Profit Zing » Mistake

7 Costly Small Business Marketing Mistakes Every Entrepreneur Must Avoid

admin — Mon, 02 Nov 2009 11:17:30 +0000

Robert L Moment asked:

Everybody makes mistakes and entrepreneurs are no exception. But for an entrepreneur with a limited budget, committing mistakes too often can be very costly. It is an open secret in the business world that most of the mistakes that can be committed in business have been committed; so why not just learn from them, saving you the agony of committing them yourself.

With that said, here are 7 costly small business marketing mistakes every entrepreneur must avoid:

1. An Incongruent Marketing Message

To effectively sell your product or service, your customer has to “get” the marketing message. A customer-centric marketing message educates your prospects and persuades them to become customers. Too many small businesses make the mistake of focusing their message on the product or company, instead of how the prospect would benefit by purchasing their product. Prepare the right marketing message with some of these in mind:

• Identify the prospect’s problem.

• Explain to the prospect why the problem should be solved immediately and explain why your product or service is the right solution to their problems.

• List the benefits your prospects would enjoy upon purchasing your product and provide an unconditional guarantee to allay any fears they may have.

2. “Spray-and-Pray” Marketing Instead Of Precision Marketing

The days of marketing as a zero-sum game are over. You must demand accountability from your marketing efforts, expecting tangible results in the form of a healthy ROI (return on investment). Differentiate your marketing messages and target them to meet the specific needs and wants of your prospects and customers.

Many small businesses are guilty of the dreaded “spray-and-pray” marketing ideology, which inevitably drains their resources to the point where it very often leads to their demise.

Do not commit this same mistake, but instead practice precision marketing, where every aspect of your marketing and advertising efforts are measured and tracked for maximum returns.

3. Failing To Realize Marketing Is About Value Creation

To create a sustainable small business, you have to market something of value to the prospect and customer. Marketing is your business and creating value for your customers should permeate through all your marketing efforts. Strive to always over-deliver because customers love to receive more than they expect and the easiest way to do so is to develop a thorough understanding of their wants and desires.

4. Selling Instead Of Educating

You must have heard about the age-old principle that “people love to buy but **** being sold to.” It is a principle that will continue to hold true for ages to come, but unfortunately, many small businesses still fail to adhere to it. The fastest way to get rid of a prospect is to try forcing a sale out of him or her.

Education-based marketing, however, is a powerful marketing strategy to overcome this problem of being sold to. This strategy makes use of giving away valuable information, educating your prospect about the benefits of owning your product or using your service, offered to them as free reports, video cassettes, CDs, or DVDs in exchange for their contact information.

It is a strategy that builds trust with the prospects resulting in a much higher closing ratio. So, forget about throwing a sales pitch and try educating your prospects instead for a higher conversion rate.

5. Failing To Test

The biggest mistake any entrepreneur can make with their business is the failure to test every possible variable most important to their customers. This applies to both online and offline marketing efforts.

I can understand if small businesses faced more difficulty with market testing because of limited budgets years ago, but the Internet has done away with this excuse. It has become so cheap to conduct price tests and sales copy tests and identify what campaigns, keywords, and metrics give you the best ROI online that not testing any of these has become a cardinal sin.

6. Not Following Up With Prospects Or Customers

Small businesses spend a great sum of money acquiring customers, which makes it all the more difficult to understand why many of them don’t follow up with their customers, or even their prospects after the “front end” sale.

It has been well documented that true riches are to be found in the backend sales and the reason for this is simple. If a customer or prospect raises his or her hand to do business with you, it means an element of trust has been established and a business relationship is ready to be formed. They are more then likely to buy from you repeatedly if you make it a point to capture their contact information and develop a follow-up system for communicating with them frequently.

7. Selling To The Wrong Target Market

Never assume that your product or service will appeal to a general audience because this assumption has profoundly resulted in many small businesses shutting up shop. Large businesses are guilty of this too, but you can save yourself from committing such a rash mistake by asking yourself these two questions:

• Who are your customers, or who is your target market?

• Who will use your service, or who will buy your product?

Answer these questions with absolutely clarity and segment these markets by demographics and psychographics to zero in on your ideal customer. The time spent doing this correctly will add nicely to your bottom line.

Just remember that to succeed, you must be prepared to fail, so don’t fear the eventual mistake but learn from it.

Home Based Business Marketing – 4 Easy Steps To Building A Mailing List

admin — Mon, 07 Sep 2009 22:31:40 +0000

David Ogden asked:

In your home based business marketing efforts, one of the most valuable pieces of real estate an Internet marketer can own is a mailing list. Whether you have your own products, or not, you can still build a mailing list fairly easily on the Internet today. Here are four easy steps to building a mailing list that anyone can do with a little bit of effort.

1. Use your own autoresponder to store names and email addresses. Your autoresponder should also be used to send follow up messages to the people who are subscribed to it.

The autoresponder is the key to developing a mailing list into a valuable piece of real estate. How you use your autoresponder will be of the utmost importance to the future success of your home based business marketing efforts.

2. Develop a pre-sell page with an opt-in form on it. Many affiliate marketers fall into the trap of sending their traffic directly to their affiliate sales page. Even people who are marketing their own products online make the same mistake.

