- Post By : Michael Smith
- On : November 14, 2016
Not every business gets their marketing right the first time round, even with a solid marketing plan in place. Sometimes it takes some trial and error to discover what works for your specific target audience and this can result in some of your marketing budget going to waste.
There isn’t a business out there that wants to see their marketing dollars go to waste but it does happen, especially if your business is just starting out. The good news is that you can decrease your losses by avoiding a few common mistakes.
7 Mistakes to avoid if you want to decrease your marketing budget losses
Below are some of the mistakes to avoid if you want to see a better return on investment as we move into 2017.
Mistake 1: Not involving your sales team
While your marketing team has all of the necessary knowledge and creativity to market your brand, your sales team is in touch with your customers and the market place on a daily basis so they definitely have some valuable insights to add to the brainstorming and planning process. Include your sales team in your marketing planning sessions for additional ideas and input. You should also get your marketing and sales team together on a regular basis so that everyone can provide feedback on what’s working and what could be changed to achieve better results.
Mistake 2: Failing to keep track of your stats
Your marketing stats and reports are crucial to the success of your business. You’re putting your marketing budget at risk by crossing your fingers, running your campaigns and hoping for the best. Once your budget is gone, you’re either going to have to dig for additional budget to right your wrongs or wait for next year’s budget. Businesses really have their pick when it comes to marketing software and tools so find a solution that meets your unique brand requirements to reduce your losses. Keeping a close eye on the performance of your campaigns will help you optimize and get the best possible return on investment.
Mistake 3: Not using social media correctly
Too many brands believe that building a following should be their main social media objective. Facebook’s algorithms have changed dramatically over the last year so the chances of followers and fans seeing your content organically are very slim. Use some of your marketing budget to boost your best posts and collect email addresses as this will give you a better return on investment.
Mistake 4: Not segmenting your target audience
You cannot be everything to everyone and it’s unlikely that targeting a very broad audience will give you the results you’re looking for. Use your market research to create audience and buyer personas so that you can setup very specific targeting for optimal results. The more relevant your marketing is to specific groups of people, the higher your chances of success. It’s not enough to know the location, age and gender of your target audience. You need to understand their browsing habits, interests and preferences too.
Mistake 5: Gambling everything on one campaign
Marketing is trial and error and if you’re going to throw your entire marketing budget into one bucket, there’s a good chance you’re going to be highly disappointed with the results. This is especially important if you’re a start-up. This is a time for you to test so it’s important to spend your budget wisely and to spread it around if you want to see the best return on investment.
Mistake 6: Forgetting to test
When it comes to marketing, A/B testing is the name of the game. There is no proven formula for success so testing should become second nature to you as a marketer or business owner. You need to test everything from copy and images to call-to-actions and subject lines. For example, you might see that 40% of your email list is reacting really well to your subject line and think that’s fantastic but a simple A/B test might show you that a second subject line appeals to 60% of your audience, which is even better.
Mistake 7: Using one person to do everything
Yes, it’s possible to find a marketing professional that can assist you with a number of different things but trying to get one person to take on the work of an entire marketing department is going to leave you both feeling frustrated. Your marketing campaigns won’t be as good as they could be and chances are you won’t be able to retain that person for very long. The marketing machine has too many parts and one person can’t work them all. If you want to see exceptional results, hire a team of marketing professionals instead.