Five marketing mistakes made by SMEs
Marketing is incredibly important when it comes to running a business. Yet, when it comes to marketing, many small businesses make common mistakes that could easily be avoided with just a little bit of knowledge and expertise. Here, Rob Staathof, CEO of Liberis, highlights some common mistakes that should be avoided in order to increase the chances of success.
Expecting to get something out of the business without putting anything in
Many of small businesses start up expecting everything to work out right for them from the outset. Both effort and money need to be put into any new business whether that business is large or small. If the effort isn’t there then the results that they expect won’t be either. Making an effort to work should be a ‘given’ but if putting enough funds into the business is a struggle, then taking advantage of a merchant cash advance for SMEs is a viable option to aid in the quest for business success. With effort put into marketing the brand from the beginning, and money being funnelled in to achieve these goals, it will be much easier for a small business to be set apart from the rest.
Not knowing who to target and how to target them
Plenty of small businesses start with no marketing plan at all which is a major mistake. The best place to start is with a simple marketing plan, no matter how small. Breaking the whole market down into segments and then identifying the ideal area to target is a good start: then you can investigate the relevant ways to reach them. The aim of your marketing plan should be to highlight which strategies or tactics are right for your business and how, when and where you are going to use them. It should also include details about who you intend to sell to, how you will sell to them and how you will let them know about your business.
A reluctance to put the effort into a marketing plan will only cause problems – if a small business cannot be bothered to get the word out there properly about what they provide, how can they ever expect to achieve their goals? A clear and concise marketing plan can help small businesses grow exponentially so it is a necessity when starting up.