When you first started your business, you laid out a marketing strategy you were sure would get people excited about your business and help your sales boom. Now, after some time has passed, you notice that your numbers aren’t quite what you were hoping they’d be and you’re not sure why your strategy isn’t working. Check out these common reasons why your marketing technique may be failing you so you can course correct for a better strategy.
- You’re acting on assumptions.
When your business is first starting out, you don’t have any hard data to rely on for basing your marketing strategy, so you need to rely on assumptions to help you build a marketing plan. You can look at the marketing plans for other, comparable businesses, and you can make basic assumptions about your target demographic; if you’re building new VR gear, you likely aren’t going to market it to 80 year olds, the same way that you aren’t marketing blood pressure medication and denture glue to children. The problem with assumptions is when you continue to rely solely on them after your business is up and running. Once you have specific, accurate data about who’s doing business with you, you can tweak your strategy accordingly.
- You getting what you pay for.
When it comes to marketing, the saying “you get out what you put in” holds true. If your company isn’t spending much or any money on marketing, then it’s not likely that you’re going to see a jump in profitable customer action. The same can be said that if your marketing strategy doesn’t involve you spending any money or actual effort on advertising, then it’s probably not a great marketing strategy to begin with and that’s why it’s not working.
- You don’t have a clear goal.
If your marketing strategy is all over the board from handing out frisbees on the street to hosting high-profile power lunches, while you are marketing your business and likely increasing engagement with your business, you’re not maximizing the marketing potential that you have. Instead of brushing a broad stroke, appearing on the radar of 20,000 people who may kind of be interested in your business, why not focus your marketing on a smaller audience while engaging with them more?
- You’re too focused on the short term.
While short term goals are important in helping a business succeed, you need to place an equal amount of importance on your long term goals. Hitting the ground selling is important for a business starting out to help it stay around long enough for the long-term to matter, but it shouldn’t be your only goal. Keep your sights set on the future and keep in mind that it takes time and effort for your business to succeed.