There is likely no business owner who hasn’t made a few mistakes in the marketing department. When it comes to marketing your business, “trial and error” comes with the territory of finding which avenues will work best for your brand and your target audience.
However, as a startup, too many mistakes could put a dent in your budget and ruin your brand’s reputation. Ideally, avoiding the mistakes of other young startups can help you save money and build your brand.
1. Not Setting a Marketing Budget.
First on the list is not having a budget for marketing. Haphazardly spending money on various marketing streams is not economically beneficial to your startup. Having a clear understanding of what you’re willing to spend can help you determine which channels to tap into and which you should avoid (or hold off on).
2. Not Knowing When to Get Help.
Marketing is an all-consuming, ever changing process. It requires a great deal of time, comprehension, and effort to achieve successful marketing. Many startups make the mistake of trying to tackle all of it alone, without the necessary research, skill, or talent it may take to really bring a return on investment. As such, they end up doing more harm to their brand than good. Knowing when to outsource marketing solutions to service providers like a direct marketing company or a social media marketing firm can be the difference between the success or failure of your brand.
3. Trying Too Many Things at Once.
Yes, you should diversify your marketing efforts to determine which platforms are reaching your target audience best. That said, many startup owners invest too much time and energy into several marketing platforms and this proves detrimental. Spreading your marketing budget out too thin does not leave you the necessary funds to invest in each platform properly. Also, spreading your resources too thin means that you cannot focus on quality marketing. Trying two or three marketing platforms and really evaluating each will let you know which platforms are worth the investment and which are not bringing in any gain.
4. Not Measuring Results.
How do you know if a marketing tactic is working? You measure the results over a given period of time. Many startups just jump into marketing strategies without getting a real gauge on whether the strategies are working. Obviously, if the techniques are not working, the startup is wasting time and resources on something that is not going to bring new business.
5. Not Using Traditional Forms of Marketing.
While most of the world is digital, to eliminate traditional marketing strategies altogether could cause a startup to miss out on other business. Print marketing such as flyers, business cards, postcards, and even promotional products can go a long way in engraving your brand in the minds of your target audience. To assume that traditional marketing is dead closes off an entire audience that could increase profits.
Marketing is a complex task that is required to bring in business. It is an essential area of business to invest in, but one that should be invested in in an informed way. If you find that you’re making any of the above marketing mistakes, it is best that you stop, reevaluate, and even consider working with marketing professionals to get your brand on the right track. The correct form of branding and advertising could be the difference between surviving as a business and being successful.
