Whether you start a big investment based company or a smaller one, you need to keep in mind certain things that must be avoided while starting a business. Remember, even the baby steps that you take in your business strategy matters a lot and if you are making a big decision then you have to pay extra attention to it. When it comes to a startup, you are likely to get all drenched while understanding the fact on how to manage the cost and increase the revenue. At first, you may find it quite challenging but as your business starts getting in top market and people start realizing about your business existence then trade becomes quite simple.
Big Marketing is not always an option:
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Starting up a new business may take time for you to get it known among people and the target audience. But that does not mean that you should spend all or most of your investment in big marketing. There are some cost friendly options that can also help you create a lasting impression in the mind of the customers and the good part is you don’t have to spend too much money as well. If you spend a lot of money now then may be your marketing can turn out to be a huge success and demand may increase due to which you may not be able to meet the increasing demand.
Selecting Wrong Channels:
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This is probably another mistake that you may do as there are so many channels that you may come across as a part of marketing that may tempt you. But this can be a blunder which you will be doing. You need to choose the right channel to target the audience. Suppose, your business is all about technology and gadgets, then broadcasting your business on a fashion channel is pointless. You need to look for the right channel that would eventually lead you to enjoy the best of the returns with a good profit for long.
Are you staffing up your marketing efforts:
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To build your brand by investing in the marketing staff may sound tempting but remember, it is not always a right option. The only time you should make an investment is by expanding your team of marketing when you are really out of the efforts and looking out for some low cost options. There are some amazing low cost options like freelancers and interns that may work best for you. The owner of TDS, Sam Vickers says that you don't really need to have a staff of 100 people to make things work. An effective delegation strategy of work can result into great deals. Outsoucring model is the Future of small buisnesses.
Don’t spend much on making your brand perfect:
[/list]
Most of the startups also look forward to only focus on making their brand stronger. It is necessary to first create an impression about your business existence in the mind of the customers and then make the decision on changing the names, creating a rebrand and even revising the website to name a few. Focusing too much on brand through platforms like social media will eventually leads to loss of your business audience. Some may even put you in the spam list for being annoying.
Marketing decision must be carefully made:
[/list]
Not every person need to make the decision on marketing. It is quite obvious to make the marketing decision by taking opinions of others but everyone’s opinion should not be considered to be the only decision. You may ask for a poll, suggestion and even tips that can contribute in improving the business revenue but that does not mean you will give all the rights and authority of letting your business decision be taken by every individual. Eventually, you need to make the decision keeping everyone’s opinion in mind.
Don’t run your business just to stay ahead of competitors:
[/list]
If you are into the business where the competition is at high stake then you need to make some good strategies that can help you gain mass customers. Simply making the strategies to stay ahead of competitors make no sense. If your competitors are making new strategies but your businesses don’t require one as it has already achieved the desired result, then you need not to act. Your competitors may have a big budget but your marketing strategy should be made in such a way that it proves effective at one shot.
Are you tracking results in a right manner?
[/list]
When you spend money on marketing, you must track every aspect of what you do. If you have no clue of what traction you have got then you are probably missing out the most important thing. You need to know if you have received any kind of return on the investment that you have made. The campaign that you launch must have a tracking code, if you use print ads then there must be some unique phone numbers. Remember, whatever strategy you make need to have a track of its results.
Now that you have got a better idea on what mistakes need to be avoided, take it seriously and try to inculcate some healthy strategies in your business if you want to see it run for a long period of time. Always remember, a company without good people, good mindset and good plan is nothing. You must serve the customers keeping their satisfaction at high priority. Don’t include politics in your business as it may ruin the entire working process. Always look for the better opportunities to appreciate people who strive hard to achieve a good success in your business. Make decision on whether qualified candidate needs to be hired or your friends without job must be hired. Such small decisions will have a huge impact on your business growth.
Big Marketing is not always an option:
[/list]
Starting up a new business may take time for you to get it known among people and the target audience. But that does not mean that you should spend all or most of your investment in big marketing. There are some cost friendly options that can also help you create a lasting impression in the mind of the customers and the good part is you don’t have to spend too much money as well. If you spend a lot of money now then may be your marketing can turn out to be a huge success and demand may increase due to which you may not be able to meet the increasing demand.
Selecting Wrong Channels:
[/list]
This is probably another mistake that you may do as there are so many channels that you may come across as a part of marketing that may tempt you. But this can be a blunder which you will be doing. You need to choose the right channel to target the audience. Suppose, your business is all about technology and gadgets, then broadcasting your business on a fashion channel is pointless. You need to look for the right channel that would eventually lead you to enjoy the best of the returns with a good profit for long.
Are you staffing up your marketing efforts:
[/list]
To build your brand by investing in the marketing staff may sound tempting but remember, it is not always a right option. The only time you should make an investment is by expanding your team of marketing when you are really out of the efforts and looking out for some low cost options. There are some amazing low cost options like freelancers and interns that may work best for you. The owner of TDS, Sam Vickers says that you don't really need to have a staff of 100 people to make things work. An effective delegation strategy of work can result into great deals. Outsoucring model is the Future of small buisnesses.
Don’t spend much on making your brand perfect:
[/list]
Most of the startups also look forward to only focus on making their brand stronger. It is necessary to first create an impression about your business existence in the mind of the customers and then make the decision on changing the names, creating a rebrand and even revising the website to name a few. Focusing too much on brand through platforms like social media will eventually leads to loss of your business audience. Some may even put you in the spam list for being annoying.
Marketing decision must be carefully made:
[/list]
Not every person need to make the decision on marketing. It is quite obvious to make the marketing decision by taking opinions of others but everyone’s opinion should not be considered to be the only decision. You may ask for a poll, suggestion and even tips that can contribute in improving the business revenue but that does not mean you will give all the rights and authority of letting your business decision be taken by every individual. Eventually, you need to make the decision keeping everyone’s opinion in mind.
Don’t run your business just to stay ahead of competitors:
[/list]
If you are into the business where the competition is at high stake then you need to make some good strategies that can help you gain mass customers. Simply making the strategies to stay ahead of competitors make no sense. If your competitors are making new strategies but your businesses don’t require one as it has already achieved the desired result, then you need not to act. Your competitors may have a big budget but your marketing strategy should be made in such a way that it proves effective at one shot.
Are you tracking results in a right manner?
[/list]
When you spend money on marketing, you must track every aspect of what you do. If you have no clue of what traction you have got then you are probably missing out the most important thing. You need to know if you have received any kind of return on the investment that you have made. The campaign that you launch must have a tracking code, if you use print ads then there must be some unique phone numbers. Remember, whatever strategy you make need to have a track of its results.
Now that you have got a better idea on what mistakes need to be avoided, take it seriously and try to inculcate some healthy strategies in your business if you want to see it run for a long period of time. Always remember, a company without good people, good mindset and good plan is nothing. You must serve the customers keeping their satisfaction at high priority. Don’t include politics in your business as it may ruin the entire working process. Always look for the better opportunities to appreciate people who strive hard to achieve a good success in your business. Make decision on whether qualified candidate needs to be hired or your friends without job must be hired. Such small decisions will have a huge impact on your business growth.