Say your mortgage rate is 4.1%. I’m not sure what the BC government prime rate is, but let’s say it’s similar to the rate they charge for financial hardship deferment, which is 2.25%. That’s a difference of 1.85%.

If you have discipline, you could take the money you would have paid against your taxes and instead pay it to your mortgage. So, let’s say you were paying $2400 a year in property taxes. You defer payment. Instead, you make a monthly balloon payment of $200 to your mortgage. At the end of the year, your mortgage is $2400 less and you’ve avoided compounded interest on that portion of the principal, saving you even more. Even though you’re accumulating debt to the government, you’re getting ahead on your mortgage and saving 1.85% on your mortgage. That’s a 45% savings on that portion of your mortgage, before we even look at compounding. (I’m assuming the property tax payments are simple interest, whereas the mortgage is compounded and whereas your monthly balloon payments have the effect of dropping the outstanding balance right away.)

If all those conditions are true AND you have the discipline to put the money against your mortgage, then it’s a no brainer to defer your property taxes. And, if it turns out that the government charges the rate for the regular deferment program, which is 0.25%, you’re practically getting a free loan for a portion of your mortgage. This assumes, of course, that you do pay down the mortgage. Otherwise, you’re just taking on more debt.
 

Thank you to Yoyomama.ca for pointing out the program – and kudos on your mention in The Province. (Another great example of how social media marketing trumps the traditional media. I didn’t hear the story via The Province, but through Yoyomama’s Facebook page.)

One of the most costly marketing mistakes is a lack of planning and the absence of an overall marketing strategy. Don’t market piecemeal with a little of this and a little of that. Invest in a marketing plan that outlines where you’re going and how you’re going to get there.

2. Not tracking results

Implementing your marketing plan can be a significant investment. In order to know what’s working (and what’s not), you’ve got to track results. Ensure that your marketing investments are bringing results; don’t just assume they are. One of the most costly marketing mistakes is to assume that your marketing strategies are working. Track results and be certain. And if they’re not having the desired effect, alter your strategy and continue tracking results.

3. Lack of follow-through

Follow through with your promises. Business is all about trust. Does your brand revolve around a promise? Take Trustmode, for example. My brand revolves around trust. How do you think it would affect my business if I breached a client’s trust? It would undermine my whole brand. Make sure you can follow through with your promises.

4. Target audience confusion

Another one of the most costly marketing mistakes is confusion about who your target market is. Believe me, whatever you are selling your audience is not everyone. Get specific about who your target audience is, and market only to them. Don’t waste time and resources marketing to the whole. Get specific.

5. Ignoring your target audience’s needs

You may think you know your target audience, and maybe you do. But never assume that you know everything about your target audience’s needs. Take time to listen and evolve with your target audience.

6. Being all about you

When preparing marketing materials, remember that the customer doesn’t care about you. The customer cares what you can do for them and their business. Make sure your promotional materials aren’t just about you. Your messages should outline what you, your company and your product can do for the customer.

7. Not having a customer relationship management strategy

Do you have a customer relationship management strategy? If not, you need one. Otherwise you may have a leaky marketing pipeline, and you could be losing potential customers every day.

8. Breaking promises

It’s simple. Don’t make promises that you can’t keep. No matter how powerful your marketing, broken promises will erode your brand. Whether it’s promises about your product or promises made by staff to the customer, breaking promises can ruin everything you’ve worked for.

9. Not distinguishing yourself from the crowd

What makes you different from your competitors? There’s got to be something. Don’t know what makes your business unique? You’ve got some work to do.

10. Ignoring that your current customers are your best customers

It’s easier to win over a customer who has bought from you before than to win over a new customer. So don’t forget that your existing clients and customers should be a significant part of your target market.

11. Forgetting that marketing is about relationships

And what’s the most costly marketing mistake of all? Forgetting that marketing is about relationships, and relationships are all about trust.

Take this morning, for example. I needed to get my pants hemmed. Sure, I could do it myself, but, to be honest, I’m pretty lousy at it. So I took my pants to a place my sister recommended. It was in a high profile location, with high rents, so I figured they must be pretty busy and successful. I waited patiently while the tailor measured and pinned my cuff. I prepaid for the service, confirmed the pick up time, and went on my way. That’s a heck of a lot of trust for a few dollars.

I trusted in the referral my sister gave me. I trusted that it would be difficult to run a business in that location unless the tailor did a good job of meeting expectations. I trusted the tailor to measure the cuff properly — and I trusted her to take care with the pins, sparing me from becoming a human pin cushion. I trusted that the work would be done when I prepaid. And I trusted that my debit card information would be safeguarded. I trusted that the pants would be ready at 5 o’clock…and that my expensive pants would be safe in the hands of the tailor. And that’s without even considering the trust on the part of the tailor.

How does trust affect your business?

(Get a copy of The Business Case for Marketing Based on Trust when you sign up for our newsletter.)

"Companies have been telling me that the reason they turn to me is that I’ve been able to combine the hard parts of marketing with the softer, more creative aspects. Marketing is part art, part science," says Coutu. "With the launch of Trustmode Marketing, I’ll be offering services that better match the needs of businesses of all sizes, while putting a focus back on trust in relationships — something that the business world seems to be missing all too often these days."

Trustmode Marketing is giving away free copies of The Business Case for Marketing Based on Trust at www.trustmode.com.