Marketing is the key to success for any business, a start-up or even a well-running company. Marketing is the effort that takes your company, brand, product or service amidst your consumers and makes them know what you are offering. But, while the focus is entirely on being creative, innovative and unique, agencies often forget that they are in the market for one essential thing – money; to earn money for themselves, their employees and to sustain their families too.
While there is no sure shot of way of achieving marketing success, avoiding these 5 mistakes can surely prevent your company from going bankrupt.
- Hiring a house full of staff
Anticipating business is good but being over confident on getting quantity business early on and hiring staff can be disastrous. It is essential to plan and budget your entire expenditures early one and hiring of staff is an essential expenditure every company does incur. But, planning and hiring the staffs and when necessary will save you a lot of money.
Hiring in freelancers is a good and feasible option that will save you from going bankrupt.
- Offering basic price
More often than not, pricing strategy is what pulls your agency down. You have the creative resources and competent staff, but the pricing strategy fails to bring in the cash flow, as you are offering only one price to your clients.
It is advisable to create a three price strategy with the primary focus on the center price structure, as that is the one most clients will go for. Studies have proven that most people will go for the center pricing when compared to other offers.
Thus, you can create the second option as your primary option with all the trims and tucks that you want to add. Reduce a few deliverables and also the pricing but a few per cent and that makes for your first option, not withholding the quality. In your third option, add the bells and whistles and few deliverables and increase the price by few per cent and offer it to your clients.
Now, you will find most clients going for the second option and at the same time feel in control of the budget and work.
- Not having a website
In today’s tech savvy a company without a website does not measure up to the mark. It is considered to be obsolete and incompetent; somehow having a company website has become a status symbol. How unique and different your company website is, tells the customers of your status and focus towards attracting more customers and clients.
Almost everyone searches for products and services on the search engines and then procure them. Not having a company website will make you lose out on the potential clients to the rival firms.
Moreover, websites serve as a direct communication link between the customers and you. Nowadays creating and hosting a website has become as easy as a child’s play.
- Not focusing on SEO strategy
Creating and hosting a website is not enough. Having an efficient and effective SEO strategy will help your website to appear on top of the search engine pages. You need to incorporate effective keywords, catchy and attractive images and original and fetching content that compels users to keep coming back.
If you are unsure regarding what keywords will work best for you or how to go about it, there are a number of websites and tutorials to help you with the same.
- Wrong target audience
You have created the best website and other marketing strategies are top notch but if your target audience is wrong, all the efforts and resources go down the drain.
Identifying the right target audience and the right channel of reaching out to them is essential in order to have a successful marketing plan.
If your audience is wrong, the message you are trying to convey will be lost on them. So, instead of complete focus on only one channel, using various channels will help in reaching out to a wider audience. And any business person knows, wider audience equals better sales and revenue.
For any business to grow there is a constant need to explore, experiment and evolve with time. The world is changing at a speed that is difficult to keep up with, thus the need to constantly refine and hone our skills and marketing strategies is the need of the hour to be above the rest. Even for the highest profit grossing firms, there is a scope for improvement and growth.
In order to get the best marketing help and avoid these marketing mistakes, go for the best marketing consultation.