Marketing mistakes that most entrepreneurs make – and never know it
I have a number of happy, hard-working entrepreneurs who had great ideas and the drive, but when it came to marketing their products or services and themselves, they all made the same mistakes over and over again.
If you realize that you believe one of these myths and find yourself doing it in your business, STOP IT… RIGHT… NOW! You need to rethink your approach to marketing, before you waste more money and energy going down the wrong path.
So what are some of the most common marketing myths that entrepreneurs believe? Read on:
Myth #1: PEOPLE ARE INTERESTED IN MY PRODUCT/SERVICES
This may come as a big shock, but customers are not really interested in what products or services you offer. They care about one thing: what is the benefit to them? How will your product help them fulfill a want? At the end of the day, customers always think of themselves, and how you will help them achieve their dreams. Period.
For example, if you are only advertising the products you offer, you are missing the mark. Instead, you need to focus on how these products will help customers – what is the specific benefit that they will get out of it? For example, do you offer a program that helps participants lose the extra weight after pregnancy? Or maybe you are offering a special dining experience for couples who want to celebrate their anniversary in an exclusive environment? In both cases, there is a specific benefit that a customer can relate to his or her situation.
Your message has to be about how you can change your customer’s life with your products or services. How can you help them achieve a specific goal? How can you help them eliminate their frustrations or overcome fears? It’s not about what you do. It’s about what you can do for THEM.
Myth #2: PEOPLE READ MY NEWSLETTERS
Many people think that if you have a great marketing message and send it out to a big email list of potential customers, you should get a ton of responses. In reality, approximately
5-10% of the list will read your email, and 2% will buy. If you can hit numbers like this, you will succeed.
What inspires customers to open that email you just sent? They will open it because you communicate consistently, and you always provide them with excellent and relevant information. You have built a relationship with them, and backed up that relationship by giving them something of value.
As an example, I met an entrepreneur once who sold interiors, who had built up a small list of email contacts through his website. Every time he posted a new newsletter to his website, he would send out an email blast with a link to the newsletter: “New newsletter, click here”. He measured how many people would click through to the newsletter from the email, and realized that almost nobody was clicking on the link. I told him to change the link to be the title of an interesting article from that newsletter, for example, “10 tips how to choose the perfect accessories for your living room”! Suddenly more people were opening the email blasts and clicking through to the website. Not only that, but they were forwarding the email blast to friends, quickly building his list of registered subscribers!
Myth #3: I INVENTED A GOOD PRODUCT
Maybe you did. But how will you communicate it? Be careful how you present it. If you make it sound “too good to be true”, people will be skeptical and may not believe it.
Rather than communicating it with a lot of superlatives that may raises doubt about its effectiveness (and may be hard to prove), make a simple claim that you can back up with statistics and studies. That’s all.
Myth #4: LET’S DO A BIG CAMPAIGN AND GET TONS OF CUSTOMERS!
This is a big mistake that has badly hurt more than one business. Imagine that a business owner has a good idea, and creates a huge, expensive marketing campaign to promote it. Then just sit back and wait for the customers to come knocking, right? What do you do if the campaign isn’t as successful as you expected it to be? You just blew the entire marketing budget, and don’t have the resources to launch a new, revised campaign.
There is a saying among marketers: one promotion is no promotion. The average customer has to see an advertisement 7-9 times before they will commit to buy. Factor in that they don’t see the advertisement at least 2 or 3 times when it appears, for whatever reason: they didn’t open the emails, or lost or threw away your flyers, or your Facebook post didn’t appear in their newsfeed. That means that you have to send the same message 10-20 times to make a consumer see it and commit to buy. Does this mean that you need to bombard potential customers with the same message over and over? NO! That gets annoying fast. But if you use smart marketing tools, like the ones I am sharing in the OMG Original Marketing Guide course, you can get your message out there and noticed.
The secret is consistency. Set up a smaller budget and run several smaller campaigns, instead of one big one. If it doesn’t succeed, you can still change it: re-write content, change the media, change the message, etc. Promote your offer frequently, and become a constant fixture in your potential customer’s head.
Myth #5: MY PRODUCT IS THE BEST, SO I WILL BE SUCCESSFUL
Unfortunately, it’s usually not the best businesses that are the most successful. It’s not enough to be the best. You have to be the best at COMMUNICATION. There are a lot of average (or even bad) businesses out there that get more customers than they can handle. How? They communicate effectively and consistently, so even if they get dissatisfied customers, they have more in line waiting to buy from them.
How can you ensure success? Sure, you have to have a good product. It’s very important to build a solid reputation. But that alone won’t make you successful.
How many people are going to know to buy your products or services if they don’t know how great you are? Nobody. Learn to communicate your message effectively so that people can see you are the best at what you do, and can help them.
Myth #6: MILLIONS OF PEOPLE NEED MY PRODUCTS. I NEED ONLY 1% OF THE MARKET
I wish I had a dollar for every time I heard it.
This may come a surprise, but you can’t measure potential success based on the size of the market. If the market size were the only key for success, every restaurant would be successful, because everybody has to eat. But we all know that restaurants struggle and go out of business every day. Why? If you have something that everyone wants or needs, why can’t you have guaranteed success? If millions of people need your products, and you offer a benefit that will help them do so, people should be flocking to your store, right?
Let’s put it in perspective: how expensive it would be to advertise for 10 million people that might be interested in your product? Or even 1 million? For comparison, how hard is to advertise for 1,000? Find a small niche in your market and focus on them.
Your first step is to figure out what the market really wants, then how much competition you have, and finally, is there an underserved niche or specialty that you can build your business around?
When you can answer these questions, you will not only understand your potential opportunity in your market, but also be able improve on that potential. Rather than hoping for the 1% of the millions that need your product will show up at your door, take action and reach out to the hundreds or thousands that want and need what you have to offer.
Stop reading and start creating!