The process we call marketing is the bringing together of potential customers (prospects) and certain products or services so a purchasing agreement (sale) can be reached. Marketing… effective marketing is critical to the success of a business… any business… in fact, your business.
With ineffective marketing, your prospects may never find out about the products or services you offer and that they may need, may want, or that could benefit them, and consequentially, a sale may never be made.
Even if a business can offer a unique product or service, or perhaps even a lower price on similar products or services that are currently being offered, it won’t be long until the competition finds a way to duplicate, or at least pretty closely match that business’s performance. And that puts an end to the competitive advantage the original business held.
So, if a business can’t depend on its products, services or prices for their competitive advantage, if they expect to survive, let alone thrive, that business is going to have to perform exceptionally in a number of critical areas.
Marketing Is A Major Key To Success In Business
If you really want your business to be successful, you’ve got to make getting and keeping customers your number one priority. Let me put it another way. When was the last time you heard of a company going out of business because they had too many happy, satisfied customers buying from them? My guess is, never. On the other hand, you can probably name quite a few businesses that are no longer around because they didn’t have enough people buying from them, coming back for more and referring others to them.
And, that’s where “Marketing” comes in. Letting others know about what you have in such a way that they are compelled… nearly forced to find out more. And then, ultimately, to buy the products and services you offer from you, and not your competitors. Most businesses… no, not most… every business makes mistakes with their marketing efforts.
Take a look at these 20 critical mistakes most businesses make. And, as you read through them, think about your business, and see how you’re doing in each of the areas.
1. Failure To Let Your Prospects And Customers Know The Unique Benefits They Get From Doing Business With You
2. Failure To Monitor Your Results
3. Not Testing Your Marketing Strategies
6. Not Identifying Your Target Market
7. Not Using Headlines
8. Failing To Use Testimonials
9. Failing To Establish And Obtain Referrals
10. Not Cross-Selling Or Up-Selling
11. Not Calculating The Lifetime Profit Value Of Your Customer
12. Failing To Calculate The Cost Of Losing A Customer
13. Not Selling To Your Existing Customers
14. Changing Your Marketing Even Though It’s Working
15. Taking Advice From The Wrong Sources
16. Using Catchy Slogans Instead Of Solid Reasons To Buy
17. Not Monitoring Your Competition
18. Failing To Ask Your Customers What They Want
19. Not Pursuing Joint Ventures
20. Not Using Risk Reversal
Remember, marketing, or the ability to get your message to others about the goods and services you offer, in such a manner that it compels them… nearly forces them to do business with you, is one of the most fundamental, yet misunderstood areas in business today. Properly utilized, effective marketing can skyrocket a business to new and undreamed of heights. Not understood, or under-utilized, a business can sink like a lead weight.
If you can get control of your business and avoid making these costly mistakes, you can expect astounding results! If you only can get a handle on a couple of them, you will still get much better results from your business than you are now getting. But if you fall short on any of them, and your competition masters them… watch out! They’ll leave you in the dust. And you can’t afford that!
In future articles, I will address how to avoid each of these mistakes.