Avoiding the 10 biggest marketing mistakes

By Peter Koeppel

f f AVE you noticed a slumP in Your H |' .lsales? Are you having trouble establishing your new business in the marketplace? Or maybe you're established, but you just can't seem to get the word out about your new Product? If these situations sound familiar, then your marketing may be to blame.

New businesses may not know how to market themselves properly to get the results they want. But marketing challenges are actually quite common among businesses of all sizes. In today's competitive business world, many small and mid-sized companies lose sight of the marketing practices that made them successful in the first place. And even the large, established companies tend to let their good marketing practices slide sometimes.

So what can you do if You suspect your marketing efforts are less than satisfactory? First, understand the 10 biggest marketing mistakes businesses make-and then learn how to avoid them.

Misrake $ -ruot developing a marketing plan

A marketing plan is a critical Part of every successful business. It helps you design your product and service to fill a market niche, identify your target audience, and then see what You need to do to get your target audience to buy your product or service. Also, when creating a marketing plan, you design the objectives and tactics to further develop your marketing efforts in the future.

Mistake 2 - ruot planning a marketing budget

You need to spend money to Publicize, market and advertise your business to make it successful. As a general rule of thumb, you may spend at Ieast l07o of your revenue on marketing efforts. Essentially, these costs keep your company going and Your products selling. No matter what size your company, you need to have a marketing budget.

Misrakeffi-ruottargeting aspecific audience

You need to understand that Your market doesn't include everyone' No matter what product You have, not (Please turn to Page 56)