11 of the most costly marketing mistakes

1. Not having a marketing plan

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.