Wouldn’t it be good to avoid all the common marketing errors that first-time entrepreneurs make? Avoiding frequent missteps can save any owner serious money. It’s during the startup phase that capital is usually in short supply. That means just side-stepping one or two major mistakes is a huge competitive advantage, no matter what industry you choose to ply your trade. Of course, lack of a degree tops the list for a variety of reasons.
Other pitfalls include that time-honored practice known as going cheap or not committing to enough marketing and promotional spending in the business’s budget. Shockingly, the majority of startup managers ignore several excellent forms of low-cost and no-cost advertising techniques. Others lose out by not taking part in social events or making time in their schedules for community service work. The failure to track the results of promotional spending is another obstacle to long-term financial success. Consider the following marketing mistakes and do whatever it takes to correct them.
Not Getting a College Degree
Prospective and current customers look at owners’ bio pages. If one isn’t listed on the official company website, they find the information elsewhere. Getting a college degree and financing it in the smartest way possible are two things every entrepreneur should consider doing. Luckily, you can take out a student loan to deal with the financial aspect of the challenge. Then, take the time to earn a four-year degree. There are plenty of online and in-person programs available for busy professionals. Don’t let the lack of education hold your business back. Borrow what you need and put in the time that it takes to acquire the degree.
Ignoring Free and Low-Cost Advertising Resources
The internet is a blessing for anyone who wants to get the word out about their products and services. There are dozens of no-cost and free resources out there, including discussion forums, social media sites, and guest blogging opportunities. Additionally, consider boosting your networking skills to promote your organization. Always have a one-minute elevator speech ready to go for random meetings with potential clients. Give out business cards, make yourself available for radio interviews, and place ads on free-to-post sites whenever possible.
Not Making Time for Community Service
Sadly, far too many business owners view community service projects as non-income generating endeavors. In reality, they have the potential to boost profits in the long run in a more powerful and enduring way than most other activities. Sending a company team to raise funds for the local library is an excellent way to get your organization’s name in front of the public. Always leverage this kind of activity by promoting the business’s name on shirts, caps, jackets, and free handouts.
Not Tracking Results
Spending money is one thing, but tracking results is an even more essential part of the promotional process. Unless you have a way to see how effective a given campaign was, there’s no way to know whether to continue with it. Large search engines and online marketing strategies offer many useful analytic tools so owners can measure how much revenue they were able to generate from a specific ad campaign.