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Studies
have shown that 93% of small businesses will fail within their first year in
business. From the 7% that make it past their first year, only 50% will make
it past five years.
Here are various marketing mistakes that kill the majority of small
businesses within their first year. Most of the mistakes surround the
mystery and myths of marketing.
My intention in writing this article is to help the small business owner
avoid these deadly mistakes and increase their chances of survival.
1.
Not Having a Marketing Plan
Studies have shown that small businesses with a marketing plan experience a
24 to 30% improvement in sales over those without.
If the thought of writing a marketing plan leaves you in a cold sweat, never
fear. Writing a successful marketing plan is something that you can do in
one day. The key to writing a good marketing plan is answering some key
questions and setting a foundation for how you are going to create awareness
of your business to your target market. There are many places that the
entrepreneur can get a template for writing a marketing plan for free.
One more
word of advice on creating your marketing plan, make sure your plan FEELS
good to you.
2- Executing Hit or Miss Marketing Techniques
Most business owners buy advertising without exploring which venue might be
right for them. On top of that, they don't test any of their advertising.
Buying advertising without measuring results is like buying an appliance and
never
plugging it in to see if it works! None of us would ever do that, would we?
Then why would you buy advertising without testing results? You don't know
if you've received your money's worth.
Marketing money, spent correctly will make you money, not cost you.
Take a look at who your target audience is. What do they read? Who do they
listen to? Where do they congregate? Explore ways to reach them were they
are. Your target market will not come to you unless you go to them first.
3- Negative Networking
So, you have a business, you join the chamber of commerce or you join a
networking group on the internet. You figure that the reason you're there
is to hand out your business card, solicit business go home and wait for the
phone to ring or your shopping cart to become overflowing with orders, yes?
No.
The purpose of networking groups is to establish relationships with others.
Networking situations are not meant to close sales, they are designed to
establish relationships and create referral opportunities.
In order to be really effective in a networking situation, try being
interested in the other person. Really listen.
When was the last time you felt really listened to? How did it feel to be
heard completely? Pretty good, I'd bet.
Imagine how wonderful your prospective client or customer will feel if you
really listen to them. Do you think you'll make an impression?
You bet!
Making a solid impression is the purpose of these groups. Utilize them
correctly and you'll be surprised at the opportunities that come out of
them.
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4- Not seeking appropriate support
Most entrepreneurs are great at what they specialise in, but are not
educated in many aspects of running a business. Because they may be lacking
skills in bookkeeping, marketing, or distribution, these weak areas are the
areas that
will cause their business to fail. How many extremely talented business
owners are out of business today? Do you think that if business owners of
defunct companies took the time to avail themselves of the proper support
and resources
that they needed, they'd be out of business today? Probably not.
Instead of seeing a bookkeeper, accountant, marketing consultant or coach as
just another expense, view these as investments in the survival of your
business. There are many things that you need to help you run your business.
Having the
proper individuals on your team is one of them.
Explore your options and get the proper support that you need to help your
business grow and prosper.
5- Inability to distinguish between being talented and being business
savvy
There is a
saying that goes, "Any fool can make soap, but it takes a clever man to sell
it".
Many of my clients are initially resistant to marketing because they are
under the impression that as long as they are good at what they do, the word
of mouth will carry them through. This is a very costly myth to hang your
hat on. It's important to create a marketing system that is comfortable for
you as a business owner that
will constantly keep a flow of customers coming to you. If word-of-mouth is
the way that you want to grow your business, great.
Referral marketing is extremely powerful in helping you grow your business.
However, it is very important that you create a S-Y-S-T-E-M which stands for
Saving Your Self Time Energy & Money. Creating a system for generating
referrals is important.
Word of mouth is rather hit and miss, people are busy and forgetful, so to
just pray that someone will remember to refer you will not get you a
consistent flow of customers to your business.
Instead, create a S-Y-S-T-E-M that ensure that your results are consistent,
predictable and replicable.
If you keep these deadly marketing mistakes in mind while growing your
business, get the support and help that you need, you will increase the
chances of not becoming part of the failed business statistic.
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Irene
Brooks is President of 3-D Success Partners.
A Business and Life Coaching firm that specialises in helping small
businesses to create a constant flow of customers without wasting time or
money on ineffective marketing techniques. You can contact Irene by visiting
her website at
http://www.3-DSuccessCoach.com
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