You have a phenomenal idea, a strong base staff, money in the bank, and confidence that with a little time and a lot of effort, your budding business will bloom to success. But you don’t have all that much experience with marketing, besides watching commercials on television. You decide that it couldn’t be too hard – after all, you have a great product that you just know people will love as soon as they realize it exists. There’s no way that your business could flop with such a strong foundation, right?
Wrong. Unfortunately, many otherwise promising ventures fail when their leaders fail to realize that the best product in the world can’t save a business that lacks an effective marketing strategy. Stay away from these deadly marketing mistakes when you build and circulate your brand!
Spending too much early on
Diving into flashy, expensive marketing strategies may seem like the way to go when you have your investors’ money in the bank, but spending too much too early on can be a fatal mistake for new businesses. Take advantage of inexpensive marketing tactics such as social media advertising and avoid hiring a full marketing staff until your business’s finances can sustain the expense of an all-out campaign.
Over-Promoting a Brand
Admit it – you change the radio station when an ad you’ve heard play ten times comes onto the air. Those who choose to overwhelm their prospective audience with marketing materials are more likely to repel customers than attract them. Err on the conservative side, and avoid spamming your customers! Entrepreneurs need to promote their products and services in such a way that engages potential clients and provides information without seeming overly persistent.
Spending too much time perfecting a brand
It’s important to have a brand you feel appropriately represents your business and mission. However, there comes a point where the shade of blue on a logo or the font on a banner needs to be set, regardless of whether you or your uncle feels it looks “just right.” At the end of the day, your business needs to take off; don’t keep it grounded over cosmetic perfectionism.
Building a Pay Wall Early On
If you really love the New York Times or the Boston Globe, you might drop ten bucks a month on a subscription fee. However, you aren’t going to commit to spending money on a publication or service you’ve never heard of. Putting a pay wall up early on will deter potential clients and lose far more income than you might gain by doing so. Offer a limited free version of your product or service, then offer attractive upsells that attract and keep customers within your business well after their free trial expires.