amount of money you were previously using to acquire clients or customers, is spread across a smaller number, and therefore you have more to spend on each prospect than you would if your market was bigger. This alone makes you more successful.
In a nutshell your target market is the segment(s) that represents your best chance of getting a good return for your marketing efforts.
These target markets are critical to you.
Of course, if you focus on a smaller group you may not get the business of other people or businesses outside the target group. However, what actually happens is you increase the amount of business you receive from your target market(s).
This is because you are specifically meeting needs and requirements of your chosen market.
You’re saying to them that, ‘you are THE company that knows about their situation’.
No other company specifically meets their needs in this way, and therefore you are seen as the logical company to turn to.
Here’s an example to show the power of defining your market or niche…
Let’s say you’re a start-up business and you need an accountant. Your first choice is to look in the local newspaper. Although there are a number of small ads the first one you see reads…
‘ABC Chartered Accountants. Tax preparation, auditing, bookkeeping, payroll services and management accounts, for all types of businesses.’
The second ad reads…
‘XYZ Chartered Accountants. Specialising in helping Start-Ups get their businesses running quickly, profitably and effectively.’
Which firm of accountants are you likely to choose?
The answer is obvious, but it serves a good example to show how effective this strategy is – yet how widespread it is that few businesses follow this simple approach!
The first ad is trying to be all things to all people and is a very common approach.
The second ad is completely focused on ‘start-ups’ and therefore is much more likely to get start-up business owners contacting them and in much higher numbers.
If you can create this bond between you and your target market(s) I guarantee you’ll grow your business to unprecedented levels.
That’s the power of target marketing.
By concentrating on specific groups, you can achieve very high market shares in that particular category because people automatically come to you.
You’ll ‘own’ the market.
You are viewed as the only choice because your product or service is ‘designed’ to solve the specific problems of those people.
Not focusing on one or more target markets is perhaps the biggest mistake people make!
That’s it for today’s article. Look out for more in due course.
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To your success,
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