You are much better to use a pre-sell page where you warm your prospect up. You can even put an opt-in form on your pre-sell page and ask your visitors to fill out their name and email address before you send them on to your sales page.

This is a good way to build your list while warming your prospects up at the same time. The key is to make this pre sell page as targeted as possible without causing your website visitor to lose interest and leave before they fill out your opt in form.

3. Your sales page is where you sell your products or affiliate products. This is where your prospects will be sent after they go to your presale page. If you’re utilizing your opt in form correctly then once they fill the form out you will redirect them to the sales page where they now have a chance to purchase a product from you.

Obviously your home based business marketing goal is to sell products to make money on the Internet. You do this on your sales page, but if your visitor chooses not to make a purchase on the first visit, you still have their name and email address that you can follow up with your autoresponder.

Since many people take several exposures to a product before they make a purchase this gives you an excellent chance to still make a sale in the future if they don’t buy from your sales page right away.

4. Market your pre sell page like crazy all over the internet. You need to learn how to promote your pre sell page to get traffic to it. The only way the previous three steps will work is if you are getting visitors to this page.

These are four home based business marketing tips you can use today to start building your own list. If you’re serious about making money in your business, then list building needs to be on the top of your daily priority list… every day.

Would You Use Meat Loaf in Your Targeted Small Business Marketing

admin — Thu, 03 Sep 2009 00:00:15 +0000

Paul Flood asked:

Entrepreneurs know the importance of a targeted small business marketing strategy. Many make the mistake of doing what big advertisers do. Rock icon Meat Loaf is in a great commercial but the product and company selling it are easily forgotten. Learn a lesson on how not to advertise

Remember Meat Loaf (born Michael Lee Aday)? His album Bat Out of Hell, released in 1977, has sold nearly 40,000,000 copies and was on the charts for over 9 years. He is also featured in a new commercial that is running pretty frequently on TV.

The ad features Meat Loaf as a dad whose son is begging him to get him a cell phone. He’s singing about how he won’t run up the minutes. Personally, I am a fan of Meat Loaf and I like the commercial. He includes some lyrics and riffs from Paradise by the Dashboard Light, which I’ve always thought was a cool tune.

The other afternoon, I heard the commercial and started singing the tune in my head and realized I had seen the commercial several times and could not think of the company or brand of the phone! Now, I’m thinking this was a fairly expensive production because in addition to Meat Loaf, Tiffany is in the commercial and they are probably fairly expensive talent to hire.

After all of this expense, I couldn’t relate a brand or a product to the commercial! I kept an eye out for the next airing and saw it was for the AT&T GoPhone. Think of all the money spent on the ad. They did a lot of things right like using celebrity endorsements, a good tune and an entertaining spot. But it really made me wonder, why couldn’t I think of the company or the product?

What could you do differently if were considering a similar TV ad as one of your primary small business marketing tools ? For one thing, a bit more focus on the product instead of the production. You could easily think of special offers that would give prospects a reason to buy soon. I’ll bet a contest to have dinner with Meat Loaf or win a free “Bat Out of Hell” concert DVD would attract buyers. You would have a tracking mechanism to see how many inquiries and sales were generated. What if they had a toll free number, 1-800-MeatLoaf, to call and get a special offer and find out how to download the song to iTunes or even a ring-tone? The marketing folks could track response and the ROI on the ad. What if there were a contest to be in a commercial with Meat Loaf?

But instead, the focus was all on creativity and entertainment. I’ll bet the ad will even win an award but I still think ads should be written to sell the product now, not build a brand or win awards. My guess is that you can’t afford Meat Loaf in your ads but remember, when you do advertise, it’s about making money, not building your brand. Brands don’t put food on the table, sales do. When you spend money on marketing, either do it yourself of find a professional whose goal is to increase your profits and is willing to guarantee results, not just earn a commission.

The commercial may not be on TV too long but you can catch it on www.youtube.com. Search for Meat Loaf AT&T. This version is a 90 second commercial that does a better job of naming the product than the spot on TV but it still could have soooo much more potential as a source of REVENUE instead of a brand. When you think about branding as a strategy, ask yourself if you want to get your name out there or sell as much of you product or service as possible and build a strong and loyal customer list as quickly as possible.

For the small business marketing tools to add to your toolbox, go ahead and think about branding. However, your brand needs to be strong and you should strengthen it with incredible products and service or with your Unique Selling Proposition. Build your brand using marketing that creates prospects and leads. It is just as expensive to get your name out there with a compelling offer and reason for a client to buy from you now as it is to just get your name out there. The difference is the ROI. The Meat Loaf commercial offers no way to measure the ROI and small businesses can’t afford to throw scarce marketing dollars up against the wall and guess at the ROI.

Here is a powerful small business marketing tip when it comes to a brand-building strategy: If your financial planner came to you with an idea to spend $10,000 on marketing as an investment, you’d think, “What will my return be?because she is a trusted advisor. Use the same standards with your marketing, advertising and media reps. Ask the question: “What is my projected return and how does it compare to other marketing investments?When the rep tells you the value of impressions, ask for some statistics from other advertisers regarding the ROI of the ads and spots they are running?

