Hi guys! Today I want to lay out some common mistakes people do when trying to market their goods or services. Honestly, I don’t like going negative, but sometimes it’s important to hear the truth! So, here goes nothing…
1) Having a Boring Name:
So… I get that there’s a lot of competition out there. Markets are sometimes saturated- for example, there were 7,176 magazine brands in circulation in 2017. One of the main ways a consumer can identify you is by your name! So be unique, be individual, use a strategy that makes you stand out from the masses. A good naming ‘warm-up’ for sorts that I recommend is to use a random name generator just to get your creative side going.
2.) Not Properly Segmenting the Market:
Yes, I recognize that STP analysis isn’t empirically fun. It takes time, time that could be better spent watching Netflix. But it’s one of the first things they teach you in marketing courses for a reason! To effectively sell and promote your product and/or service… you need to understand your market! When you understand what they want, and why they want it, you need to segment your market.
3.) Trying to Appeal to Everyone:
Honestly… that’s probably not going to happen. If you did STP analysis, know your most viable market segments, and still think “hey, that’s silly, I’ll make the most money by selling to the most people,” you’re doing something wrong… You need to make sure your brand has a cohesive image. Trying to appeal to everyone, especially if your product isn’t a ‘need,’ will likely cause brand confusion and end up deterring customers.
4.) A Lack of Research:
You may like what you made. You worked hard, came up with a new idea (or bettering an existing one), and want to sell it! But do others? Is there a current or potential market? Is it up to par with US regulations? Is it up to par with international regulations? A good idea is to brainstorm about a topic of concern, and ideally find questions for all the answers you come up with!
5.) Not Using Digital Marketing:
Digital marketing was invented and adopted for a reason- it works. Americans spend 24 hours a week online. Make the most out of that captive market and sell your products! It also doesn’t require much capital; the CPC (cost per click) on an Instagram ad is less than a dollar.
6.) Insensitive Content:
Twitter. Instagram. Facebook. There are so many platforms that a company can utilize for promotion. That comes with immense responsibility. You as a business owner have to make sure that the content created and published doesn’t hurt or marginalize any group. Because words unequivocally matter.
Thank you guys so much for reading! This piece was rewarding for me to write, and I hope it was rewarding for you to read. If you have any questions, comments, or more marketing mistakes, post them below!
