I was reading an interesting article in Forbes the other day and thought you might enjoy the concepts imparted. This is the seventh 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.
7. Ignoring Your Competition
Sure, you might not like them. In fact, you probably despise them. After all, they’re going after your target audience and customers. Wait … who are we talking about again? That’s right: your competitors.
Even though you can’t stand them sometimes, your competitors can sure teach you a lot. There is a ton of information (and business lessons) you can learn from scoping out your competition. Instead of ignoring them, pay attention to what they’re doing right and wrong.
Keeping up with your competition can only help you in the long-run. Rather than steering clear of your competition altogether, conduct some research and dive deep into your competitors’ strengths and weaknesses. That’s right, folks. I want you to revisit the SWOT analysis. But this time around, use it to dissect your competition.
What are your competitors’ strengths? Do they have any threats in the market? How can you use your competitors’ weaknesses to benefit your business?
If you want to avoid this marketing mistake, stop letting your competition slide by and start doing your research now before it’s too late.