Introduction
You may be a first-time entrepreneur but that doesn’t mean you can afford to make mistakes when it comes to marketing your business. Marketing mistakes are one of the biggest reasons first-time entrepreneurs fail, but by avoiding them you can build your brand, increase sales and continue growing your business profitably for years to come.
Before you launch your new business and begin marketing it, there are some common mistakes to avoid. These mistakes can set your company back many months or years, and can cost you thousands in lost sales, too.
For example, have you ever wondered why the same site gets dozens of likes on Facebook while yours only gets three? Have you ever wondered why your tweets aren’t getting any retweets or why your press releases aren’t getting any media coverage? It’s because most first-time entrepreneurs make these eight marketing errors that cost them thousands in lost sales every year.
Who is a first-time entrepreneur?
A first-time entrepreneur is someone who has never started their own business before. They may have plenty of experience working in a corporate setting, but when it comes to starting their own business, they’re starting from scratch.
What is a Marketing Mistake?
A Mistake in marketing is a costly error that can be made when planning and executing a marketing strategy. These mistakes can lead to lost sales, wasted time and money, and damaged relationships with customers and partners.
Types of Mistakes in Marketing
If you’ve never been an entrepreneur before, there are certain mistakes that you can make that will cost you thousands in lost sales. In this post we’ll look at 10 common mistakes made by first-time entrepreneurs and how you can avoid them.
Mistake #1: Not knowing who your target customer is
Mistake #2: Not using social media as part of your marketing strategy
Mistake #3: Focusing on what you don’t want instead of what you do want
Mistake #4: Being too busy to write blog posts regularly
Mistake #5: Not outsourcing any aspect of your business
Mistake #6: Setting low prices for the wrong reasons (e.g., competition)
Mistake #7: Waiting until everything is perfect before launching your product or service
Mistake #8: Trying to do everything yourself
Mistake #9: Thinking you’re better than everyone else
Mistake #10: Giving up
Being a Marketer You need to avoid 10 Mistakes of Marketing
Here are 10 marketing flaws that cost first-time entrepreneurs thousands in lost sales.The good news is that these mistakes are avoidable. By avoiding these common pitfalls you can save time, money, and improve the success of your business by leaps and bounds.
To avoid making these mistakes, first-time entrepreneurs should do their research, have a clear plan, and test their ideas before launching them.
Mistake #1: Not knowing who your target customer is
The first step to marketing your business is understanding who your target customer is. If you don’t know who you’re trying to reach, you’ll have a hard time creating effective marketing campaigns. Not only that, but you’ll also waste a lot of money reaching people who are not interested in your product or service.
For example, if you run an ice cream company and you want to market it to children, then all of your marketing efforts should be geared towards children.
What age range? What gender? Kids like sprinkles on their ice cream while teenagers may prefer rainbow swirls. Take the time now to find out more about the demographics of your target customers so that later on when it comes time for marketing, you’ll already know what information and techniques will work best for them.
Mistake #2: Not using social media as part of your marketing strategy
If you’re not using social media to market your business, you’re missing out on a huge opportunity. Not only is social media free, but it’s also a great way to reach a large audience quickly. Social media can be used for more than just promoting your products and services; you can use it to build connections with customers, ask for feedback and share industry news.
The best part about social media marketing is that it can be done from anywhere – at home or in the office! One of the most popular forms of social media is blogging; blogging lets you share valuable information with potential customers as well as increase brand awareness.
Mistake #3: Focusing on what you don’t want instead of what you do want
When you’re starting a business, it’s easy to get caught up in all of the things you don’t want. Maybe you don’t want to be seen as a newbie, or you don’t want to make any mistakes. But if you focus too much on what you don’t want, you’ll miss out on opportunities to market your business effectively. Instead, take advantage of every opportunity that comes your way.
For example, when a blogger offers to feature your product for free because they like it so much and they have an audience who might buy from you based on their recommendation, say yes!
Mistake #4: Being too busy to write blog posts regularly
If you’re too busy to write blog posts on a regular basis, you’re not alone. According to a study by HubSpot, 60% of businesses don’t have time to blog. However, if you want your business to succeed, you can’t afford to skip out on this essential marketing tactic. Why? Because blogging is one of the most effective ways to attract new leads and customers. In fact, businesses that blog receive 97% more links to their website.
