Starting a business from scratch is not a child’s play. In fact, it’s a huge risk because you can’t completely predict how your product/service will evolve in the market world.
As a small business owner, you shouldn’t give any room to error especially in your marketing tactics, because it can ruin your entire marketing effort towards your small business promotion. And such mistakes could also lead to business failure.
According to research on Startup Business Failure Rate, it revealed that about 20% of small business fail in their first year, 30 percent of small business fail in their second year, and about 50% of them fail after five years. It is also reported that about 70% business owner fail in their tenth year in business.
You can still save your small business from going down the mud by avoiding some errors, and here are six stoppable marketing errors you can avoid as a small business owner or CEO.
Overlooking the power of competition:
Your product isn’t the only product out there. As a small business owner, it is important to understand that competition is an inevitable challenge of the business world — whether you’re running a Fortune 500 company, mid-sized business or a startup; you must face it, understand it’s potential, and develop strategies that will give your product an edge over others.
Unfortunately, so many small business owners overlook the power of its influence over their product and service; they forgot that competition gives potential customers the option to choose. Meanwhile, if you’re unable to reveal your secret sauce — that is what set your product apart from your competitors, customers might end up perceiving your competitor’s product as the best option to buy from.
If you’re a small business owner, i’d strongly advise you correct this error — see competition as it should. Competition breeds innovation, so, leverage it. In fact, it gives you the opportunity to reassure your potential customers that your product/service should be the only one they should opt for.
Note: Make the best use of the opportunity competition provides, because it helps potential customers identify your product and service faster than you think.
Selling to everybody you see:
This is another marketing error that some startups owners also make. They think selling to everybody is the best marketing approach. But in real sense it’s not. Its outcome is worse than they can think.
Every startup has Its own unique product and service that defines its target audience. And since that is the case, you need to develop a marketing strategy for your business that narrows down to your company’s target audience if you really want to have significant results from your marketing campaign — which include video marketing, content marketing and so on.
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Not defining your USP from the beginning:
Have you typed anything on Google ( let’s say “baby dress”) without seeing hundreds or even thousands of competitors offering related product or service? The answer is no. You’ll definitely see more competitors with same or close concept and pattern.
So, in other to have an edge in any business sector — real estate, automobile, tech parts and so on, you need to define your unique selling proposition (USP). Your USP is what set your product and service apart from your competitors even when you’re selling almost exact things.
However, it is unfortunate that some small business owner don’t even border about defining their USP. This is a big error that needs urgent attention.
As a profit driven small business owner, it is wise to develop and implement the best USP for your business. Companies like TOMs shoes give a pair for every pair you purchase. Massey pest services are all about their customers satisfaction, promoting 100% customer satisfaction. At EMI here, i guarantee quick delivery of article order, help companies get maximum visibility online through SEO, and for article order that is more than 5, i give an extra quality blog content to my clients.
Note: Your USP is something you need to develop for yourself. So, look deeper into your business and see what proposition that will keep both you and your customers happy for a long time. You don’t have to look cheap in the process
Lacking or not having the right marketing plan:
This is one of the most common stoppable marketing errors most small business owner/CEO make. As a matter of fact, any startup built without a marketing plan is going to fail somehow. Remember you’re in this business for one primary reason, and that is to make good money.
Technically, it is somehow imposible to build a striving startup without an effective marketing plan.
Do you know that the right marketing plan can help your small business meet the needs of its target customers? In fact, strategically, it builds and boost your customer base and further enhances your ROI.
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Note: While developing your marketing plan, you’d need to do an in-depth market research; also, it will require your time and commitment as well.
Ignoring the effect of word of mouth marketing(WOMM):
While WOMM is one of the easiest ways of spreading the word about your product and services, so many small business owner are still ignoring its potential and effect. If you’re a CEO and you’ve been ignoring this in the past, i’d advice you have a rethink.
Do you know that WOMM is an action that if well taken can end up motivating people about your product and services? Not only is it organic, it cost you no money. And if your customers are moved by your style, they’ll end up spreading and speaking about your brand to others.
On the other hand, just like any other marketing technique, it has its own disadvantages. So, beware of bad publicity.
Being afraid to try new marketing style:
This is where some startups owner get it all wrong. They are always scared to try new things. They just prefer to stick to their usual marketing technique. This should not be the case in today’s technology driven world.
Trying new marketing style doesn’t necessarily means throwing away your existing style; of course if you try new ones, and it works well for your promotion, it’ll definitely soar your ROI. On the other hand, if the new style you implemented isn’t working well as expected, kindly remove it and try another.
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Ejiofor Francis is the Founder and CEO of Effective Marketing Ideas, a content-driven inbound marketing agency that helps online businesses to gain exposure, increase search engine visibility, and boost their web rank through SEO and content writing services. Connect with him on LinkedIn – https://www.linkedin.com/in/francis-ejiofor