Tag Archive for: Business Mistakes

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Four Tragic Mistakes You’re Making with Digital Marketing

You might or might not be aware of the mistakes you’re making with digital marketing. It takes a lot of effort and time to make digital marketing produce the desired results. It is not limited to marketing automation software or apps. Digital marketing comes with a unique set of technologies and, most importantly, a great strategy. When you are lacking the right strategy, however, it has several pitfalls and it’s easy to make fatal mistakes that can cost you your business.

Here are four of the most common mistakes business owners are making with digital marketing.

1. Failure to identify a target audience

My business cannot prosper if I fail to identify the customers I wish to target with my products and services. Marketing must always take place with the customer in mind. I must identify and define my customers. I must know who they are. The advice I give to my fellow business owners is to put all digital marketing campaigns on hold until we have a clear idea of the type of customer we want to serve.

Start by studying the audience before formulating a campaign based on their behavior.

2. Lack of marketing strategy

Nothing ever happens consistently and successfully without a strategy in place. Marketing, whether digital or traditional, needs good strategies in place to produce the results the business owner or marketer envisions. In my time, I have seen several tactics and techniques used instead of the solid and reliable strategies. A strategy should come before any tactic or technique. Strategy always shines the light on the path threatened by “darkness” and “uncertainties.”

3. Ignoring mobile

Any form of marketing carried out in the 21st Century that doesn’t consider mobile is set to be a massive flop. Marketing that does not take a mobile-first strategy cannot go far. Ignoring mobile means discriminating against possibly 50% of the customers who keep the business running. Mobile optimization is essential for marketing. Ignore mobile and forget about conversions. Neglect mobile and even great content will not help.

Use this guide to develop a mobile digital marketing campaign.

4. Saying No to SEO

One of the mistakes you’re making with digital marketing is saying no to SEO.It is here to stay. Search engines still believe in SEO and so should we. Digital marketing requires the use of tools such as websites. E-commerce would not happen without websites. A business needs a solid and competitive online presence to be successful. That presence is impossible to create while ignoring SEO and thinking that it is dead. SEO is essential for building and maintaining a healthy presence online.

Avoid ignoring conversion optimisation either.

Avoid implementing too many tactics. Instead, use 1-2 tactics at a time and ensure you can track your results.

Know what your target audience wants.

Know where you can find you target audience.

Adopt strategies for reaching your ideal customers by delivering value.

I hope these points will help you avoid some of the mistakes you’re making with your digital marketing. Have you learned any other valuable lessons in the process of running your business? Let me know in the comments below.

To your success,

 

Reference

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6 Common Business Mistakes You Want To Avoid When First Starting Out

When I started my first business at the age of 21, I had all the right reasons for why I would be different and succeed. Well, guess what? I lost thousands of dollars because I really had no idea of what I was doing at that time.

In Australia, more than 60 percent of small businesses fail and cease operating within the first three years of starting.[1] This fact is too often ignored by young entrepreneurs who are just as naive as I once was.

I now know that the main reason I failed was because of my lack of marketing skills at the time. I had a good product that people were actually buying, however, I wasn’t able to reach enough of the right people and turn them into buyers. Here’s your chance to learn from my mistakes.

6 common mistakes you want to avoid when first starting out

1. Giving up too quickly

It’s all exciting when starting out as an entrepreneur. Until you hit a brick wall. There will be many obstacles along the way and sadly most people simply give up as soon as the first challenge arises. It’s all too hard and staying in your job is just too comfortable.

2. Not having clear goals

A shiny new product in a pretty box is not a very good goal. After all, you didn’t go into business because you wanted to sell pretty boxes. You went into business to live your passion, make money, and to enjoy the freedoms of a successful entrepreneur. Be very specific and clear about what freedom means to you personally. Then work on those things that truly make an impact and help you achieve your goals faster. Read this post about the principle of leverage and how you can use it to grow your business twice as fast by doing half the work.

3. Not testing the market

It’s easy to assume that your product will sell and that everyone is going to love it. All your friends and family are probably telling you how great your idea is. What would they say though, if you asked them to pre-purchase your product and actually hand their cash over? Test it out. If out of 10 people no-one buys it, it’s probably a bad idea.

4. Ignoring the numbers

Chances are, the profit margins for your awesome product are just not high enough. Did you really think if you bought these cool t-shirts for $10 and resell them for $20 you made $10 profit? If you are serious about building a business, here are just a few things to consider: Taxes, accounting & bookkeeping fees, advertising cost, Marketing and promotional budget, rent, utility bills, shipping & returns, plus all the time required to build a profitable business.

