Marketing mistakes made by big companies4 min read
Marketing is one of the crucial facets of any business, and blunders should be avoided at all costs. If you don’t successfully market your brand, you will lose money, and the business will fail. So, marketing is a crucial part of every business.
One of the major marketing mistakes is, thinking of marketing as tools, strategies, and tactics. Marketing should be considered in terms of goals and strategies for reaching those goals.
What is marketing?
Before discussing the common mistakes in marketing, let’s understand what marketing is. Some people think marketing is only associated with advertising and sales. But, in reality, marketing is way more than only advertising and sales. Marketing also involves producing a superior product to meet the customers’ needs, How well the product is priced, what value it provides to the buyers, and efficiently distributing it.
In today’s post, we’ll point out the 6 most common marketing mistakes businesses keep making and how it impacts them.
Common marketing mistakes
1. Not spending adequately on marketing
Here we are not talking about sales and advertising alone. This includes everything, ranging from product development, USP(unique selling proposition), market research, value creation, analytics, and branding. Here’s what an average business spends(or should be spending) on advertising depending on their type of business and their whole budget.
2. Only spending on conventional media
For less exciting product classes, marketers Believe they should only spend in conventional media, such as Television, print, and Radio. With the rise of digital media, traditional media is slowly losing popularity. A few years back, several big companies, like Pepsi, decided to leave behind expensive Super Bowl ads and focused more on digital strategies.
3. Lack of proper research/analysis
Research is one of the driving factors of marketing success. Knowing your customers inside out, understanding their preferences, and knowing more about their needs can take your business to a whole new level. One of the most common marketing blunders is to carry out your marketing strategy without doing the necessary research.
If you don’t have the resources or time to perform thorough market research, hiring a market research specialist is the best choice. This way, you can learn more about your target audience and focus on improving your business. Another common mistake that can be seen is, assuming that the research agency knows everything about your brand without any given input from your side. This was the main reason behind the failure of Coca-Cola’s new Coke. They only focused on sweetness, which was an unimportant factor for their customers, and failed to understand Coke drinkers’ motivation to buy their products.
4. Nothing exceptional to present to your audience
The most challenging facet of marketing is showing how you stand out among other competitor brands. A Unique Selling Proposition (USP) differentiates your product from other competitor products by creating value for your customers. Unless you have the first-mover advantage, there’s a high chance you will not even matter to the people unless you offer something exceptional. If you are not able to provide something special, then they won’t care about your brand.
5. Targeting too many platforms
Marketers and managers tend to forget one of the essential marketing principles: not to target platforms they cannot effectively handle. If you are trying to do content marketing, televisions, social media, radio, print, and local all at once, then you might end up inefficiently using your resources. The only brands which can pull off this multi-platform marketing strategy are well-established brands with huge marketing budgets.
For companies just starting, the best advice would be to start slow and focus more on high-impact platforms to find most of the target market. Then they can begin branching out to other platforms to maximize their profits
6. Not evaluating their results
Marketers don’t devote enough time to study their metrics. They don’t understand which metrics impact the results, nor do they develop insights from their marketing efforts. Analyzing the marketing metrics will help in improving their actions and will lead to better results.
In Spite Of all the marketing mistakes companies make, it’s not difficult to solve them. We’d recommend working with marketing experts to guide you. Still, if you are on a small budget, then it can be helpful to look up resources and analyze the market to see which marketing strategies are popular and impactful.