Warning Flag!

 

What Are the Two Most Common Mistakes in Marketing Your Business in Today’s Business Climate?     In a down economy marketing your company and advertising its products and services is not an easy task. However, no matter what condition the economy is in, every business needs to tell its current and prospective clients/customers about just what the company has for sale – and why consumer needs it now.

1. The most common mistake that a company makes in a slow economic climate is to do nothing: no marketing, and no advertising. By doing nothing the company hopes that the current clients/customers will carry the company through the tough times…and that, new clients/customers will mysteriously find their way to its products and services.

2. The second mistake is to put all of the company’s advertising dollars into just one ad (or one promotion) with the hope that this will attract enough prospective clients to help the business grow. This action rarely works. It’s better to spread those dollars over a number of opportunities in the same media, e.g. six smaller ads instead of one, or Tweeting over a period of time, instead of for one big promotion, etc. People usually need to see your name/product/service over and over before they become comfortable enough to buy from you.

Marketing, branding, and advertising are long-term efforts. If a company wants to prosper it needs to develop a long-range plan for marketing, branding, and advertising. Then the company needs to develop a program in order to implement that plan. And, lastly, they need to actually follow through – by executing the program on a continuing basis.

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About Nate Marks

We live and work in a world of visual images.
This entry was posted in Branding, Business, Design, Marketing and tagged , , , , , , , , , , , , , , , , , . Bookmark the permalink.

2 Responses to Warning Flag!

  1. Third mistake for a business: Fail to capitalize on your competitors’ mistakes. While your competition “batten down the hatches,” they leave your company’s marketplace open for the taking. Now is the time to reach their customers… and at media rates that are the lowest (and most negotiable) in decades. Just be sure your promotion is offering a substantial incentive to sample your services or products NOW. Remember, a customer you steal from a competitor is twice as valuable – you get the extra revenue AND your competitor loses strength.

  2. Nate Marks says:

    I agree completely! These recessionary times are perfect for capturing market share. A company will get a real leap on their competition if they are willing to invest in their future right now. As the country comes out of this economic slowdown prices for media – and for creative – will rise dramatically – as will competition.

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