Four Marketing Blunders That Will Cost You

Running a business comes with a lot of uncertainty. While some things are more definite than others, there are a lot of aspects of a business that can’t be measured or evaluated accurately. Marketing lies in the ‘less definite’ category – while there is a lot you can do and measure to build a better campaign – there’s no hard and fast answer on what will be the end result.

That said, marketing has developed exponentially over the years, and we know have the ability to measure the effectiveness of campaigns quite seamlessly. However, companies still tend to adopt a traditional mindset when it comes to marketing that is costing them a lot of money.  Here are some of the common marketing mistakes that is costing your company:

Ignoring micro influencers

Macro influencers can create a lot of exposure for businesses. However, you don’t need a Kardashian to get your product out there. Famous influencers might have millions of followers, but engaging macro influencers is expensive and results might not be as impressive as the price tag.

Rather than spending all your budget on a macro influencer, spend your money on a variety of micro-influencers on YouTube, Twitter and Instagram who are more likely to have a niche audience who resonate more with your brand.

Strictly focusing on customer acquisition

Let’s look at the numbers. The book Marketing Metrics estimates the probability of selling to a new customer is between 5-20%, while the probability of selling to an existing customer ranges between 60-70%. This means keeping current customers satisfied and coming back for more is a more profitable strategy than trying to get new customers.

Don’t get caught up solely in customer acquisition. While getting new customers is essential to business growth, don’t ignore your existing customers!  Richard Van Staden, serial entrepreneur and CEO of Quantum Solutions, says “There’s often more money to be made in expanding offerings to your existing customer base than there is in new business developments.”

Not optimizing your website for mobile

Smartphones play many roles in people’s lives. In addition to playing the role of an actual phone, they have taken over other roles from cameras to computers or laptops. So, when people are looking at your website, they most likely doing it from their phone.

According to Pew Research Centre, 77% of Americans owned smartphones in 2017, a rise from 35% in 2011. This explains why Google has been giving SEO priority to websites optimized for mobile phone users. Brands that don’t make this a priority will inevitably fall behind and lose momentum over their competitors who have adopted mobile optimization.

Lack of appealing visual content

The human brain processes images 60,000 times faster than plain text and most of the information transmitted to the brain is visual. This needs to be taken into account when creating content. If you want your business and product to remain relevant, then content needs to include visually appealing content such as graphics, images and videos.