Lack of Marketing Investment
Market conditions are tough and companies need to watch cash flow. However, it’s also important not to suffocate your business through lack of marketing investment. Competitors are busy targeting your customers and inevitably some will leave. That’s why a continuous business lead generation process is essential and investment in targeted marketing is vital. That doesn’t mean throwing money at marketing that is ill thought out. You need a plan. But consider your audience and what your potential customers might respond to. Focus on your strengths and identify where you can create impact and standout. Where do your customers go for information, education, communication and even entertainment? Try to be visible when they are searching for things that relate to your business. Focus your marketing efforts where you can create most impact and where you are likely to be the most credible.
Ill targeted marketing
Ill-targeted marketing may seem like an obvious error to avoid. But it is more common than people think. Do you really understand the specific segments and job roles that buy your products and services? And why they buy? Lack of customer research and customer analysis hampers many businesses. A customer or market survey is relatively inexpensive and provides great insight that you can use to define sales and promotional strategies. Customer feedback promotes loyalty and supports continuous improvement. So don’t ignore customer research and ensure your marketing is well-targeted.
Social Media Blindness
Some small businesses view social media as something that absorbs time for no clear return or investment. Whilst social ROI is much debated, one thing is for sure, social media is here to stay and is growing in influence. Whether that’s connecting with potential customers on LinkedIn or influencing decision makers via Twitter or promoting compelling content via YouTube or Google+, you cannot ignore social media and its impact. Customers buy on recommendation and more buyers are defaulting to online reviews and recommendations for their personal and business buying choices. What are you doing to influence those in your favour?
Bad Reputation Management
How much is a good reputation worth? It’s often said that when we get good service we tell a few people (maybe more with the advent of social media) yet when we receive poor service this is magnified many times. Why is it then that some companies fail to effectively pursue solutions for poor service and don’t offer appropriate recompense to disaffected customers? Delighting a customer creates advocacy. That’s especially so if the provider overcomes a previously less than acceptable experience. It has been documented that effectively remedying a bad experience creates greater loyalty than before the poor service took place. Ask yourself therefore what processes you have in place for giving great service and putting right what you got wrong.
GSA is a London based new business development and telemarketing consultancy with an office in Manchester. We offer new business development and marketing strategy, senior-level telemarketing services and telemarketing training to ensure that clients generate more new business and deliver ROI.
If you’d like to find out how GSA Business Development can help Generate Growth for your Business or book one of our new business development and marketing strategy workshops, contact us now on 0845 658 8192 or send us an email.
