The 5 Biggest Wastes of Marketing Money $!
Marketing a business can be a painful expense, unless the following mistakes are avoided. Done properly, marketing can be turned from a painful expense to an expense that returns money tenfold and puts you in the top ten percent of all the marketers in the world.
1.) FAILING TO GIVE MARKETING EFFORTS A CHANGE TO TAKE HOLD AND SUCCEED. – Just because a marketing strategy isn’t working – doesn’t mean it’s not good – it could mean it hasn’t been given sufficient time to take hold and grow. Give each marketing campaign at least six months. This also doesn’t mean you should stick with a bad campaign either.
2.) USING A POORLY WRITTEN, CONFUSING OR EVER CHANGING MESSAGE. – Use your unique selling point or number one user benefit for your headline or primary copy. This use of a dramatic number – even an implied one gets attention. Example: Five ways to …. or 25 reason to… Use Headline to get attention and the body of the copy to sell. Get the viewer to read further. Translate features into benefits stating most important one first. Do not list them all, unless this is the only piece they will hear or see. Keep your message brief and to the point. Most importantly start a good campaign and stick with it.
3.) MARKET RESEARCH SURVEYS BASED ON PERCEPTIONS OR ATTITUDES OF THOSE SURVEYED..LIE! –
Yeah like you have never said you drink Dom Perignon at least twice a week when you’ve only had it at your nephews wedding ONCE. Instead, go with your gut instinct on your product. Do not change it just because surveys say to make a change. Use the research surveys that are beneficial:
A.) Secondary data survey – Historical information on population, economics, product sales, market share, etc all readily available at most libraries. Latest information is found at government and trade organizations.
B.) Customer grading survey – comment cards.
C.) Empirical observation – you’re not being a peeping Tom. You’re an empirical observationist. Watch what people do, rather than what they say they do.
4.) OVERDOSE ON A THINLY DEFINED MARKETING AREA – Spread your target market out. Don’t market an area to death to the point they are not going to buy any more of your product or service than they are already buying.
5.) LARGE PRICE CONTEST WITHOUT LARGE MARKET EXPOSURE – Rule of thumb when running contest: Mass market exposed contest should consist of large prizes (anything over $1,000.) Non – mass market exposed contest should consist of smaller prizes.