Business can be tricky. If you are having a steady flow of income, this can very easily create an impression that things are going as they should, leaving you oblivious to the fact that they can get even better. The idea here is to grow, but if you are continuously making these mistakes, then you will forever be in a plateau with no real forward motion.
But what am I talking about? What are these mistakes that many people in business are making without being aware? Well, these issues mainly relate to marketing and as we well know, marketing is the lifeblood of your business.
1. Using Too Many Paid Ads
Most business people spend quite a considerable amount on paid ads without having any real connection with their customers. The best type of marketing is customer focused meaning that you are aware of who they are, where they are as well as what they want.
Now there is nothing wrong with paid ads and they will benefit your business but only when the CPA or cost per acquisition is lower than the CLV or customer lifetime value.
Needless to say, if you are spending more to get a customer than what the customer is actually worth, then your business is losing valuable cash. So, it pays to know the value of your customers which you will then compare with the cost of the ads.
2. Don’t Be Too Quick in Affiliate Marketing
This is yet another mistake that many business people are guilty of…going straight into affiliate marketing. I agree that the end goal is to sell but before you can get to this stage, you need to gain the trust of your affiliate.
Start off by building a relationship and kick things on from there. Once the trust is established, selling should be easy.
3. Broadcasting on Social Media
Like we mentioned above, marketing centers around knowing where your customers are. If most are on a social media platform, then it makes sense to establish your presence there. If they are on Facebook then you should also be on Facebook, the same goes for Instagram and twitter.
However, a major mistake that often works against business people is staking out the availability of something. For example, you might say “I have launched this new product, check it out!” This is broadcasting and by no means does it establish a rapport with your clients.
The best approach is to create a good relationship first where you interact with your clients and then introduce the product.
4. Paying “Experts” for Tasks You Are Not Conversant With
I know what you are thinking. You need experts and you can’t surely handle everything yourself. However, when you do decide to get external help in your marketing campaign, be sure to ask about the points that you do not understand.
That way, you will shield yourself from being duped by these “experts”.
This is often something that business people have to deal with. But it can really ruin your business in the long run. When you want to launch that new product, it’s paramount that you do not wait any more than is absolutely necessary. Otherwise you might not get the product in the market soon enough!