The sad thing about new business startups is that 90% of them fail in their initial stages. Business owners are unable to overcome the marketing issues they face to gain new customers.
This is mainly because they are fantasizing most of the time and could not survive ground realities and competition lying out there already.
Acting smart is essential in gaining profits from your business idea. You just can’t dive first time into the ocean and start swimming. You need to learn from experienced swimmers and figure out how to survive the strong waves.
Here are the 10 Mainstream Marketing Issues that Marketers must overcome to grab attention and grow revenues
Selecting a Market
As a newbie in the market, you tend to go for the kill and reach out to every possible business or individual. This is not a great strategy and consumes a whole lot of time often yielding poor results compared with time invested.
Instead, do research on your product or offering and figure out what kind of traits your customers should have. Then select that market which suits your customer profile. This is also referred to as Market Segmentation. If you keep reaching out to individuals who don’t need your products or services then this will be a time wasting and demotivating factor.
Differentiate and positioning among Competitors
The positioning of startup up is essential in a way to help potential customers build perception and differentiate among the competitors. There are two ways in which Positioning Strategy can be defined.
- On the bases of Costs
- On the bases of Uniqueness
If a firm wants to lead the market on the bases of costs, then more value is to be provided in the same price charged by competitors. The Uniqueness develops on the quality of the product not much offered in the market before.
These positioning strategies greatly help in coming up with prices that most of the target customers will be willing to pay. If an entrepreneur fails to develop a positioning strategy and doesn’t differentiate his firm among the existing competitors then failure chances are quite high.
Positioning as a Brand
Here comes my favorite part while executing Marketing Strategies. If entrepreneurs don’t develop a brand for themselves then retaining customers percentage is quite low. The cost of new customers acquisition also tends to increase if a business isn’t able to convert itself into a brand.
A business needs to develop the perception of a positive set of attributes with its brand. What comes to the minds of people when your brand comes to their mind is an important thing. The more important thing is how consistently a business fulfills their expectation in terms of quality and value for money.
Selection of Marketing Channels
In this modern world, entrepreneurs often find hard to what marketing channels they should select to promote their business. With channels available from Outdoor Marketing to Print and Internet, it is often confusing what will bring the best ROI.
In an honest opinion, marketing channels are to be selected on the bases of the nature of the business. Also, the budget needs to be specified for promotions to get a more clear picture. Above all channels, Online presence of a Business should be done as early as possible.
Maintaining Balance to avoid desperation
One of the hardcore issues in recent promotions of brands is Aggressive Marketing and this has risen to such an extent that everyone is trying to do the same. With the exception of a few successful campaigns, marketing budgets tend to go in flames due to marketing aggression.
A right balance needs to be maintained in promoting products or services that customers don’t feel annoyed by seeing your business everywhere. This kind of desperation needs to be avoided and carry out marketing campaigns at regular intervals with new attractions.
Raising Expectation Level with Promotions
With effective marketing campaigns, customers tend to respond to them with much higher expectation level which often doesn’t match with the buying experience. A perfect example would be when Retailers announce discount schemes, some say up to seventy percent, and when the customers land in-store, not much is being offered at that price.
So marketers need to realize that messages can have a powerful impact but they should be deliverable to enhance customer experience. The quality of products and customer service should be able to cope up with the rising expectations of customers.
Integrating Marketing Campaigns
Most of the organizations often execute marketing campaigns successfully delivering the message across, but when it comes to employees awareness, they know nothing regarding those campaigns. This is quite an embarrassing situation because people who are in real interacting with the customers don’t know any concept of marketing taking place at a broad level.
So, it is essential to make employees and sales team aware of upcoming marketing campaigns and promotions so they can handle it accordingly before customers start responding.
Building Trust and Maintaining Credibility
The most difficult thing for entrepreneurs is to build trust in the initial stages of Marketing Strategies implementation. You don’t succeed a hundred percent in the first go, so to be successful as a marketer, continuous set of efforts are to be done.
In addition to trust, credibility needs to be maintained for powerful future marketing campaigns. Credibility speaks volumes for the company and customer retention rate is much higher than less credible businesses.
Optimizing Marketing Campaigns
The real secret of success lies in between optimizing and continuously evaluating your marketing efforts. Keep historical data what has performed better and what failed to derive required results. This is extremely important in addressing Marketing Issues and keep a check on industry trends and past success ratio.
Finding the right technologies to evaluate results and calculate ROI is a tricky task. Along with the identification of a tool, it needs to be integrated with existing systems also. The old school method teaches us to compare marketing expenses with the revenue business has generated. But with today’s technological framework, success can be counted with many different factors depending on the marketing platform.
This is not talked about mostly but spending budgets on customer-focused marketing campaigns raise concerns among employees who are not satisfied with their paycheck. In order to keep everyone happy, internal marketing plays a major role in the success of a business.
Employees should be taken care of and they will be doing word of mouth marketing on their own. This is a bit trickier situation to tackle but policies and paycheck should always delight the employees and they should feel at the right place all the time.