No matter what kind of business you’ve started, certain marketing mistakes tend to be inescapable. Start-ups in particular, must circumnavigate an incomparable barrage of marketing encounters: limited budgets, restricted resources and that unrelenting want to build brand visibility.
Knowing when and how to capitalise on marketing for your business may be the quintessential constituent to your start-up’s success. That’s why Fibonacci Marketing wanted to share some common marketing blunders that many start-up make – and more importantly, how you can avoid them.
1. Spending money on ‘big marketing’ haphazardly
Sure, you may want to sweep the industry off its feet, with an influential ad or an eye-catching stand at the next conference or networking event, but, hold your horses! Don’t get carried away and jump on the bandwagon just yet. Rein it in a little and start slow. You don’t want to spend your budget so prematurely in the game.
However, if you do fall into the snare of spending a lot too quickly, don’t worry too much and learn from this mistake. The next worst thing in this scenario is that your marketing turns out to be a giant success, yet you’re unable to meet the resultant new demand. You’re unaware of what platforms work best since haven’t got the chance to try them, so you’re essentially betting on what you assume might work to your advantage.
2. Speaking through the incorrect channels
There is a myriad of marketing channels you can use to engage customers, but deciding the ones that are right or wrong depends on who your audience is and where you can seize their attention. Don’t put the cart before the horse and be sure that before anything else, you understand your audience. You’re likely to have more than one target audience for your product or service, each of which may have their own channel. So, figure out which channels will give you the best return and which should be avoided.
3. Staffing up your marketing effort too soon
It’s alluring to want to bring in the crème de la crème to build your brand by making an investment in high-calibre marketing staff, but be cautious. Expand your marketing team, once you have a solid foundation and feel you can actually afford them without it being a detriment to the revenue you might be making.
Start with low-cost options (eg. agencies, independent freelancers and interns), as they’ll allow you to get more marketing at a lower cost, compared to hiring full-time in-house marketing personnel. Once you’ve exhausted all your efforts, or you have no choice because time constraints require you to focus on other things, invest in the required staff.
4. Spending excessive time on brand perfection
Countless start-ups decide to change their name early in the game by completely rebranding, or revising their website design. Investing in perfection too early in terms of your brand assets will yield few results and will only prove to be a waste of funds. Then there’s excessive brand promotion, where there’s a hyper-focus on the brand, particularly on social media – another no-no. Many consumers respond to such increased noise by simply tuning out.
Worse off, they may disengage altogether and even unfollow your brand, if they feel that you post way too frequently without providing anything of real substance. The best thing to do is to run a lean start-up system. Don’t postpone débuting a website just to get the copy or design perfect. Once you’ve launched and got the ball rolling, pick up more information and make those tweaks and changes. Moreover, it’s good to learn more about what your followers want to hear from you regarding your brand and industry.
5. Giving everyone a voice in marketing decisions
Everyone seems to have an opinion when it comes to marketing, but the more people you invite to give their two cents’ worth, the longer it will take to settle anything. Understand that you can never please everybody. You don’t need to pass marketing ideas around to each employee or loved one. Just trust the people you pay to generate your marketing assets. Simple as.
6. Stalking competitors
Granted, recognizing what your competitors are doing is part and parcel of what building a business involves. Observe signals from it, learn and find ways to do it better. But don’t get caught in the trap of replicating their efforts in hopes of getting more attention.
You’ll end up creating more noise customers end up growing bored of, plus you’ll have no idea how operative that marketing approach has been in the first place. How can you be sure your competitor is doing everything right all the time? Remember your competition doesn’t have your passion or your know-how. They have nothing on your experience and the lessons you’ve learned. Simply focus on your competitive advantage – your ‘secret ingredient’.
7. Forgetting to gauge results
Spending money on marketing means you need to track everything you do. If you don’t, you’ll have no idea if you made any ROI (return on investment). Never be afraid to ask customers how they heard about you, and always have a means to link every customer back to a campaign.
The above-mentioned blunders can easily be avoided, but even if you do make them, don’t fret – they won’t inevitably ruin your business. Don’t dwell on the failures. Retool, reconsider and relaunch your marketing strategy as you move forward. If you prepare accordingly and learn from your slipups, you can move on to improved strategies and drive your business to success!
Here at Fibonacci Marketing we understand that your company and its assets are the fruits of your labour, that’s why we’d like to give a helping hand to boost your brand both online and offline. If you’d like to know more about useful marketing strategies, contact us today – team of experts will surely enhance your company’s growth and reputation.