The most common killer of small businesses is lack of sales; when you’re just starting out, you can’t afford not to have cash flowing in regularly. You might be doing everything you can and investing heavily in marketing, but it doesn’t seem to be paying off.
Have a look at these four common marketing problems, and see if any of them applies to your company.
1. Targeting errors –You should know enough that you need a specific target market to cater to. You’ve done your research and you’ve created a profile of your ideal customer. Now your marketing is directed towards getting this customer’s attention. So why are you being completely ignored?
You might have targeted the wrong portion of the market. They could already have a better alternative, the price is too steep for them, or maybe they just don’t see why they need you. Find out who is actually buying your product, and find similarities between them to determine who you should really be focusing on.
2. It’s all the same – Many businesses fall into the trap of focusing too much on being better, faster, more accurate than their competitors…and end up sounding exactly like them. Customers have heard it all before, and are unlikely to believe your company is special; what you should be doing is giving them something unique. Discover an understated need, and direct your marketing efforts to benefit from that. This will allow you to create a unique identity in your industry.
3. Inept Staff – While it’s painful to admit, it could be time to give your marketing people the boot. If no amount of training or coaching is making a difference, your resources are better spent looking for new talent. Creativity, vision, and drive are inherent in people, while skills can be learned.
The same applies to your web marketing as well. If it’s your online campaign that’s underperforming, then it might be time to look up reviews for a better SEO company, and get rid of your current one. Competition in the digital world is hard enough as it is; you don’t want to be burdened by an incompetent team on top of that.
4. Funding too spread out – Budget is tight for a small business. You might be trying to do too much at the same time, and ending up underperforming in everything. Reevaluate where your leads are coming from and concentrate on that. Cut out channels that are just eating up your resources for little gain.
In summary, it’s all about efficiency. Learning how to maximize the resources and information you have will allow you to create a marketing strategy that will attain your goals.