April 29, 2010

3 Marketing Mistakes to Avoid

The American Marketing Association defines marketing as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large." 

So, what are some common marketing mistakes businesses make?


Well, here are just a few:

Not Having a Unique Selling Proposition
A Unique Selling Proposition (USP) is the benefit or advantage your product or service has over competitors. It's what sets you apart. Many entrepreneurs and businesses have failed to identify their USP, which makes it easier for clients to go to competitors.

The advantage of having a USP is that it creates brand loyalty. And it's not enough to simply be the best. Or even the first. So, how do you identify your USP? Well, I like the way author Timothy Ferris puts it.  He says: "How is it different? And why should I buy it?" If you can answer those two questions regarding your product or service, you're well on your way to finding your USP and increasing your bottom line.

Lack of Consistency
"You only live once - but if you work it right, once is enough." Joe E. Lewis. Love that quote! However, the "once is enough" rule doesn't work when it comes to marketing activities. Marketing requires consistency. And the best way to get and maintain business is to reach out and touch . . . regularly.  Regularly can be weekly, biweekly, monthly, or whatever suits your business. But the idea is to let your clients know you're available and ready to meet their needs, help them out, solve their problems, answer their questions, take their dog for a walk . . . or whatever!

Not Using Social Media Marketing Effectively
There's no denying it. Social media has exploded. You can't go a day without hearing something about Facebook or Twitter. But are these social media sites really relevant for businesses? Absolutely! 

But not all have jumped on the bandwagon. It seems that those who ignore social media marketing do so for three main reasons:

• They don't know enough about it or how to use it 
• They don't have an effective social media marketing strategy
• They don't believe it will increase business

Social media sites are designed for interaction among users. They're about making connections and building relationships. They allow you to gain knowledge at a very low price . . . free! All you have to do is interact. Allow your clients to give you ideas, provide feedback, and tell you exactly what they want.

So, there you have it. Avoid these three mistakes and you're likely to develop a serious case of bigger pockets in the near future.

Until next time.

Be well.

Posted by: shana@lakeviewtitle.com