- September 1, 2017
- Posted by: Wevio
- Category: General, Market Research & Analysis, Wevio Blog
Top 5 Marketing Mistakes That Backfires For Sure
Where marketing can prove to be doing wonders it can turn out to be quite opposite if some important things are ignored. There are number of companies serving today in each line of product which brings numerous opportunities and threats down the road. Every business person wants to be vigilant enough for the foreseeable and unforeseeable threats and wants to be welcoming to the opportunities and they probably achieve it doing the right things whether knowingly or unknowingly. Now you might want to do all the good things but you want to avoid the worst things first so that your good things shine out as gold. So here are those five things that you want to avoid very badly if you want your business to succeed.
Frizzy Research To Bring About Lame Results
Your company is probably involved in some market research before they can target a set of audience, before they can chalk out their marketing plan, before they can even set a standard for their product or even before they think of the ingredients of the product but it would all go in vain if not done in a right way. The companies keep lingering around things which are not of much worth and amidst all they forget the real things which are their customers and their products. Even if they know what they are doing with their product they probably mess up with the right market and end up promoting their product to people who either cannot buy it or who will never buy it. This is the reason you need to increase the efficiency of research before you target an audience and market your product to them.
Improper Positioning and Segmentation
There is one thing that people are so much buzzed about and that is positioning but nobody pays much attention to doing it the right way which is more important than anything else. Doing something is one thing and doing it right is another, so we should focus on doing things right by positioning your product in the right market which you set by right segmentation. Companies with varieties in a product have different segments to serve to because of which they require to position their products accordingly but companies tend to have different segment strategies but not the positioning ones. The loop-hole that a $20 chocolate is not meant for the blue collar workers and hence ignoring that segment as a whole, these kinds of misconceptions are very dangerous for the company and you need to look out for them, you need to have a proper research otherwise the outcome would be disastrous.
Well, well, well, if you don’t have something special to offer then why should I ignore thousands of other sellers who are selling the same product with better deals? You need to address that simple question which if not addressed can bail you out of the competition and market at the same time. You need to have a unique selling proposition which is so unique and good that the customers could never resist. That is how you will be able to market your product which doesn’t take away all your market otherwise be sure to lose the whole market and watch your product and company both fail.
No Focus on Market Retention
You can’t afford to be dumb enough to not retain your customers, otherwise be ready to experience the same hideous story which will leave you torn apart. Where you have put in so much efforts to capture a small part of market share how can you just let it go? No way, you can’t let this happen, this is the biggest blunder of all, you need to retain your customers. So you need to focus on the very issue of market retention and have to make sure you retain at least 75% of new market share and 95% of old market share.
Lack of Research on Customers’ Needs
Companies today make to sell and not to satisfy which is the biggest reason companies are not successful today, they will just have their product development team in place and will have them a mediocre product which costs less but is compromised on the quality part, companies are just pushing the products in the market which is not a very good strategy for a long run. You need to have your research team in place which can come up with something which satisfies the customers’ needs. After all the customer is the king in contemporary times.
All five blunders which can turnaround any company’s position are discussed above and some suggestions are given which can be followed to get the things on track.