Marketing your business as an entrepreneur is the costliest part of the process. It’s also the most difficult part of getting your company off the ground. You’re going to learn about the main mistakes first time entrepreneurs make when marketing their businesses. This guide will show you how to avoid obstacles before you ever have to come up against them.
Marketing to EVERYONE
Entrepreneurs like to believe that their products are sure to be loved by everyone. First time entrepreneurs are driven so much by optimism that they don’t think about marketing to a niche. Hitting everyone available to you will only lead to a lot of wasted dollars, and potentially a lot of bad reviews.
Focus on marketing to a small niche of fanatical customers, as opposed to trying to bring in as many people as you can.
Concentrating on the Metrics that Don’t Matter
It’s easy to get a false view of a business and its perceived success when you’re looking at the wrong metrics. Most first time entrepreneurs have to get to grips with the things that actually matter. In other words, they have to stop focusing on metrics that say nothing about a business.
For example, the biggest mistake first time entrepreneurs make is seeing web traffic numbers as an indicator of their success. The fact is that web traffic numbers mean absolutely nothing to nobody. They don’t pay your rent and they don’t make the cash register ring.
Not Allocating Enough of a Budget
Marketing costs money, but most first time entrepreneurs spend most of their money on developing a product. They’re so certain that spending the extra money on a great product will mean people are sure to just come and buy what they have to offer. That’s not the case.
Nobody is going to buy your product if you don’t market it well enough. First time entrepreneurs are often guilty of having nothing but a few cents to market their products.
And it’s sad because after they burn through it they don’t have enough of an income to keep things rolling.
Failing to Look Up Your Target Market
You can take a guess at who’s going to love your product, but this is rarely enough to make sure that you’re hitting the right people. You should be using the numbers to determine who your target market is.
For example, you should be asking your customers what they want to see from you. Market your product just to them and you’ll see better results.
But keep in mind that your target market is fluid. You should be looking back at your target market on a regular basis to make sure that it’s the same market as before. You’ll have to adjust your business as your audience changes.
Marketing in All the Wrong Places
Do you know where the worst places to market are?
Too many channels. First time entrepreneurs are often guilty of going wide when they should be concentrating on just a few channels. It’s always better to focus on a couple of channels, and to do them well, than it is to try to spread your name to as many places as possible.
You can easily expand as time goes on.
Last Word – Get it Right
Failing to get your marketing right the first time could lead to the destruction of your business before it even gets started. These five examples should help you to make sure that you don’t make the same mistakes as entrepreneurs before you.
What do you think is the best way to make sure that your company gets off the ground?