Marketing in the B2B or the B2C is not easy but, as a business you got to do everything that is possible under the sun. There will be probable marketing blunders along the way, however, if you use the right strategy, and are proactive enough to check your real-time metrics of the actions that you undertake you will surely stand out.
Would you want to understand the marketing blunders you should avoid in a more engaging way?
Well, here is a narration of two business women, and their approach to marketing which will help you make an analysis of the possible marketing blunders that you can be careful of in future.
Amber and Rebecca are marketing managers for two different fashion boutiques.
Amber is an ambitious individual determined to the concept of “company first” on all occasions. The purpose of the Marketing Campaign being undertaken by her is that the company can sell more of its product and thus bring in more revenue.
Rebecca is a more laid back and comes as they may kind of individual. Here we see the after-effects of both their strategic initiatives.
Amber has a few strategies up her sleeve, and this helps her wade through the possible marketing blunders.
A few of those strategies include:
CONDUCTING NECESSARY RESEARCH BEFORE LAUNCHING THE CAMPAIGNS:
Clear Data Points
Amber knows the importance of prior marketing research and invests considerable time and money to know what could be the trials and tribulations that she might come across during the course of conducting the Marketing Campaign. She also effectively brainstorms for suggestions and ideas with her team to create a winning strategy applicable to avoid marketing blunders.
However, Rebecca has her own concept and strategy to execute the campaigns for her business wherein She refers to one of the previous Market research conducted or just scours the web for some information that might light the path in her Marketing Campaign. This is a sure fire formula for the Marketing Campaign to tank and become a Marketing Blunder. She believes she can only use the past data and the same is applicable to today’s market scenario. In short, she just decides to “wing it.”
Random Data and Random Strategies:
The aftereffects of this method is, Amber ends up with clear data points (Price, packages, personalization, offers, discounts, coupons) which are relevant and customized to suit the business objectives of the boutique, whereas Rebecca ends up with some data which may or may not be relevant to today’s market scenario, and without effective strategies it is a Marketing Blunder waiting to happen. It also might be difficult for her to navigate her way through the Marketing Campaign.
Now, let us elaborate and understand the 5 Marketing Blunders through the actions taken by Amber and Rebecca respectively
1. MARKETING BLUNDER: FAILING TO CAPTURE REPEAT CUSTOMERS
Capturing Repeat Customers:
Amber knows the process of acquiring a new customer is 5x more expensive than retaining an existing customer. Amber regularly checks to see if there is any gap in communication between the client and the company or any disparity which may cause the customer to jump ship. This effectively keeps the company working intact and plugs all holes that might be existing which could factor into the move of the customer.
Failure to capture repeat customers:
Rebecca although a smart individual on most occasions sleeps on her initial successes, she doesn’t look to establish a real relationship with the customer and prep and nurture them so that they will buy more products from you. She doesn’t put in adequate efforts to retarget the existing customers which may cause them to switch from her company to the competitor’s company. When looked at with from a deeper context, we can adequately say this is the beginning of a Marketing Blunder.
2. MARKETING BLUNDER: LACK OF FOCUS ON POTENTIAL CUSTOMERS’ NEEDS
Amber focuses on the persona and the psychology of the buyer and analyses what they want, she also places herself in the shoes of the buyer and knows what exactly the needs of the potential customer are.
Lack of focus on the potential customer:
Rebecca thinks she knows what the customer needs and doesn’t conduct much background research on what the pain points of the customer are wherein the process can be optimized and so on. She takes the list of potential customers and bombards them with her marketing material which is essentially generic and doesn’t ease the pain points of the potential customers. People don’t as much give a second glance to such generic mails and it results in the campaign turning into a big Marketing Blunder.
3. MARKETING BLUNDER: NEGLECT SEO AND ITS IMPORTANCE
Importance of SEO:
Amber is not very proficient in SEO herself, so she collaborates with the Digital Marketing Team to understand what SEO is and how important it is for small and medium-sized business to ride on it.
Once she learns of how SEO brings in visitors who can turn into prospects and later into paying customers she integrates SEO firmly in all her Marketing campaigns.
Rebecca too knows the importance of SEO and requests her manager to allocate the necessary funds to get an SEO check on how the Potential Marketing Campaign should run to avoid any marketing blunder.
The Manager cites the lack of funds and overrules her request and asks her to proceed with the campaign without the SEO Insight. This myopic strategy followed by the company eventually affects the Marketing campaign and Rebecca as well, as she doesn’t get the desired results from it.
4. MARKETING BLUNDER: OVERLOOKING EXCEPTIONAL CUSTOMER SERVICE
Awesome Customer Service:
Amber Knows as a business you shouldn’t look to satisfy the customer but amaze them with your service. This will make the Customer think “Wow, I need to do more business with these folks and also tell my friends about it.”
To make this possible, she insists that she will handle face to face meetings with the people who have had an issue or a negative experience with the product. She also puts into place an effective after sales strategy to cater to the needs/ issues of the customer if any.
Neglecting Customer Service:
Rebecca knows that her product is a reputed one and people will keep coming back to it, and thus she ignores customer service and puts all her efforts into making the product better. But sooner or later the ignorance of customer will come back to haunt her as people will switch sides to the competitors and once the negative reviews start flooding even the existing customers will begin to move away from the brand. This will dent the reputation of the brand and prospects will be doubtful of engaging with the brand citing the reason of the Marketing Blunder.
5. MARKETING BLUNDER: NEVER SLASHING PRICES
Amber is aware that Slashing Prices is a brilliant tactic to keep the customers interested in your product. A product that sells initially for $100 can be sold at a flat 20% discount to those people who are part of your email marketing campaign and regularly buy your products or services. Here you can also say that “This offer is just for you” to increase the value of your brand within the minds of the consumer.
The slash in prices will trigger more purchases of your product and will bring in more profits than what you’ve foregone while slashing the prices.
No Price Slash:
Rebecca as before portrays her brand to be a premium one and never offer lessened prices or different prices to different sets of customers. This will make the customers feel left out and could be the sign they’re waiting for before the consumer exodus to competitor brand begins.
Whether you’re an Amber or Rebecca, Marketing is a challenging process, and a smart marketer always looks to simplify his/her processes and make their job simpler.
Introducing DataCaptive, a complete solution for today’s marketers.
DataCaptive is a one-stop shop for all your sales leads. We compile database records that are authentic and verified which will help you in simplifying your sales cycle and driving more revenues to your business.
Let us lift the weight off of your shoulders from the marketing blunder that may occur due to inefficient database; we’ll help you design and run all your Marketing Efforts effectively.