After you watch the YouTube video, see if you can help me out. Why is Tiffany holding a leg of lamb when she enters the commercial set? Maybe there is some reference I don’t remember from Meat Loaf’s earlier days. He was quite a theatrical talent!

Home Business Marketing Secrets

admin — Wed, 12 Aug 2009 07:44:47 +0000

Tom McMULLEN asked:

If you want to make sales you need to do some home business marketing unless you are lucky enough to get all of your customers from word of mouth. Most businesses, no matter how large are not that lucky.

People from kids to 80 year olds now buy things on the internet. It is becoming second nature to compare product prices, and look at various merchants online before they actually make a purchase.

This is good news for business owners who are using the internet to make money. You can sell more, and make more money if you are being found online. So how do you do that.

First of all, if you do not have a website or blog of your own, you need to get one. Part of your home business advertising efforts will revolve around sending traffic to your site and you can not do that effectively using any old replicated or affiliate website.

When you set up your site make it easy to get around in. One mistake many business owners make is they clutter their site with useless junk that actually detracts from their main products. Solicit some outside opinions on your site as it is easy to fall in love with your work and be blinded to any problems it may have.

Another important factor to keep in mind is how fast does your site load. Slow loading sites lose visitors who will not wait around. They will leave and go somewhere else like your competitors.

If you are unsure about how to lay your site out look at what the top websites in your industry are doing. This should give you some ideas for your own website.

One more point to keep in mind is that everyone who visits your site will leave. It is to your benefit to have an opt in form where they can join your newsletter, or access a free report.

You will greatly enhance your home business marketing efforts if you capture information for future follow up. Imagine that you have thousands of visitors coming to your site everyday and only a small percentage will buy anything from you.

The best thing you can do is get as many names and email addresses to follow up with and turn some of those into future customers. You can not do that if you let everyone leave to never hear from you again.

So how do you get visitors to your website? You do that 2 ways.

1. Offline marketing

2. Online marketing

If your business has a strong offline presence already you can add to that by adding your website to any newspaper ads, yellow pages, radio, flyers, direct mail, your business cards, and so on.

It is amazing how many small businesses and home businesses do not have a website. You can use this to your benefit when you get one.

Online marketing can come in many different ways as well. Much of this will depend on your budget. Here are a few ideas.

1.Pay per click advertising with Google, Yahoo, MSN, 7Search and other pay per click search engine programs.

2. Article marketing where you either write, or hire a writer to write, articles about the niche your business is in. Include a bio box for your readers to find your website in.

3. Ezine advertising is a great way to cheaply reach thousands of readers who are on someone else’s list. This is great when you do not have a list of your own to email to.

There are many directions your home business marketing efforts can go. Always remember that the more eyeballs you have viewing your website the more potential business you can have.

Business Marketing: The Most Important Aspect Of Your Business

admin — Fri, 17 Jul 2009 13:21:27 +0000

James Copper asked:

You’re currently at the situation where you have built up a company based on products or services that you genuinely believe will provide great earning opportunities. Before you get ahead of yourself, however, you need to gain the attention of the market to make them pay notice to what you’re selling first. And this is not an easy thing to do.

Here are 6 tips for your first attempt at business marketing:

It is not all about the money – Many business owners make the mistake of believing that the bigger and flashier a marketing campaign is, the more market attention it will gain. And true, and expensive advert will capture your market’s notice, but it may not retain it long enough for them to buy into what you are offering and to trust in you.

Don’t delegate – You should only trust yourself and your partners to build the marketing foundations to your company. Your employees can’t possibly know and love your company as much as you do, no matter how qualified the employees are. You can ask for advice from outside sources such as experts, and they can create a marketing business plan for you, but make sure that you work closely with them and don’t just wait for their outcome.

Be ethical in business marketing – Whatever you do, avoid using illegal or deceptive methods whilst carrying out your business marketing. If you want your company to be successful, you must learn to love and respect your customers. You may be tempted with quick money-making schemes but these won’t work for your business in the long term and it may lead to the company going bankrupt.

Don’t be shy – There’s no room for shyness in the business marketing industry. Now is the time to overcome your inhibitions and face the world. You will need to stand up for your company, if you want to market your business effectively. It is crucial to sound convincing and actively promote the many wonderful benefits you are offering. People want to be engaged, and the only way to do this is to be assertive and forthcoming.

Bring your target market closer – In business, you need to think of your target market as your own family. By doing this, you will gradually learn which ways to reach customers and keep them interested in your company’s products or services. It is important you learn everything about them including what they like and what they dislike. You should get to know them so well that you can almost perfectly predict how they would react in any situation.

Focus on benefits and not features – Remember this when it comes to business marketing as it is important. Make sure you focus on the benefits of your ad campaign or marketing strategy as apposed to the features of your product or service. Customers are more likely to remember how their life can be made better or easier by what you are offering, rather than how your product or service works.

One last point to note is that evaluating the results of your marketing strategy should be high up on your list of priorities for the business. One can always learn a large amount from past successes and failures and this knowledge can serve your company greatly.