Marketing involves taking the skills, experience, and resources and combining them for (hopefully) a profitable outcome.
But marketing strategies can take time & when you’re a startup company, time may seem like something you don’t have.
Here are five common marketing mistakes startups should AVOID:
- Spending Money On Marketing Before You Have Product-Market Fit
Product-market fit means a business knows for CERTAIN a large number of customers will pay to get a product or service.
Therefore, that business can spend significant money to market that product or service.
- Taking On Too Many Tasks Simultaneously
When starting, you may feel like you’re spread too thin & you have a one-person army taking on a million tasks. The key is to focus on one task at a time.
You won’t start being “good” at every marketing task & that’s OK. But don’t burn your bridges before you finish them.
- Quitting A Marketing Campaign Before Seeing Results
This is where patience comes into play. Marketing campaigns take time before eyes get ahold of them. It’s the natural process of marketing.
You have to realize this before you enter the marketing world. Give your marketing campaigns a chance to demonstrate results before you get rid of them.
- Pouring Too Much Money Into One Plan Or Resource
Startups will likely face a situation where a solution seems to attract customers more than others.
Your first reaction will be to pour revenue costs into these efforts, but that’s “certain death.” As a startup, there’s little room for mistakes, especially when trying to stay afloat.
Find where the “ceilings” are with each marketing resource & invest wisely.
- Marketing Is NOT All Or Nothing
Under NO circumstances should a startup pour ALL of its earnings & revenue into ONE campaign or plan.
If the campaign fails or generates few leads, fine, but you want to still have JOBS after the campaign.
This point goes back to the importance of planning & investing wisely BEFORE putting too much faith in one campaign.
Here is what the article states –
“The surprisingly common mistake is betting more than you can afford to lose. Make sure the worst-case scenario to any marketing bet is that you lose money, but everyone still keeps their jobs, the business survives, and your reputation stays mostly intact. Do this, and even your worst mistakes won’t be that bad.
It’s okay to make mistakes, but most are avoidable, and you can still keep the upside opportunity. Go slow at first, so you can go fast later. Do the small things really well in the beginning, and as you gain traction, you’ll be able to do the bigger things faster, with less risk and with higher profits.”
Read the full story here.
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