Are you trying to build a solid foundation from which to grow your business? If so, you need to first find out who your target audience is; and, then tailor your marketing pitch accordingly. Targeting the right audience can spell the difference between success and failure. In fact, studies reveal that companies that try to be all things to all customers usually fail.
How would you like to improve your goal-setting skills, motivate your workforce, attract new clients, boost productivity, and meet your financial targets? If you have not been achieving your goals, now is your chance to learn simple strategies for setting specific, realistic, and measurable goals that lead you closer and closer toward business success.
Entrepreneurs do three things: they turn ideas into businesses, they create new jobs, and they provide wealth. Among the three entrepreneurial roles, providing wealth for society is the least understood. While it is true that entrepreneurs like Steve Jobs, Bill Gates, Larry Page, and Sergey Brin have become very rich. However, the fact is that they have only taken a tiny fraction of our wealth (less than one percent) for themselves as compared to the wealth they have created for the society.
Creating wealth versus giving wealth away
Entrepreneurs are not philanthropists—although they can be.
Every entrepreneur is imbued with genius and the ability to execute with great precision and efficiency. In a consumer society like ours, entrepreneurs pave the way to economic growth and national prosperity. From food products, to entertainment, to technology, entrepreneurs are the pillars of our country’s economy.
If we are to continue to grow as a nation, we need an economic structure that serves to stimulate a financial process that follows through toward improving the lives of individuals in our communities and society as a whole. This is where entrepreneurship comes in.
Is your marketing campaign connecting you with the right prospects? If you are unable to adequately create value for both your customers and your business, it’s time for a strategy makeover. Oftentimes first-time entrepreneurs focus on what they must do but fail to avoid marketing mistakes. Overall, the impact of fragmented marketing oversight can easily cost your business thousands of dollars.
Below are 5 little-known factors that could undermine your marketing efforts. Learn to spot these mistakes early on and correct them before they turn into a disaster.
#1: Too much emphasis on strategy
Too much strategy without concrete implementation can kill your business. While having a sound strategy is good, bear in mind that marketing is more of tactical rather than strategic maneuver. As a marketer, you should be paying attention to your two most important responsibilities:
- To generate or sustain qualified sales leads
- To make it convenient for customers to buy.
Once you have outlined your general strategy for implementing the plan, the rest is about tactical execution.
#2: Ignoring the emotional side of marketing
It takes a lot of serious rational thinking to create a successful marketing plan. Plotting a tactical marketing maneuver or determining budgets is a left-brain exercise. However, if you think you can use logical reasoning to convince prospects to buy, you are gravely mistaken.
Consumers are an emotional lot. They seldom, if ever, use logic when making purchase decisions. What you can do is try to inject some emotion into your branding efforts. Use emotion to truly connect with them on a deeper more personal level.
#3: Marketing a bad product
Overconfidence sometimes gets the better of entrepreneurs. When they have a bad product, small business owners tend to assume that good marketing can somehow fix the problem. Well, guess what? The more you hide a product’s flaws through marketing, the worse that product is perceived by potential customers. Besides, forcing a bad product into the market is one of the fastest ways to lose your credibility.
What you should do is channel all your energy into fixing the substandard product. Until you have a product that’s the best in its region and segment, or is unique enough to stand out from the rest of the competition, you shouldn’t even be thinking about marketing.