Top Three Marketing Pitfalls

Nowadays, marketing a product or business is more challenging than ever. The unlimited marketing and advertising options can quickly become overwhelming and even bring you to a stand-still. Limited budgets and speed-to-market make it even more challenging, so it is critical to begin by laying a solid foundation. Here are three of the most common marketing pitfalls and how to avoid them.

Failure to segment their customers. 

In business, there is a standard rule of thumb commonly known as the 80/20 rule. This rule implies that 80% of your business/sales come from your top 20% customers (primary customers). Identifying and learning about your Primary Customers will vastly improve your marketing efforts; knowing who they are; where they are at; and what they do, will make your job easier and save you time and money.

Failure to clearly state the value of the product/service for your customers.

We often get caught up with learning our product and service inside out that we forget why this product/service is of benefit to the customer.  We are so passionate about the product that we feel the benefits are obvious to all, but often times they are not.  Once you know who your Primary Customers are, make sure you are helping them understand and want your product by clearly telling them how your product will improve their lives.

Wanting to be everything for everyone.

Many companies suffer from an identity crisis. In the desire to please everyone they lose sight of what they originally set out to do. This brings us back to the 80/20 rule.  If 20% of your customers provide 80% of your sales, then you should direct 80% of your efforts towards them and be the best for them. I am not suggesting you ignore the remaining 20% of customers, but your efforts should mirror their value.

My advice is, take the time to analyze your customer base and really get to know them.  Often times you will find that your top customer is not really who you thought. For example, they might buy your product for reasons other than price or color options. Once you have identified your Primary Customers, create a profile of an “ideal customer”. Assign attributes such as man or woman, age, education, preferences, shopping habits, etc.

With a clear picture in mind of WHO the Primary Customers are, your next step is to create a clear value proposition for them.  Something that will catch their attention and make them want and need your product. 

Once you have done your homework, creating a focused campaign is much easier and you won’t lose sight of your goals.  That’s until your customer base changes…

Come back next week for the Top Three Marketing Tips.

 Article provided by VMarketing Services in Phoenix AZ. For more information contact info@vmarketing.com