Businesses can decline based on the wrong marketing strategies they adopt, most of which are related to being content with the status quo, lacking the desire for growth, development, and failing to keep up with market changes. Below are four wrong marketing strategies that could bring your company down.
What are the key wrong marketing strategies that could ruin your business?
1. Failing to Take the Time to Listen to What’s New
The first wrong marketing strategy is not keeping up with developments. The marketing landscape is always changing, and staying ahead of new business trends is part of a marketer’s job. While it may be easier to focus on what they already know and ignore the latest research and modern marketing tools, this is certainly not the path to success. Simply make sure you start each quarter by analyzing your company’s position in the market, then talk to vendors and host a marketing day (at least twice a year) where all vendors are invited to share new updates. Conduct research based on the information they provide.
2. Not Making Any Attempt for Innovative Growth
This is one of the most common wrong marketing strategies. You can easily use technology to build your brand, and if done correctly, it can elevate your business to the next level. Technology can help you reach your target audience, and you can schedule brainstorming sessions with employees who have a good understanding of the technological solutions you can implement.
3. Not Having a Clear Marketing Plan to Present to Executives
You need to create a marketing plan and ensure it is implemented well in several areas:
Your plan should include a timeline: This sets expectations, ensuring you don’t expect immediate results and allowing you to focus on key improvements.
You need to break down each marketing initiative: It’s a good idea to show weak, moderate, and high expectations.
Include an emergency plan: Sometimes the best plans fail, so you need an alternative plan.
4. Failing to Take the Time to Understand the Core Business Model
For beginners, any marketing effort requires understanding key elements such as:
What is the average customer value?
What is the average customer lifetime?
What is your profit from each customer?
What is the cost to acquire a new customer?
What are your growth goals?
What is your budget? How flexible is it?
What is a good customer and what is a bad customer?
Before you can create an effective marketing strategy for a specific brand, you need to understand its core business model, including facts and figures, as well as what sets the brand apart from competitors. Without knowing these numbers, you cannot craft an effective marketing plan, and your business may falter because of wrong marketing strategies.
The British Academy for Training and Development offers various courses in marketing strategy, including a course on leveraging media to enhance email marketing and a course on marketing and business environment, among others.