5. Lack of focus

It takes focus to get a new business off the ground. Lots of focus. You need to have a plan of what your business is going to look like in a few months, as well as in a few years. Then, break your plan into smaller chunks and focus on staying on track. If you are like most young entrepreneurs you are probably working on the next project, even before you’ve seen any results. Stay focused. Also, instead of focusing on money, focus on adding value to your customers’ lives. If you can add enough value, the sales will come naturally.

 

6. Working on the wrong things

Yeah, no. Your logo and letterhead can wait. Start selling first. If it works you can start worrying about the cosmetics. You don’t need to spend hundreds or thousands on a fancy website either. Keep it simple and prove that your idea works on a small scale before you start going global.

 

 

 

Why do you think your business will be different? Have you experienced other challenges in your business or seen a new business fail? What’s the biggest lesson you have learned thus far? Leave me a comment below!

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1. According to the Australian Bureau of Statistics: http://www.abs.gov.au/
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7 Reasons Why Your Business Is Going To Fail Within Your First Year

In Australia, more than 60 per cent of small businesses fail and cease operating within the first three years of starting out.[1]

This fact is too often ignored by enthusiastic entrepreneurs who all believe they have what it takes to build a successful business.

When I started my first business at the age of 21, I had all the right reasons for why I would succeed. Well, guess what? I lost thousands of dollars because I was overly confident and naive.

In other words, I didn’t know what I didn’t know.

Looking back, I now know that the main reason I failed was because of a lack of marketing skills at the time. I had a good product that people were actually buying, however, I wasn’t able to reach enough of the right audience to make it profitable.

7 reasons why your business is (probably) going to fail within your first year

In this article, I’m sharing common mistakes in the hope that you can learn from them.

1. You are not testing the market

It’s easy to assume that your product will sell and that everyone is going to love it. All your friends and family are probably telling you how great your idea is. What would they say though, if you asked them to pre-purchase your product and actually hand their cash over? Test it out. If out of 10 people no one buys it, it’s probably a bad idea.

2. Your numbers simply don’t add up

Chances are, the profit margins for your awesome product are just not high enough. Did you really think if you bought these cool t-shirts for $10 and resell them for $20 you made a $10 profit? If you are serious about building a business, here are just a few things to consider: Taxes, accounting & bookkeeping fees, advertising costs, Marketing and promotional budget, rent, utility bills, shipping & returns, plus all the time required to build a profitable business.

3. You give up too early

It’s all exciting when starting out as an entrepreneur. Until you hit a brick wall. There will be many obstacles along the way and sadly most people simply give up as soon as the first challenge arises. It’s all too hard and staying in your job is just too comfortable.

4. You waste your time working on the wrong things

Yeah, no. Your logo and letterhead can wait. Start selling first. If it works you can start worrying about the cosmetics. You don’t need to spend hundreds or thousands on a fancy website either. Keep it simple and prove that your idea works on a small scale before you start going global.

5. You are lacking focus or simply focus on the wrong things

It takes focus to get a new business off the ground. Lots of focus. You need to have a plan of what your business is going to look like in a few months, as well as in a few years from now. Then, break your plan into smaller chunks and focus on staying on track. If you are like most young entrepreneurs you are probably working on the next project, even before you’ve seen any results. Stay focused. Also, instead of focusing on money, focus on adding value to your customers’ lives. If you can add enough value, the sales will come naturally. Steve Jobs, the founder of Apple, was a genius at creating things that people want. The sales were a by-product of Apple’s early success.

6. You don’t have the right toolbox (or no toolbox at all)

If you are a mechanic and want to build a car from scratch, you are going to require some serious tools. You’ll also need to know exactly what tools you require to get the job done. Your toolbox as an entrepreneur might look a little different, but there is no doubt that you will need one. Do your research on what you really need in order to achieve your goals work hard on getting smart.

7. Did someone say goals?

A shiny new product in a pretty box is not a very good goal. After all, you didn’t go into business because you wanted to sell pretty boxes. You went into business to live your passion, make money, and enjoy the freedoms of a successful entrepreneur. Be very specific and clear about what freedom means to you personally. Then work on those things that truly make an impact and help you achieve your goals faster. Read this post about the principle of leverage and how you can use it to grow your business twice as fast by doing half the work.

Why do you think your business will be different? Have you experienced other challenges in your business or seen new businesses fail? What’s the biggest lesson you have learned thus far? Leave me a comment below!

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1. According to the Australian Bureau of Statistics: http://www.abs.gov.au/
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