You and Your Money
Common Marketing Mistakes
You must have heard about the huge marketing blunders made by some of the most well known brands in recent history. Sometimes it is the result of misjudgment and at times it is some experiment going wrong. The nature of the marketing job is such that even the most proficient can make a mistake. There are some common mistakes, which have been proved wrong time after time. Least you can do is to read about these common mistakes and try to avoid them in your future endeavors, or else it will result in huge losses for both the marketing personals (who will lose their job) and for the business (that will lose the business).
The most common marketing mistake:
As we all know, marketing is not only about making sales. It starts right from identifying a need and then making a product to cater that need. The most common mistake that marketers make is making a product without taking into account the needs and the requirements of the market. This is one mistake that cannot be undone, no matter how confident you were about the product, it is actually the consumer who decides if the product suits his/her needs or not. Therefore, before launching any product, you must conduct some sort of market research. Another mistake of the similar nature is starting from a product that targets a broader spectrum of customers; ideally a new or small business must start from trying to capture a small niche rather than starting from a generalized or even worse, a copied product.
Just “once” is not enough:
These days, it takes some time and a series of cleverly made advertisements before customers start noticing a new product. The point is to be patient; if you had done adequate research then you must not discard the product in next to no time. You must prepare yourself (both mentally and financially) for some months of maximum efforts with minimum results. However, do not persist with the same marketing technique throughout this time, instead try different mediums on experimental basis and keep a record of leads generated by each of these advertising mediums. It will give you a clear idea as to which medium to quit or persist with.
Availability of the product:
The businesses should make sure that the product is easily available on most retail stores or general stores, as soon as you’ve started the marketing campaign. Otherwise, you are just wasting your precious bucks. The unavailability of products will be a big turnoff for customers who watch your advertisements and decide to buy your products.