And the higher your blog’s search engine ranking, the easier it will be for potential customers to find you. With so many benefits, it’s no wonder 65% of marketers plan to increase their blogging efforts.. The good news is that there are plenty of tools out there designed to make this task as easy as possible for you – including Hootsuite Pro!
Mistake #5: Not outsourcing any aspect of your business
One of the biggest mistakes first-time entrepreneurs make is not outsourcing any aspect of their business. This can be a costly mistake, as it can lead to lost sales and customers. When you’re first starting out, it’s important to focus on your core competencies and outsource everything else. This will allow you to scale your business more quickly and efficiently.
There are many aspects of running a business that don’t need your constant attention, such as customer service and accounting. To avoid making this costly mistake, identify which tasks are necessary for you to do yourself and which ones could be outsourced.
Mistake #6: Setting low prices for the wrong reasons (e.g., competition)
First-time entrepreneurs often make the mistake of setting their prices too low, either because they’re trying to compete with established businesses or because they don’t think their product is worth very much. However, this can be a huge mistake that costs you thousands in lost sales.
If you’re selling a product that’s inferior to your competitor’s, then you’re not going to make many sales no matter how low your price is. And if you don’t think your product is worth very much, then why should anyone else?
It might feel like you’re being greedy by charging a higher price for what seems like an identical product, but there are people out there who are willing to pay more for something that is of higher quality. After all, the point of entrepreneurship is to create something better than what’s already on the market and sell it at a competitive price so you can eventually make more money!
Mistake #7: Waiting until everything is perfect before launching your product or service
A lot of first-time entrepreneurs wait until their product or service is perfect before they launch. But the truth is, nothing is ever perfect. If you wait until everything is perfect, you’ll never launch. And if you never launch, you’ll never make any sales.
So don’t wait! Get your product or service out there as soon as possible. The sooner you launch, the sooner you’ll start making sales and generating revenue for your business. It’s also important to keep in mind that people will only buy from you if they trust you.
And the more time passes without a sale, the less trust you’ll build with potential customers. That’s why it’s so important to put yourself out there and get your product or service launched as soon as possible – even if it isn’t perfect yet.
Mistake #8: Trying to do everything yourself
When you’re first starting out, it’s tempting to try to do everything yourself. After all, you want to save money wherever possible. But when it comes to marketing, this is a mistake. Trying to do everything yourself will cost you time and money in the long run.
It’s better to invest in a few key areas and outsource the rest. This way, you can focus on what you’re good at and leave the marketing to the experts. Remember, an expert does something for their entire career because they are so good at it. You may not be an expert marketer yet but that doesn’t mean you can’t learn from them!
Mistake #9: Thinking you’re better than everyone else
We’ve all been there. We start a business and think we’re the best thing since sliced bread. We’re so confident that our product is the best that we don’t even bother to look at what our competition is doing. Big mistake. The reality is, no matter how good you are, there’s always someone out there who’s better. And if you’re not careful, they’ll take your customers away from you.
If you really want to get ahead of the game, make sure you keep an eye on what your competitors are up to. Stay one step ahead of them and make sure your marketing campaigns have features that theirs don’t have. That way, when customers see both of you side by side, yours will stand out as being better.
Mistake #10: Giving up
The most common reason why first-time entrepreneurs fail is because they give up too soon. They get discouraged when things don’t go as planned and they give up on their dream. If you’re thinking about giving up on your business, don’t! Take a step back and reassess your situation. There’s always a way to turn things around. Just don’t give up!
Wrapping Up
If you’re a first-time entrepreneur, avoid making these 10 loopholes in marketing. Take the time to create a marketing strategy and budget that works for your business. And always remember, even the most successful businesses make mistakes–the key is to learn from them and move on. If you’ve made any of these mistakes, go back and look at what changes can be made to recover. Now it’s time to get back out there!
Get those creative juices flowing and brainstorm new ways to market your business. Remember that the best marketing strategies are the ones that fit with who you are as an entrepreneur, so have fun with it!
Image Credits: https://www.istockphoto.com/photo/mistakes-is-avoid-words-written-in-the-notebook
