Phil Lauterjung

Some consider marketing to be part art and part science.  That may be true, and has been debated frequently.  What is clear is that marketing, done well, helps a business grow.  In order to be done well it requires the support of the President/CEO/Owner – whatever title the head person carries – and for sales and marketing to be aligned.  Provided your company separates those two functions.  If not, that becomes a little easier – you just have to agree with the boss and yourself.

How do you make sure that your company benefits from a sound marketing strategy?  Make sure that you avoid 7 marketing mistakes that have led to the demise of many otherwise good companies.  Take heed and be advised that danger lurks if you follow the path of these 7 mistakes.  Want a way out?  Those are listed too.

1. No Specific Marketing Goals. Should be obvious, but often is only given lip-service.  So how do you set sound and specific goals?  Spend the time to develop an outstanding Value Proposition that clearly states how a potential customer would benefit from doing business with you – stated in the customers terms not yours.  This process would include developing a Customer Profile of your targeted customers.
2. Assuming You Need Lots of Money. Both David Meerman Scott, “The New Rules of Marketing & PR”, and Jay Conrad Levinson, “Guerilla Marketing Attack”, (does everyone need to use middle names to get a book published?) have written very good books about how to do market without draining your bank account.  Many Social Media tools can be inexpensive and very helpful as well.  It can be done!
3. Cutting Prices on Products or Services. Yes, business is very competitive and sometimes cut-throat.  Be competitive and aggressive, but if you have a good product/service please don’t give it away.  Once you engage in that as a strategy customers will no longer place a high value on what you offer.
4. Shotgun Targeting of Prospects. Don’t try to cast a wide net.  Segment your prospects and send out messaging that is specific to the needs of each segment.  If you do the recommended actions in #1 (Value Proposition and Customer Profiles) this becomes easy to do.
5. Failing to Develop Key Supplier Relationships. You won’t be able to do everything in-house.  Avoid the tendency to just get quotes as you need them and take the lowest bid.  Get to know vendors you can trust and let them get to know you and your company.  Ask for pricing levels for a long-term commitment instead of one-off deals.
6. Making Program Changes Too Soon. Don’t get impatient with your marketing efforts.  Typically most companies give up before their prospects begin to recognize them as someone they want to do business with.  Over night marketing sensations are very rare, good marketing takes time.  Do make sure that you establish and evaluate your metrics.  Be open to making modifications, but resist the temptation to make wholesale changes too soon.
7. Assuming You Don’t Need to Market. Quick, think of a running shoe that you would consider buying, or a soft drink you will order with your next meal out.  Chances are your first thought would be someone like Nike or Coca-Cola.  Why is that?  Because they spend a tremendous amount of marketing to make sure you think of them.  You might be in a B2B (business-to-business) environment and think you don’t need marketing.  All successful B2B companies market and that’s part of what makes them successful.  I’m sure you are well aware of the largest and most successful companies in your niche.  How is it that you know about them?  Marketing.

I have only listed 7 mistakes and I’m sure that you can think of more.  If you have more to add, please comment below and I’ll do another list and mention you and yours.

Photo Credit: © microimages – Fotolia.com

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