Marketing plays a vital role in boosting the sales of any business. Thus, every business owner makes an effort to market their services or products in the best possible way, so they can lure customers and increase their earnings.
In fact, marketing has become so crucial for businesses over the period of time that now many organizations that advertising their products and services on television, radio and streets is not enough. They also need to shift their focus towards online marketing.
Consequently, today there are large number of businesses around the world that are advertising their products and services on various social media platforms and websites.
Still there are many organizations which do not have much faith in marketing, as they were not able to generate many sales through promotion and advertising. However, when an analysis was conducted to see what actually went wrong with them, it was discovered that such business owners make three typical mistakes. That will seriously hurt their businesses instead of bringing in more money. These three mistakes are as follow:
- Mistake # 1: Seeing Marketing/Advertising as an Expense and not as an Investment
- Mistake # 2: Making Marketing Investment Without Knowing the Return on it
- Mistake # 3: Start Selling Product or Services Without Devising a Marketing Plan
Mistake # 1: Seeing Marketing/Advertising as an Expense and not as an Investment
There are countless businesses, whose owners still think that marketing is an expense and not a valuable investment. Such an approach regarding marketing is totally negative because without promotion and advertisement a business can never touch its full potential. Thus, such business owners need to change their thinking. Otherwise they will never be able to achieve success.
Mistake # 2: Making Marketing Investment Without Knowing the Return on it
There is no shortage of business owners who start throwing money at marketing without even thinking what they will get against the dollars they are spending. Usually these types of investments are aimless because they are not directed towards customer targets. Thus, if you do not have any idea how much money you need to spend on marketing or you are not able to target your potential customers then, it means that you are wasting your cash.
Mistake # 3: Start Selling Product or Services without Devising a Marketing Plan
The third major mistake that most of the companies or entrepreneurs make is that they start selling their services or products without devising a marketing plan first. That is more like a marathon race which has no finish line. Therefore, even top ranked salespersons fail to boost the sales of a company if it has not developed a marketing plan.
The idea behind having a marketing plan is that it provides important details that can help a business to improve its visibility and customer base. That’s not all a well thought marketing plan also provides the owners quantifiable methods that will enable him/her to measure the return on investment (ROI).
It is anticipated that by viewing these three serious marketing mistakes business owners and entrepreneurs will revisit their marketing strategy. And come up with a better plan to advertise their products or services, if they believe that they were making the same three mistakes.
As far as people who have no idea of marketing are concerned, they can enroll in ninthd’s latest international certification program called Mini MBA. The economically viable skills (EVS) training program of ninthd will give them the core knowledge of marketing as well as Human Resource, finance and supply chain management. So in just 17,000 rupees you will gain high quality knowledge of marketing and an international certification too.