An analogy between marketing and business is similar to the relationship between body and food. Marketing is the heart of business. Each company is different, so each company must offer marketing and development that meets the needs of each company. There are many ways of developing and marketing for each company, but first you will find the true concept and definition of marketing.
“Marketing is an activity, a set of institutions and processes for creating, communicating, delivering and sharing offers that matter to customers, clients, partners and the general public.”
1 – Thinking advertising – marketing:
The biggest mistake of most business owners is that advertising and costs are the only way marketing. This group focuses only on advertising, which, when the result of desire is not at the end of the month, complains about how much money is wasted. Advertising is just one of many ways of marketing.
2 – You do not like what you do:
As noted above, marketing has many ways and approaches. The basic marketing for your company is what you love. Nothing is better than the “Like what you do” relationship, because it shows your creativity, shows your talent and tells everyone how much you are devoted to your company. Your daily positive attitude determines the successful future of your company. Love for business is built in everyday interaction with new clients, morality of employees and making important and effective marketing decisions. To be a good seller for your business, the first principle is your love for what you do.
3. You do not have a good business plan:
What is a business plan?
“Written paper describing the nature of business, sales and marketing strategy, as well as the financial context, including the forecast profit and loss account.”
The presence of a business plan resembles a map. Many companies start their business, ignoring this very effective tool and losing it in the middle of the road. Each business plan contains precise details of the business concept and clearly defines marketing strategies, profits and losses, demographics, locations, finances and target market niches. Create a trusted business plan:
A) Meet the company inside and out
Knowing your company is important to know the answer to all business plan categories. If you do not know the concept of your product or service, your business plan and support do not exist.
B) Study, analysis and analysis
After you learn all the details of your business, you can access all the information you need to develop your business in the business plan. To access all this information, you need to study, analyze and analyze each file and information in libraries, city records and the current information website on the Internet.
C) Printing and sharing
After collecting all the information and creating a detailed business plan, print a copy and save the file at your fingertips and available.
Your predicted analysis for the company acts as a success story. Do not go to an unknown place without maps.
4 – You have no plans:
Marketing and strategy development are critical to any company. Marketing works like a fertilizer to strengthen your company’s lawn. More importantly, marketing works like the sun to shed light and indicate the direction for your company to find potential customers. Marketing is like an open sign on a dark street. I think I have highlighted and understood the importance of marketing for any company, small or large.
5 – Without analyzing the market for the correct pricing.
Each company offers goods or services. Then the production and supply of products and services involves certain costs and fees. Determining the price depending on the market is very important and causes a serious failure for a small business, if it is carried out without market knowledge. The basis and source for finding the perfect price is your business plan. Every small business owner should investigate:
A) Demographic revenue for the target niche and recipients:
The business plan defines the average income of the target audience and the niche market. Set prices based on actual statistics and purchasing power of potential customers.
B) Market requirements and economic equilibrium:
The owner of the participating company is always aware of the needs of the market and the balance of the economy. Based on your niche market, being at the top of the factors of change in the economy, which can affect the ability of the client to spend money. If you are dealing with bankers and investors, keep track of stock market news and their daily changes and regularly regulate prices.
C) Competitive market prices:
A business man is always looking for his competitors and knows about their history. You need to get acquainted with competitors and adjust prices based on their offerings and similar services.
D) Demand for a product or service:
Explore demand before placing a price on your product and service. This information can be found using the business plan data. Balance of prices based on market requirements;
- If you are predicting good sales, the price is lower than that of competitors.
- If demand is lower and the volume of design is slow, the price is higher to take into account the distance between each sale.
E) Product or service uniqueness:
Unique product and service in the market attract more attention. The price is higher than for other ordinary goods.
F) Permissible range of profitability in the area:
The appropriateness of profit always depends on the market and the economy, as well as on the market demand for the product.
- Consider a big city. If you have a unique product or service, but you are developing a high demand based on the economy and target niche, the profit should be higher than usual.
- In a small community If you invest in a product with limited demand, be careful about the profit.
6 – No budget
Many small business owners make a big mistake and do not put any budgets in daily, monthly, or annual marketing plans. Regardless of your company’s earnings and losses, it must include a budget for marketing plans that are realistic and traceable. Unfortunately, small business owners mostly do not have a budget and deduct the cost of marketing plans from profit data. This specific budgetary task is very effective in the future for economic growth. Increase your marketing budget because your business is slowly reaching peak demand for your products and services.
7. Issuance of money for uncertain announcements
How does the market change as a marketing plan, price and target group. Invest in and designate marketing plans that can be identified. Identified marketing means further diagrams for data analysis.
The worst marketing mistake is to spend money on a plan that can not be traced and measured. This marketing mistake spends money or, in other words, shoots in the dark.
8- Do not follow the result
Many companies have set a budget for a defined marketing plan, but they do not track the result and do not follow it. The same goes for the cost of unnecessary money.
9- Think in the closed window:
Each company is unique. Even if the company offers the same product as other companies, several streets on the road, these two are unique and different in many ways. The biggest mistake of small business owners is to follow the footsteps of other companies. Marketing and its strategies should not be subject to any restrictions. Think about marketing outside the box and do not restrict marketing strategies to the stereotypical approach of others. Be creative and develop a unique and relevant plan for this business.
10- I do not know what plans to set:
Everyone knows the word marketing. The first conversation when opening a new company: “Let’s do marketing!” But are we all really aware of its main content?
I compare marketing strategies and their unique approach to our imprints, which is typical. Many people understand this word marketing, but they are not familiar with how to set up a business strategy and game planning.
This is a big mistake, not knowing how to set up a strategy, fully aware of the important role of marketing in business. Since creating a marketing plan requires research, analysis and market knowledge, hire a professional researcher and reseller to create the necessary game plan.
