Three Mistakes That Waste Small Business Marketing Resources

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Are you wasting your precious small business marketing resources and robbing your business of it’s best chance for survival and prosperity? Are you guilty of the following small business marketing mistakes?

1. Failing to conduct small business marketing research.

2. Not identifying the people most inclined to buy your products or services.

3. Failing to create and follow a small business marketing plan.

Small Business Marketing Mistake 1: Not Utilizing Small Business Marketing Research.

Some small business owners think they can’t afford to research their target market, competition and product development. But if you desire to be successful, you can’t afford not to.

If you don’t have insights from research, you are more likely to build your business and marketing on bad information that decreases your chance of marketing effectively.

Furthermore, without research to guide small business marketing decisions, business owners are less likely to approach marketing strategically, are more likely to make individual disjointed marketing efforts, and are less likely to win new and loyal customers.

Every penny that you spend on good research is money well spent. This is particularly true for research to determine your best potential customers, and the best way to market to them. Failing to acquire this information is the second major way that you, as a small business owner, may be wasting marketing resources.

Small Business Marketing Mistake 2: Failing To Target Your Best Potential Customers.

If you don’t want to waste your marketing resources, you need to pick a target market and direct all your marketing to them. Otherwise, you market to everybody and don’t sell much to anybody.

If you think everybody will want to buy your products or services, you are just plain wrong, and you’re wasting marketing resources. If you instead take time to identify the people who really need and want what you sell, your marketing efforts will be far more effective.

Thus, your investment in target market research will return you much more in sales, and save you from wasting your marketing money on tactics that don’t work well.

With target market research, you’ll also be able to:

determine best potential customers,

gather vital information about this target market, and

assure that your marketing plan includes at least seven tactics to reach your target market annually.

Target market research will help you to better understand:

the members of your target market,

the best media to reach your target market members,

their information needs and effective appeals to include in marketing messages,

how much money they spend and how to price your product.

If you know this information and plan marketing campaigns with it, you’ll improve return on investment and avoid wasting your small business marketing resources.

Small Business Marketing Mistake 3: Failing To Create And Follow A Small Business Marketing Plan.

The third mistake is a result of the first two mistakes. Until you have done research on your product, competition and target market, you can’t plan the best way to spend your small business marketing resources. When you haven’t planned how to best spend your marketing resources, you can be persuaded to spend ineffectively.

If you think that the only reason to have a marketing plan is because lenders want to see one in your business plan, then you are missing a valuable guide for your business and marketing.

If you don’t predetermine your marketing strategies and tactics, you may be tempted to buy into every marketing and advertising sales pitch. You, not external sales people, must be in charge of your small business marketing plan.

In order to keep your marketing efforts on track, you must have a marketing destination. You must know what it will take to get to your marketing goal, or you risk contributing to sales people’s sales goals more than your own business and marketing goals.

Some mass media sales people approach new business owners, convincing them to buy advertisements that primarily reach the wrong people, and sometimes reach few people because of the time or placement of the advertisement.

The same is true for sales people who offer marketing products and services. If you don’t have a marketing or business plan, you will fail to recognize when these are inappropriate for your target market. When you buy products and services that don’t advance your business toward your marketing goals, you waste resources and sacrifice the opportunity to use those resources on tactics that would reach your goals.

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