7 Marketing Faux Pas, And How To Avoid Them

I was reading an interesting article in Forbes the other day and thought you might enjoy the concepts imparted.  This is the sixth week’s article.

Every business has to market their products and services and the way you market your business can mean the difference between failure and success. If done right, you can increase revenue, attract new customers, and retain your current customers. If done wrong, you’ll be left screaming, “Ugh, I’ve made a huge mistake!” and trying to pick up all the pieces.

The article in Forbes outlined what marketing mistakes you need to avoid at all costs and I thought you might be interested to read their comments. If you want to avoid some of the biggest marketing blunders of all time, you have to know what they are and how to steer clear of them. Here are seven marketing faux pas you need to watch out for in your business. 

I reproduce them all seven over a 7 week period, so keep coming back to see the next one.

6. Not Having A Marketing Plan

As an entrepreneur, you know how important it is to have a plan in place. When you started your business, you likely created a Business Plan (or multiple business plans) to get your start up on the right track. But, have you taken the same steps with your marketing efforts? AKA, have you created a marketing plan for your company?

Solid plans are roadmaps that can lead your business to success. If you want to be the best, you have to establish a plan and (try to) stick to it. One major mistake small businesses make is writing off the idea of a marketing plan.

Take a look at this scary statistic: 59% of small businesses do not have a marketing lan. That means half of you are already making this major marketing mistake!

Let’s play a little game of “Did you know?” Did you know that a marketing plan can:

  • Help you analyse marketing strategies
  • Create a set of brand standards
  • Provide marketing direction
  • Measure marketing success
  • Help you understand your target audience and market

As you can tell from above, creating a marketing plan has a lot of perks. The solution to this marketing blunder is easy enough: write up the dang marketing plan! 

7 Marketing Faux Pas, And How To Avoid Them

I was reading an interesting article in Forbes the other day and thought you might enjoy the concepts imparted.  This is the fifth week’s article.

Every business has to market their products and services and the way you market your business can mean the difference between failure and success. If done right, you can increase revenue, attract new customers, and retain your current customers. If done wrong, you’ll be left screaming, “Ugh, I’ve made a huge mistake!” and trying to pick up all the pieces.

The article in Forbes outlined what marketing mistakes you need to avoid at all costs and I thought you might be interested to read their comments. If you want to avoid some of the biggest marketing blunders of all time, you have to know what they are and how to steer clear of them. Here are seven marketing faux pas you need to watch out for in your business. 

I reproduce them all seven over a 7 week period, so keep coming back to see the next one.

5. Blowing Your Budget

As you’ve likely learned by now, money does not grow on trees. So, don’t start acting like it does when it comes to your marketing budget. 

According to one source you should devote 2-5% of your sales revenue to marketing. A blunder many business owners make is blowing their business budget on unnecessary or even spontaneous marketing tactics. Now don’t get me wrong. I do enjoy a little spontaneity every once in a while. But, I don’t blow through my business’s budget just for the thrill of it.

If you want to avoid this faux pas, establish a clear marketing budget, do some research on different marketing options and strategies, and track what does and does not work for your company.

Organize your budget in a document or spreadsheet. Record how much you spend—and for what—and track the results. If a marketing strategy doesn’t work for your business, don’t keep rolling with it. Instead, use your hard-earned cash to invest in calculated marketing efforts. 

What does Javid’s resignation mean for UK markets and investors?

It has been reported that the sudden resignation of Chancellor of the Exchequer Sajid Javid is expected to mean looser fiscal policy, which will be good news for UK assets, but experts have warned the move increases short-term uncertainty.

In a shock to the market and the UK public, the Chancellor announced his resignation today (13 February), just under a month before he was expected to deliver the first post-Brexit Budget. Chief Secretary to the Treasury Rishi Sunak has been confirmed as his replacement.

The markets seem to have taken the news as a positive development, with sterling rising against both the US dollar and the euro on expectations that the new Chancellor will employ looser monetary policy to boost markets.

However, cautious voices have also pointed out that the Chancellor’s resignation so close to the Budget spells more uncertainty for savers and investors.

Adrian Lowcock, head of personal investing at Willis Owen, said: “The resignation of Sajid Javid today has sent shock waves throughout the financial services industry. He is the first Chancellor in modern history to not deliver a Budget.

“With only 27 days to go now until the Budget, it is unclear whether it will even go ahead with so little time for Javid’s replacement, Rishi Sunak, to prepare.

Rachael Griffin, tax and financial planning expert at Quilter, pointed out that incoming Chancellor Sunak will have to work “extraordinarily quickly to get a grip on the upcoming Budget and present it to Parliament next month”.

“It is yet to be seen whether Sunak will serve as No. 10’s puppet, given the speculation that the Prime Minister’s office is seeking to take closer control of the Treasury,” she said.

She added: “He will inherit several political hot potatoes. For instance the government has already promised to fix its disastrous pension annual allowance taper, which has led to staffing shortages in key public services, including the NHS.

“The government is also under pressure to address the issue of social care funding which has been kicked down the road multiple times and was a major Tory manifesto pledge.”

Posted in Tax

7 Marketing Faux Pas, And How To Avoid Them

I was reading an interesting article in Forbes the other day and thought you might enjoy the concepts imparted.  This is the fourth week’s article.

Every business has to market their products and services and the way you market your business can mean the difference between failure and success. If done right, you can increase revenue, attract new customers, and retain your current customers. If done wrong, you’ll be left screaming, “Ugh, I’ve made a huge mistake!” and trying to pick up all the pieces.

