A marketing strategy is the backbone of any business. It generates the required awareness about your products or services among customers. A good marketing strategy should correlate well with the long-term marketing plans and goals of the business.
But, due to a variety of reasons, businesses tend to go for flashy strategies or outdated ones to market their products. This can negatively impact the sales as well as reputation of overall business.
Let us find out where businesses go wrong in choosing their marketing strategy properly.
Lack of marketing expertise
A marketing plan devised for a business should be organized in a way, such that it complements the goals and resources of the organization. But many businesses become over ambitious and go for extreme marketing campaigns that are not necessary for their business type. This leads to depletion of funds, which can be used for other purposes.
A marketing program will be futile if it fails in targeting the desired audience. Many marketing professionals try to impress the management instead of working on customer preferences and choices. Marketing strategies designed in such manner will have little impact on customers purchasing decision and may lead to poor sales.
Ignoring Internet marketing
A study by Nielsen online and web visible has revealed that 44% of the small businesses in US are not having websites. This is a very high number considering the extent of Internet penetration in the country.
Even if they have a website, many of them are unable to leverage the benefits offered by Internet. Here are some reasons for it:
•Do not update websites regularly
Many businesses do not update their websites regularly. Customers are exposed to information that is two or three years old, and in some cases the content they display remains outdated. This leads to a loss of potential customers who browse their website for the latest products in the market.
Some businesses assume that setting up a website completes their Internet marketing strategy. They neglect techniques like SEO and PPC campaigns, which are essential in targeting their customers and increasing traffic to the website. Without making use of SEO techniques, a business fails to attract those customers who might genuinely be interested in its products.
•Perceive it to be expensive
Though Internet marketing is inexpensive compared to traditional marketing strategies, many businesses perceive it to be expensive and beyond their financial reach (mainly due ignorance). If used effectively, a website also provides a platform for businesses to sell online.
Below par customer service
Businesses can make use of customer service as a good marketing strategy. Delighting customers will create a favorable impression in their minds and motivate them for repeat purchases. This would even encourage word of mouth advertising for your business. A business does well even during testing times when the customers are served politely, professionally and in a fair manner.
A good marketing strategy guides a business in taking their products closer to the customers. Businesses must focus their marketing efforts in such a way that customers can easily relate the product or service to their requirements.