5 Marketing Traps Savvy Entrepreneurs Need to Avoid
When you start a company for the first time, it's both an exciting, and nerve-wracking experience.
On the one hand, you have the opportunity to pursue your passions and bring your entrepreneurial ideas to life. That means no more answering to your boss, no more annoying commute, and no more career doing something that you don't really believe in. On the other hand, launching your own company also means that you're responsible for making that business successful.
One of the most important things that any would-be business owner can do is think carefully about how they're going to communicate the benefits and possibilities of their product to their target audience. Without a good marketing plan, then your dreams of success are likely to go down the drain quicker than you can imagine.
The digital world has created plenty of opportunities for companies who want to get the word out about their brand. However, before you start investing in email marketing campaigns, and using state-of-the-art social media strategies, you'll need to familiarize with some of the traps that new entrepreneurs fall into when implementing their marketing plans, so that you can avoid the same pitfalls.
The only way to know for sure whether your business journey is heading in the right direction is to know where you're going. Before you even start planning your marketing campaigns, you'll need to sit down with your team, and ask yourself some of the following questions:
Your ultimate goal will be crucial to managing your business, and it will also be an important component of your marketing strategy. In the long-term, it will help to guide your actions, while in the short term, it tells you what kind of messaging strategies you should use. For instance, if you want your customers to think that you're fun and care-free, it makes sense that you'd design marketing campaigns that are quirky and informal.
When you start your company for the first time, it's tempting to try and sell to everyone at the same time. Unfortunately, if your target audience is too broad, then you'll end up appealing to no-one. The more you know about your preferred customer, the easier it is to make sure that you're spending your marketing budget on attracting the people most likely to invest in your products and services.
At the same time, a good understanding of your audience will give you an insight into the characteristics you need to use to resonate with your customers. For instance, if you create a buyer persona for your customers and find that most of your clients are young millennials, then you might decide to focus more of your marketing budget on tech-savvy experiential campaigns. After all, the younger generation prizes experience above anything else.
A user persona can even help you to figure out where your audience is more likely to spend their spare time, so you can focus on getting your campaigns out across the right social media channels, guest posting websites, and more. Get to the bottom of whom you're speaking to with your marketing campaigns, and you'll end up with a much more lucrative conversation.
While there's a good chance that your entrepreneurial adventure will start with a great deal of emotion, like excitement and passion, you'll eventually start focusing more on the numbers involved with running a successful company. Unfortunately, if you don't take the time out to get your head out of your revenue and cash flow, you could end up losing touch with your customers in your marketing campaigns.
Scientists and psychologists constantly find that buying decisions come from an emotional place in the human brain - not a logical one. That means that if you want a healthy marketing strategy, you need to learn how to connect with your customers on a deeper level.
The good news for modern entrepreneurs is that you don't necessarily have to go it alone when you're launching your business. With a team of marketing experts and sales professionals around you, it's much easier to come up with new and creative ideas that respond to what your customers really care about. Even if you are going solo, you can always check out which marketing campaigns are having the best results for your competitors and use that knowledge to drive your own strategies.
These days, it's pretty difficult for any company to stand out among all the digital noise in the current marketplace. No matter how innovative your product or service idea might be, there are o many competing brands out there, that it can feel as though all of your marketing efforts are simply shouting into the void.
One way to earn the attention of your customers is to be creative in the way you present your offer and tell your brand story. However, it's important to make sure that your creativity doesn't come at the expense of authenticity, transparency, and trust. Promising that you'll give your customers the world, and then failing to follow through on that promise could ruin your reputation before your company has ever had a chance to grow.
In a world full of reviews and testimonials, where customers have the opportunity to check out brands before they do business with them, it's important to make sure that your campaigns are as transparent as possible. The more authentic you are with your target market, the more likely you are to end up on top.
Finally, one of the biggest mistakes that any entrepreneur makes when they launch their own company, is assuming that they can do everything by themselves. While it's tempting to think that you can keep costs low by neglecting to hire any additional employees, the truth is that you can't run a successful company, make crucial sales, market your business, and track your accounts all at the same time.
While many entrepreneurs will start their business journey wearing multiple hats, you will eventually come to a point where you realize that you can't keep pushing yourself to do everything without help. Launching a company can take a lot out of a person, and when you spread yourself too thin, your health can begin to suffer.
The good news? There are things you can do to protect yourself. For instance, try scheduling a fifteen-minute break into every day, where you sit down with a freshly-brewed cup of coffee and let your mind recuperate. Not only will this give you a few minutes each day to do something you enjoy, but it also gives your brain some valuable rest. Don't stress over business tasks during that time, just let your mind go blank, or think about the taste of the coffee beans so that you have a chance to reboot.
At the same time, it's worth learning how to delegate. There are plenty of freelancer websites out there today that can allow smaller companies on a budget to find the professional support they need for their business. By choosing freelance employees, you can keep your costs low, while also ensuring that you don't limit yourself to the talent available within a particular geographical region.
Remember, launching your own company can be tough, but with a little bit of planning, a great digital presence, and a strong marketing campaign, anyone can achieve their entrepreneurial goals.
Raj Jana is a busy eCommerce entrepreneur. He knows being an entrepreneur can be a rollercoaster and has learned from some of these mistakes himself.