When you’re a startup or a small company the last thing you need to do is waste your money on things that may not pay off. You should be watching every penny you spend and making sure where you put your money will have positive returns. Here are some ways you may be wasting your time and money on marketing.
Too many businesses concentrate on building a following on platforms like Facebook. Although that may have been a good idea a while back now many small businesses are realizing they’ve invested a lot of time and effort in something they now have to pay to use. Facebook’s constantly changing algorithm insures that only a tiny fraction of your followers ever see your content in their News Feeds, and small business owners are having to purchase Facebook ads to get their content seen. It’s a better idea to Start collecting your followers’ email addresses so you can communicate with them directly. Use what social media investments you have to build your email list.
According to the Small Business Administration (SBA), 30 percent of all start-up small businesses fail within two years, and that number reaches 50 percent within five years. Much of this has to do with the fact that people have overblown expectations, they want results within a few months and when that doesn’t happen, they quit. Expect a two-year ramp-up period. If that seems impossible, use careful advertising to get the marketing engine warmed up then complement that with as much content as you can afford to create and promote.
One big mistake is not taking the time to understand your customers. If you don’t understand your customers, you might as well donate most of your marketing budget to charity. Take the time to do the research on your prospective audience and use that information to define your strategy.
Of course there are many more mistakes that can be made but these are just some of the more obvious and easier to fix ones.