Running a business is rarely easy. It involves a lot of blood, sweat, and tears, as the saying goes. With the business landscape as volatile as it is and the growing number of competitors in nearly every niche, running a successful business can be quite hard. But it is arguably even harder when you’re running a small business. You can’t just buy office space, subscribe to Spectrum TV and internet, hire staff, and expect to succeed.
Smaller businesses often have a very low margin for error, mainly because they have limited resources at their disposal. Every mistake, error, or setback means a waste of these precious resources. So it is surprising that so many small businesses continue with inefficient and wasteful marketing, largely because they keep making several fundamental mistakes. These include the following:
Running A Brand Without a Business Website
A large number of small businesses in the United States don’t have a business website. Many business owners assume they don’t need one since they are a local outfit. Others still prefer to trust conventional marketing channels over digital ones. Regardless of what your reasons are, not having a website puts your small business at a disadvantage. Even if you are a local business, the vast majority of consumers will search for a product or service online. A large percentage of these searches are often local, meaning having a website can help you capture exactly the kind of buyer you want i.e. one that is actively interested in your offerings. Not having a website has a direct impact on your bottom line in terms of all the organic and paid search revenue you missed out on.
Spending On Digital Marketing Without Tracking Results
The second most common mistake among small businesses, or at least those with a website, is not tracking the results of their marketing spend. If you’re spending significantly on digital marketing without analyzing the return you’re getting, you might as well be burning money. Just because you’re spending money doesn’t mean it’s being spent efficiently. Conventional marketing channels are different, but with digital channels, you have access to all sorts of analytics and data. Understanding how to extract useful information from this data will prove beneficial to your business. You’ll be able to understand which marketing tactics are working for you, and which ones aren’t. That way, you can divert precious resources from your marketing budget to the tactics that work and get a better return on your spending.
Ignoring The Competition’s Successful Marketing Tactics
Of course, you don’t have to keep coming up with new and innovative ways to market your product. You likely have multiple competitors battling with you over the same consumer market. Look at the ones who have successfully increased their market share, and examine how they’ve done it. One of the biggest mistakes in small business marketing is getting too caught up in devising original strategies and tactics. If your competitor’s marketing efforts have worked out, all you have to do is emulate them with a few tweaks of your own. Don’t try to reinvent the wheel. See what works for the competition, and adapt it to your own business. You can also refer to digital marketing agency in Mumbai to get some help.
Failing To Differentiate Your Brand/Product/Service
Of course, when all you’re doing is copying the competition, you’re just another generic brand among a sea of similar ones. This is a bad place to be in the modern world. With homogenized products and services, consumers often choose to go with a business that stands out the most. In other words, you need to invest in differentiating your brand, product, or service from everyone else out there. Focus on conveying the value you can add to your consumer’s lives. Show how you can address specific pain-points better than everyone else. Highlight anything that sets you apart from the competition, including everything from design to marketing messaging.
Targeting The Wrong Audience
You could have the best marketing processes in the world, but they’re wasted if you’re not targeting the right audience. A very common mistake small businesses make is to market their product or service to the world at large. This is a very inefficient use of already limited marketing resources. You’ll be spending too much time and money getting your message across to consumers who may not even be interested in your offering and may never be.
For example, you’ll have a hard time enticing away Spectrum subscribers because they enjoy the Charter customer service. Instead, it makes more sense to pitch your product to interested buyers, such as people who don’t have access to cable internet. Targeted advertising on social media is a great way to reach out to and engage with segmented audiences. Thanks to modern digital marketing, you can choose to market your brand and product to exactly the demographic you want to target. This means less money is wasted on convincing people to buy a product. The right audience is already looking for what you offer, you just have to present it correctly.