Every company with a marketing budget shares the same fear: Spending thousands of dollars on a campaign that doesn’t yield results. In this post, we’re going to over are a few things you want to avoid so you can make the most of your marketing investment.
3 Things That Will Send Your Marketing Investment Dollars Straight Down The Drain
Enterprises of all sizes face similar marketing challenges. For small businesses and startups, we see one common, often fatal error related to marketing spend. Over the next few minutes, we’re going to talk about what that is and discuss two other pitfalls that will put your marketing investment in jeopardy.
Small Business Marketing Pitfall # 1: Unpreparedness
Your company or product does not have to be perfect to launch.
However, it would be best to meet a minimum readiness level before you launch a marketing campaign. What does that mean? Let’s break it down.
- You have a finished, attractive, easy-to-navigate website.
- Your established sales process will allow your customer to complete their purchase seamlessly and afford them a good experience.
- Your product is in demand, i.e., meets the needs of your audience and works well.
If you rush to start your marketing investment without all of the above in place, it’s a big mistake. While you may be able to attract prospects initially, they’ll lose confidence once they see that you’re unprepared. Most likely, they will not stick around to become a paying customer.
Small Business Marketing Pitfall # 2: Communication Breakdowns
Communication breakdowns are not a problem isolated to small businesses and startups. They are common in these types of organizations due to limited time and resources to cover all bases.
To avoid squandering your marketing investment, ensure that there is no misunderstanding on the following:
- Your target customers and value proposition.
- Having the right data and product information in place for the marketing and sales process.
- What to do with market feedback, favorable or unfavorable.
- Goals and a realistic plan for meeting them.
If you are spending money to attract potential customers to your company, be ready to answer their questions, and be flexible about meeting them where they are.
You and your marketing team should always set goals first, but you may notice that we mentioned them last here.
Why is that?
Because to get to your goals, you need the right communication plan to connect your product, your audience, and your marketing team. Only then will your investment have a chance to yield a return.
Small Business Marketing Pitfall # 2: Micromanaging Your Marketing Investment
When I hire a plumber to fix a broken pipe in my home, I observe as they work. When they finish, I check to ensure the repair is good. But, I don’t get under the kitchen sink with the plumber while they’re at work. Nor do I tell them how to turn their wrench. Why not?
The reason is simple: Because I’m not a plumber.
Hiring a professional and then not letting them do the work based on proven practices and their experience is a sure way to waste your marketing investment. Micromanagement can take place in many forms.
- Giving the marketing agency you hired step-by-step technical instructions to execute the campaign.
- Not listening to your marketing agent’s suggestions, even when they explain what works, what doesn’t, and why.
- Asking for excessive meetings to discuss your project. Too many discussions eat into your budget and leave less time to do actual work.
Don’t Waste Your Time Or Your Money
You will talk to business owners that say they wasted their money on ads, a website, even a salesperson, and got nothing in return. Marketing doesn’t always work, and there can be various places to place the blame.
Our suggestion to every small business owner: Do what you can to protect your marketing investment. Preventing the marketing pitfalls mentioned in this article is 100% under your control.
We want to see you succeed. Remember– sales is a numbers game. Once you take the right steps, you will almost be guaranteed to achieve your industry’s standard sales conversions. Good decisions = Good luck!