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5 Mistakes That Every Business Person Should Know and Avoid
Regardless of your competitive industry, marketing can either make or break your company! A good marketing strategy will take your business to the very next level. Similarly, a bad strategy will see it fall to failure. For any company, therefore, marketing plays a vital part in securing clients, increasing ROI, and enhancing profits!
If you subscribe to Spectrum TV packages then you must have seen its marketing efforts in the form of ads on TV. But marketing today is not only about TV ads. It is much more than that! Today, a vast chunk of marketing is digital. In order to tap into its immense potential, companies are hiring qualified marketing talent to up their marketing game. They want to utilize every platform available. By following standard practices and doing research, a marketing manager can do a good job. However, even small mistakes can result in major losses. Therefore, if you are a marketing manager, make sure to avoid the following mistakes!
Re-targeting All Customers That Visit Your Website
The biggest error in a marketing strategy is re-targeting all visitors that bounce off from your website. Note that every visitor who comes to your website may not be a potential buyer. Several surveys show that a significant percentage of visitors come to online web stores in order to check out the offerings. If the first impression is good then they will come back to buy. Otherwise, a re-targeting attempt may end up displeasing them even more if they disliked your offerings, to begin with.
Do not waste your resources on window shoppers. Save the money and time for where it is most needed. There are, however, certain things that you can do to ensure that your bounced visitors can convert into leads and possible sales. Make sure to categorize them on the basis of the number and type of webpages they are visiting on your website. For this, you can try using automated tools that collect the necessary data. Using this data, you can check the reasons why certain webpages have a higher bounce rate than others. Maybe the content needs some fixing or perhaps the user interface isn’t up to the mark.
Insufficient Investment in Social Media
Understand that social media is a great place to connect with your customers and build long-lasting ties with them. Make sure to personalize with your customers and become relevant in their everyday lives. You can do this by not only advertising your own products or services but by sharing information of public interest as well. Take the example of Instagram where you can do this with the “Stories” feature. Remember that a good social media strategy is a vital part of your overall marketing strategy. Take your social media game to the next level by:
- Narrowing down your target audience
- Focusing on separate platforms one by one
- Defining key metrics to measure success
- Analyzing key performance indicators
- Updating social media plans regularly using insights
Absence of Diverse Marketing Content
What is the primary purpose of a good user interface today? For one, marketers want to deliver a smooth and user-friendly customer experience. And secondly, they want to offer personalized content to customers. For these reasons, it is important to create diverse content for your customers. Content that is about one facet of your business or just about the “products” is not going to be well-received every time. Tell them some about other uses of your product that they didn’t know about. Maybe, the product is reusable even after its expiry in some DIY project. Collect data about your users and build your content around it!
Spending A Huge Chunk of the Marketing Budget on New Customers
Acquiring new customers by spending lavishly on your marketing efforts is not a wise decision. It costs far more than returning customers. Moreover, new customers take time. Leads do not instantly convert into sales. Make sure that a significant portion of your marketing efforts goes into retaining existing clients as well. These customers are more likely to buy from you again with less investment on your part than acquiring an entirely new customer. For new customers, spend moderately.
Not Utilizing User Data Properly
User data is very important. Make sure not to miss out on the amazing advantages it can offer you. Understand what your users need and build your marketing strategy around it! These days, due to new and emerging technologies such as Big Data and Fast Data, this is very easy to do. You can also use AI-based chat bots to further understand what your users are looking for.
If you cannot deploy a chat bot then make sure to hire a resource to handle live chats. They can ask users questions to understand what they’re looking for and offer relevant information. For this purpose, look into good offers for internet and phone services, so that your resources can tend to user queries without any breaks. I find these Spectrum offers to be quite good in terms of providing reliable services and affordability. Afterward, you can also look into deploying AI-based chat bots to lessen cost investments in human resources.
Make sure to avoid the aforementioned mistakes to enable rapid business growth. Enjoy higher profits, better ROI, and increased client retention with your immaculate marketing strategy!