Admit it, you hate them!
You hate them all!
You don’t like a single one of them but they keep creeping up on you…
Can you guess who I’m talking about?
I’m talking about mistakes!
And I have bad news… you’ll never be able to get rid of them.
It’s the sad truth and makes you feel a bit hopeless… I know.
But, I didn’t come here to ruin your day… I actually came here to give you some good news…You can drastically reduce the number of mistakes you make if you learn from other people’s mistakes.Click To Tweet
I’ve done it, experts have done it and billionaires such as Charlie Munger do it (with his file of foolishness)…
The Wakeup Call
You see… you don’t need to go through every single mistake to become an expert. In fact, you shouldn’t!
- Mistakes cost too much
- Mistakes slow you down and delay your success
Making a mistake is an unexpected cost; it’s an unexpected delay; it’s an unpleasant surprise…
Anyway, enough with my wise speech… I have 5 marketing experts here for you today and they are going to share the worst mistakes they’ve ever made so you can hopefully avoid falling into the same hole… I’ve also added my “2 cents” after each one…
So let’s dive right in…
Zeb Welborn (twitter: @ZebWelborn) www.WelbornMedia.com
The biggest marketing mistake I ever made was assuming that I could help everyone right from the beginning.
When I first started my internet marketing business (because it was via the internet), I thought I could help any business become successful online and so I set up Facebook advertising targeting small business owners in the United States . . . way too large of a target market. By targeting this wide array of individuals I wasted valuable advertising dollars and more importantly, time, energy and focus.
It was a valuable learning experience and so I wouldn’t change anything, but I’ve since realized that identifying a specific target market has helped me to become a sought out resource for internet marketing.
Currently, I’ve identified two areas at which I’m currently able to offer the most value to others.
The first is in the golf industry. With my book, The Social Golf Course, I’ve become the go to expert on social media marketing for golf courses. Identifying this clear target market has helped focus my efforts, secure speaking engagements, and land more clients.
The second is local small and medium-sized businesses. I’ve become very active in my local community and am the current Chairman of the Board for the Chino Valley Chamber of Commerce. By being the go-to resource on anything internet marketing related in our community, I’ve been able to acquire many new clients, engage with local influencers and have a positive impact on my community.
If I had advice for someone starting a business fresh, I would say work on identifying a clear target market of customers you can be an invaluable resource to and go from there.
As Chris Brogan, a guest on my Defining Success Podcast said, “When I think of ways to make money, I fail. When I think of ways to be of service to others, I make money.”
As humans, naturally we want to please everyone… unfortunately, that is never possible. We still give it a try in hopes that it may work for us… and I can tell you from first-hand experience… targeting everyone is the most expensive thing a marketer can do and it never works.
Greg Hickman (twitter: @gjhickman) system.ly
The biggest mistake I ever made was marketing a service for a solution that I was in love with, but the market didn’t feel they had a problem that my solution would solve.
As a business owner and marketer, I needed to fall in love with the problem (and one the market feels is a problem) and not the solution.
Unless your prospects see/feel the problem, it doesn’t matter how well you market the solution.
Excellent point! I see startups doing this all the time… they market a solution on it’s own. They assume the customer knows the solution solves their problem.
Instead of shoving your solution down their throats, try to understand their problems, sympathize with them and then work with them to solve them. Marketers need to treat their customers with empathy and sympathy… like they’d do with a loved one.
Matt McWilliams (twitter: @MattMcWilliams2) www.mattmcwilliams.com
So I don’t know if this qualifies as truly marketing, but I think it does because pricing is fundamentally marketing.
My biggest mistake was charging too little.
When I began my consulting business, my boss at the time and best friend both told me the best business advice I’ve ever received.
They told me to take whatever I thought I was worth and double or triple it. So, of course, I didn’t do that with my first client. But I have not made that mistake since.
Pricing is marketing because if you value yourself too low (and most people do), you can’t effectively market yourself. You also have to justify a higher price. It should be a price that makes you pause and think “am I truly worth this much”?
If the answer isn’t yes, don’t charge less. Find another business.
I love this one… especially the last sentence Matt said. It’s extremely powerful. You don’t want to market yourself as the cheapest… you’re not Walmart and you should never try to be. The only time you can be the number one cheap price leader is when you’ve got a massive operation like Walmart.
Matt Paulson (twitter: @MatthewDP) www.Marketbeat.com
The biggest marketing mistake I’ve ever made is being too reliant on a single marketing channel. I ran a network of personal finance blogs between 2007 and 2011 called American Consumer News that received more than 50% of its web traffic from Google search results.
In early 2011, Google dramatically changed their search algorithm and almost every personal finance website got hammered in the ranks. More than half of my web-traffic disappeared overnight and I was in a really tight position because I hadn’t bothered researching and finding other marketing channels that worked.
I firmly believe that no one marketing channel should make up any more than 25% of your business because your business will take a seriously blow if your primary marketing channel disappears.
This one reminds of the common business advice we hear… “don’t depend on one stream of income”. It also applies in marketing and pretty much everything in life… never depend on just one “thing”.
Jeet Banerjee (@TheJeetBanerjee) www.JeetBanerjee.com
The biggest marketing mistake I have ever made is scaling way too fast. With marketing, especially when you’re spending dollars to acquire customers….you want to scale slowly. There was a time where I figured out that for every $1 I put in marketing I would get $3 back and it seemed like I was just going to mint money from that point forward.
However, the more you spend on marketing….things tend to change. You hit equilibrium points, your campaigns get broader and your conversions may not always stay the way they were to start.
Instead of dumping a massive amount of money when you figure out a marketing strategy, scale slowly and keep tracking/testing your results. Not only will you save a lot of headache by doing this, you can save yourself from potentially losing a lot of money.
My Marketing Pitfalls $0.02…
I left this one for last on purpose. It’s a mistake every marketer has probably made. I’ve done it with Facebook ads; I thought that because $30 got me 1,221 likes on my page that I would get another 1,221 likes if I invested another $30.
It’s always good to keep things steady. Marketers are analytical people… we don’t just throw money around and hope to make a profit, it doesn’t work that way. For that reason, you should always follow the golden rule… ABT – Always Be Testing.
So there you have it…Marketing mistakes that creep up on us when we’re doing our marketing Don’t waste your time and money on mistakes you could avoid…Click To Tweet
What you just learned can save days of wasted efforts… in fact you now know more than most marketers… you’re already a step ahead. Now keep going and don’t let any mistake stop you!
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