The article in Forbes outlined what marketing mistakes you need to avoid at all costs and I thought you might be interested to read their comments. If you want to avoid some of the biggest marketing blunders of all time, you have to know what they are and how to steer clear of them. Here are seven marketing faux pas you need to watch out for in your business. 

I reproduce them all seven over a 7 week period, so keep coming back to see the next one.

4. Not Setting Yourself Apart

When it comes to being a player in the market, you have to be willing to set yourself apart from the competition. Otherwise, why else would your target market choose your business over another?

One big blunder is blending in with other businesses. Don’t blend into a market. Instead, diversify your business and stand out. 

Take a look at your competition. How do you differ from them? What makes you stand out from the crowd of competitors? Use your answers to these questions to build on what makes you different.

Tell your target audience and potential customers what makes your business unique from all of the other ones out there. Take things to the next level and create a USP (unique selling proposition) for your business. Your USP should make your business shine and attract buyers based on your selling points. 

Put yourself in your target market’s shoes when you think of your USP. What’s going to benefit them the most? What will appeal to their emotions? 

If you want to avoid this rookie mistake and diversify your business, come up with an effective USP that your market can relate to. 

7 Marketing Faux Pas, And How To Avoid Them

I was reading an interesting article in Forbes the other day and thought you might enjoy the concepts imparted.  This is the third week’s article.

Every business has to market their products and services and the way you market your business can mean the difference between failure and success. If done right, you can increase revenue, attract new customers, and retain your current customers. If done wrong, you’ll be left screaming, “Ugh, I’ve made a huge mistake!” and trying to pick up all the pieces.

The article in Forbes outlined what marketing mistakes you need to avoid at all costs and I thought you might be interested to read their comments. If you want to avoid some of the biggest marketing blunders of all time, you have to know what they are and how to steer clear of them. Here are seven marketing faux pas you need to watch out for in your business. 

I reproduce them all seven over a 7 week period, so keep coming back to see the next one.

3. Picking The Wrong Target

Ah yes, you just started your new business. Everything is sunshine and rainbows. Is that a butterfly over there? I remember those days. The days where you think “Everyone can be a potential customer!” If you’re still in this mindset, I’m going to kick you out of it right now.

One avoidable mistake plenty of amateur business owners make is thinking that everyone is a potential customer. Because they believe this, business owners around the world get their target market and audience all wrong. 

While it might be true that your offerings appeal to a broad audience, they absolutely won’t appeal to everyone

When it comes to marketing, you need to narrow down who you’re going to target. Instead of trying to sell to everyone, do some research to hone in on potential customers as well as their needs, interests, and demographics. 

You’ve come this far. Don’t make the mistake of not getting to know your target customer inside and out. 

IR35: taxman warns 43,000 firms over workers’ employment status

IR35: taxman warns 43,000 firms over workers’ employment status

HM Revenue & Customs (HMRC) is issuing approximately 43,000 private sector businesses across the UK with letters warning them to consider the employment status of their contractors ahead of reforms to IR35 off-payroll working rules in April.

The taxman told New Model Adviser® it would be issuing letters to approximately 43,000 private sector businesses who engage with contractors before the planned reforms to IR35 in April, which will bring the legislation to the private sector.

In an example of what one of the letters from HMRC may look like, which you can view below, the taxman states that ‘whether a worker is employed or self-employed is not a matter of choice’ and that it is ‘important’ to get a person’s employment status ‘right’.

The letter says, ‘It is important that the employment status of every worker is fully considered and we’d like you to check that you are getting the employment status of all your subcontractors right.

‘Whether a worker is employed or self-employed is not a matter of choice. Instead, we need to take a rounded view of how the work is provided by a worker.’

If, on completing checks, an employer determines that one of their contractors should be an employee, they are required to calculate the appropriate PAYE tax and national insurance contributions due and report the details of pay and deductions for these new employees in their Full Payments Submission (FPS).

A spokesperson for HMRC said, ‘HMRC has put various measures in place to help businesses and other organisations get the status of the contractors they engage right.

‘We have dedicated teams providing education and support to all businesses, public bodies and charities affected. 

‘This includes one-to-one support for 2,000 of the UK’s biggest employers and direct communications to around 40,000 medium-sized businesses and is supported by workshops, guidance, online learning, round tables and an enhanced online tool that will help them make the right decisions.’

Direct communications

IR35 is tax legislation that is currently used to assess whether public sector contractors should be taxed as full-time employees. It was brought into the public sector in 2017, and will be applied to the private sector from April this year.

Since 2017, HMRC has cracked down on contractors who it feels are working as ‘disguised employees’, and has been issuing both companies and contractors with various letters regarding concerns of the employment status of some contractors. The letters usually give a timeframe for the employer or contractor to carry out checks or respond to HMRC.

Last week, New Model Adviser® revealed HMRCwrote to at least one TV presenter issuing determinations regarding their income tax and national insurance contributions under IR35 in 2019 despite having ‘no sufficient facts’. 

The TV presenter’s tax adviser said HMRC is taking a ‘guilty until proven innocent’ approach to contractors and employers, who are being placed under a lot of stress to provide evidence to prove they are not breaching IR35 rather than HMRC finding them guilty of doing so.

HMRC also issued approximately 1,500 GlaxoSmithKline (GSK) contractors with identical letters last year accusing them of wrongly operating outside of IR35 in the tax year 2018–2019, despite not having actually reviewed the cases, according to a Financial Times report.