Nonexistent Marketing Plan

It is rare that a small business owner will actually make a marketing plan. This is because most small businesses are started with precious little capital and the concern over a marketing strategy is nonexistent.

To succeed, it is imperative to any business that a marketing plan be devised. It is like taking a map with you on that road trip across the country. You would not want to get lost, would you? Running a business without a marketing plan is a recipe for failure. You have to separate the various marketing elements and craft a plan designed for success and you will eliminate the fear of failure.

Being Oblivious to the Market

Who, what, where, and when are the questions you should ask yourself. Failing to analyze the market is quite common. The target market needs to be within reasonable reach. If not, you’re heading for disaster.

“Who” refers to the type of customer that purchases the company’s products and/or services? This often begins with listing by genders, age groups, ethnic groups, and local establishments.

You also need to know where your potential customers are also where your competition has its customer base. If your company depends on traffic from the street, you will want to know about the area immediately surrounding your business.

You also need to know what limits are in place. Location is critical so found out about the location of your competition and what areas they service. Knowing this will help you found out if any limitation need to be looked into further.

Interchangeable Services and Products

Entrepreneurs are known to go from one business to another without missing a beat. Confusion is sure to follow because no one really knows exactly what kind of products or services the company is actually selling. When you see a business advertising itself as “full service” to its customers, this is generally a warning sign. Interchangeable products and services is great for the bottom line, but the resulting confusion for customers can have disasterous consequences.

Lack of a Business Plan

Never start a business without first having a working plan. The promises and actions of others does not a business plan make. The idea of the business must be tangible and possible. Every part of the process should be planned and achieved by you, and only you. The experience and knowledge of the owners are the foundation upon which the company is built.

Failing to Respond to Customers

Businesses need to react quick in this fast paced world to the concerns of their customers because a slow or delayed response will cost customers. The holidays are a prime example.

The customer has no time to spare. He runs into a department store for a last minute item and finds a line 50 people long.

A. Does he wait patiently in line for his turn?
B. Will the manager open up another line?

Of course, the answer is (B). In order to keep the customer happy, the retail manager opens another register to accommodate the crowd.

It is easy to avoid some of the more common marketing mistakes once you see that you are guilty of committing them. Plot a course of action and check progress monthly. You may want to invest in a business consultant to help you get everything in order. It could be money well spent.

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Do You Make Any of These Critical Marketing Mistakes?

Author : Vlad Ehrsam
Source :   http://www.beccag.com

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