How to avoid a major marketing mistake at least 90% of all small business owners make!
So when you hear the over used phrase major marketing mistake, which particular one instantly pops in your mind? And hopefully, you won’t take offense to this particular post, but you’re actually going to be exposed to (at least) three major marketing mistakes, that are consistently costing you money!
And they are by no means, listed in any particular order of importance!
What Major Marketing Mistake Are You Consistently Making?
Since you already understand how vitally important it is for your business, product or service to (not only) survive, but thrive as well. It might be extremely helpful for you to have a bird’s eye view of an all too common occurrence, when it comes to successfully marketing your small business, product and or service.
Entrepreneur, have a look at this totally startling statistic, and be brutally honest about your real answer!
If a really close friend, relative or someone you totally respected (in one) of your inner circles, approached you about investing a fairly sizable amount in a brand new start up company.(and in case you don’t know, brand new start ups can be incredibly risky, because not all of them will turn out to be the next Microsoft or Costco’s etc!)
And after you and a few other trusted sources that you respected, informed you that there’s better than an 80% chance of losing your entire investment, if you invested in this particular stock!
Faced with those rather risky odds entrepreneur, what would you decide to do or not do? You got that right!
Which brings you full circle, and right smack up against this first of three major marketing mistakes!
Avoid This Major Marketing Mistake And You’ll Live To Market Another Day!
So obviously, you’ll want to avoid all three! Whenever possible.
1.) Major marketing mistake # one: Entrepreneur, if (at least) 80% of your long term repeat business comes from your existing customers and clients, and only 20% comes from creating (not necessarily) generating brand new outrageously expensive first time customers!
The $64,000 dollar question is, why do so many otherwise savvy entrepreneurs (like you), have the formula a_ _ backwards? Meaning- why aren’t you spending/investing (at least) 80% or more of the necessary assets and resources, on marketing to your existing customers and clients first!
And the remaining 20% (or X percent) on acquiring new customers and clients! Because that’s the ticket! (Once you see and digest those incredibly eye opening stats, it sorta makes you scratch your head does it not?)
2.) Major marketing mistake # two: Moving right along… how many times has this next major marketing mistake personally happened to you, while you were shopping. You go into a rather nice looking establishment looking for a particular product (and or widget etc;) and you ask one of the employee/associates for help, and their completely clueless about it!
Entrepreneur, this is so not good! Get your people trained on basic product and or service fundamentals asap! Seriously! Or you call and you can’t quite understand what the other person is saying! Another totally frustrating occurrence, that can and will cost you big bucks!
Sometime A Major Marketing Mistake Is A Direct Result Of Flawed Thinking!
3.) Major marketing mistake # three: This next one is totally baffling as well…. You (as the paid small business marketing consultant specialist) ask your client to pinpoint as near as they can, where 80% of their current business is coming from.
And once they start to really investigate, they discover that a staggering 77.8% of their current business comes in via referrals.
But guess what? They’ve only allocated (somewhere between 10-15% of their current marketing budget to creating, rewarding and otherwise stimulating referrals! Say what? Their currently allocating (you guessed it) at least 80% or more of their extremely limited marketing budget, to investing in the most expensive form of new customer creation, that there is.
Outrageously expensive, new first time customer creation! And even after you try (sometimes in vain!0 to point out, purely from a mathematical standpoint, how outrageously expensive and counter productive this form of new customer acquisition is!
They (more times) than not, try to justify doing things a_ _ backwards! And they wonder why their struggling and why their better informed competitors are consistently kicking their backside! It really makes you wonder sometime! Doesn’t it?
List at least two simple spin off concepts (in the comments section below) that you can apply to your business, product or service in the next 30 days or less!
As always, if you got any value out of this post, please Digg or tweet this. Thanks!
And be sure you grab your explosive free 22 step small business marketing idea kit series, because it will help you increase your profits by at least 25% in the next 90 days or less.
And help you master your effective communication in marketing skills.(No matter what your particular target market is.)
It’s a $97 dollar value and it’s free!
