In today's tough global economy, companies need to make the most of every marketing resource available to them. However, many businesses still make the same marketing mistakes that can hinder their growth and success. To avoid these pitfalls, here are eight strategic marketing mistakes you must avoid:
Table of Contents
1. Believing a second-rate website communicates integrity
Your website is your online identity, and a poorly designed website can negatively impact your company's perception. A funky-looking website with bad graphics, text, and menus is unacceptable. Remember that perception is reality, and people won't do business with a company that can't field a decent website. Invest in professional website design and keep it updated and relevant.
2. Deploying a marketing strategy that's all over the map
A company must have a clear marketing strategy and stay focused. Changing direction every time the wind shifts is not a good business strategy and creates more motion than action. Define your marketing objectives and stay the course.
3. Forgetting real brand development
Brand development is critical to the success of your company. Every communication, product, and service you offer should contribute to building a strong brand identity. A good brand is built one marketing process at a time and defines your company's market position.
4. Ignoring distribution channels by selling direct via an eCommerce website
An eCommerce website is a great tool for selling directly to customers, but it's important not to ignore your distribution channels. Offering customers the option to buy directly or locate a distribution channel partner is crucial. Allow the channel to discount your product so they can compete effectively with you, but never sell below retail (SRP).
5. Making competitive analysis a low priority
A periodic review of your competitors is essential to driving competitive advantage and building a sustainable business model. Identify your competitors' strengths and weaknesses, and differentiate your goods and services accordingly.
6. Poorly thought out Investor Relations press release
Investors are bottom-line oriented and want to know about revenue growth and strategic partnership developments that help the company grow. A press release with fluff and without substance will only drive investors away. Ensure your press release is thoughtfully constructed and clearly communicates your company's achievements and objectives.
7. Thinking any/all consultants know your business better than you
Consultants can offer valuable insights and advice, but they are not down in the trenches and may not fully understand your business. Filter their advice and ensure it aligns with your company's goals and objectives.
8. Letting the inmates run the asylum
Your customers are the backbone of your business and should be treated as partners. If engineering tells marketing that customers don't know what they want, and they do, it's time for a red flag. Refine your product marketing strategy with your customers' input and direction.
Conclusion
Avoiding these common strategic marketing mistakes can help your company achieve its goals and increase its profitability. Remember that every marketing process, communication, and action contributes to your brand development and market position. Invest in professional website design, define your marketing objectives and stay focused, and work with your customers to refine your product marketing strategy.
FAQs
What is the importance of having a well-designed website for a company?
A well-designed website is important for a company because it is the online identity of the business. A poorly designed website can negatively impact the perception of the company, and people may not do business with a company that cannot field a decent website.
How can a company avoid making marketing mistakes?
A company can avoid making marketing mistakes by defining their marketing objectives and staying focused. It is important to have a clear marketing strategy and stay the course. Additionally, conducting periodic reviews of competitors is essential to building a sustainable business model.
Why is brand development critical to the success of a company?
Brand development is critical to the success of a company because it defines the market position of the business. Every communication, product, and service offered by the company should contribute to building a strong brand identity. A good brand is built one marketing process at a time.
What is the importance of not ignoring distribution channels when selling through an eCommerce website?
It is important not to ignore distribution channels when selling through an eCommerce website because offering customers the option to buy directly or locate a distribution channel partner is crucial. Allowing the channel to discount the product so they can compete effectively with the company is important, but never selling below retail (SRP) is key.
Why is it important to ensure that press releases are thoughtfully constructed and clearly communicate a company's achievements and objectives?
It is important to ensure that press releases are thoughtfully constructed and clearly communicate a company's achievements and objectives because investors are bottom-line oriented and want to know about revenue growth and strategic partnership developments that help the company grow. A press release with fluff and without substance will only drive investors away.