11 – Assuming that the product or service will be sold:
One of the biggest marketing mistakes is the assumption that your product or service will be sold. This assumption is misinterpreted by advertising marketing. I got to know many small business owners who said that the quotation quote “You do not spend money on marketing, I rely only on my lips.”
hearing is the strongest way to enter the market. So this small business owner felt like doing no marketing, because he thought that marketing spends money on advertising. He counted on the most effective marketing word spoken. The word consists of two factors:
ZA) Product or service:
People should love the product or service to continue the conversation and recommend it to their friends.
B) Customer service
Another important difference between enterprises is the level of customer service. I did not say good or bad. I mean every company owner or employee who has been trained to take care of the customer, since the customer service has its own charm. This specific charisma and character make the business unique to others and has a strong influence on oral communication.
Let me give you an example of how powerful a word is and how to spread that word in every business. Previously, I worked as a junior manager in a high-class restaurant. The CEO identified his target niche as a young specialist in the city center. So he chose several employees of the same age range as a target niche to use public transport and talk about restaurants between them. His decision, although not directly identified, had a surprising effect. How did I analyze the result and see the evidence?
The restaurant offered cards with comments, asking, “How do you hear about us?” And many answered without amazement orally by public transport.
Even if the business owner avoids any advertising costs, he continues to rely on distributing information about his services and products through the community and marketing whispers.
12- I do not know the target group:
In order to plan and establish a marketing strategy, every small company should have a direct target niche as the recipient. Analyze everything about a niche audience. This list, of course, is not limited to the recipients’ income, age, the ratio of interest to the product, sex, education, norm of attachment and their loyalty.
13- I do not know competition:
The best way to market analysis is to get acquainted with competitors and competitors. This may sound trivial, but as the movie “Godfather” suggested, ” Keep the enemy closer .” Or if I can change it ” Keep your competitors close and know about their moves.
This is especially important for small business owners in a small community to have good relationships with other competitors. To share my experience with the same restaurant that I’ve ever spent, the general manager always encouraged me to go to other local restaurants and eat meals. He even offered to pay the bill. All I had to do is analyze everything from greetings, staff knowledge, manager presence, customer relationship and overall quality. My report helped him understand the strengths and weaknesses of the competition.
14- Hire the wrong person for marketing:
Many small business owners, due to their despair and lack of network, hire wrong people for marketing. As we have said before, each company has a unique offer and service, so it should focus on the unique planning of marketing strategy.
The responsibility of the small business owner is to take up a professional company that can meet the needs and offers of the company.
A good, authoritative marketing company whose goal is to promote books and authors in good condition in a small local bistro.
15 – Do not take into account the cost of existing customers:
A good entrepreneur always knows the value of existing customers;
The best way to continue working with existing clients is to create information about them. Many small business owners do not have this very important source of information. To avoid this error, save information about each client. If the information requires some personal information, keep it in a safe place.
A customer who has already sensed your product and service knows about its quality. Always get new calls and do not be afraid to ask how they like the product or service. Even if the client’s response to dissatisfaction is an excellent opportunity for the business owner to solve the problem.
Getting a new customer is expensive. I’m going to explain this in an example:
” Nancy gets into Joe’s cafe through a coupon she’s found in a local magazine that offers a 10% discount. It’s based only on menus, shows, prices, food quality, and customer service.” Joe’s owner spent a lot of money and marketing time after Analyze community needs, acceptability, and market target markets.
Joe has three ways to collect e-mail or phone calls:
ZA) placing the laptop in front of the cash desk, inviting new customers to write an email or contact information about special promotions.
B) By placing a glass dish at the box office, offering a weekly free lunch card for issued business cards.
DO) We offer card with comments and ask for contact information.
Joe has three ways to collect and track customer information. Every day, she scans all information and creates secured data.
Nancy believes that the place is nice and the food is great, but it’s not a good customer service. Duty Joe continues and restores Nancy’s activity so that he does not spend all the money and time to engage another new client. “
Existing customers are a great way to promote each company. Send special offers, chat with them, and even ask to share your company with your friends. Respect the boundary between proper communication and spam.
16 – Not offering gifts and new items:
One of the most effective ways of attracting customers is the free transfer of goods or services.
ZA) Run the test: offer a monthly test for products and services and a free sampler. People love to get samplers. He provides them with information about your company and its quality.
B) Offer a monthly contest: Win a monthly contest and free prizes based on your participation in your business. People love the competition and worry them so they can win. If it does not work, lotteries and casinos do not exist.
DO) Give new items such as mugs, feathers, key chains, note pads, calculators, shirts, and business information hats printed on them.
As a business owner who recognizes a good niche market, further marketing planning and budget allocation are needed.
To explain this better, imagine a shoe store that offers high-quality fashion shoes for women. The first thing that arises in the mind, the niche of fashion at the highest level is only the younger generation and teenagers. A good business owner will explore the possibilities of further analysis of the business plan data to understand the needs of the local community.
If you sell high class, its higher quality and higher prices. A teenager in a student housing budget can not be the direct and only target niche. So, the right niche is a professional and higher income, the more interested in quality without the price.
This example explains how a business owner distinguishes a specific target group by analyzing local market data from a business plan. Due to the sufficient level of knowledge about market research, the business owner avoids spending marketing budgets on the wrong niche.
18-Do not participate in the community:
“Every great thing has a little beginning”
Regardless of the geographical purpose of each company, be it global or corner in a small village, everything starts with the local community.
Who are the first people with whom you share news in your everyday life? Family and friends are the strongest link in marketing and word spreading. It starts with friends and family and extends to your friends and family, and before you understand it, it’s an effect of the snowball and accumulates.
The local community is a test before spending time and money on the marketing plan of the blind.