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.