Founder & CEO, Keynote Speaker, Entrepreneur, Recipient of Comparably’s Best CEO ’17
January 7th, 2012
Marketing is a game of strategies. The success of your marketing approaches largely depends on how accurately the strategies are designed, and of course, how they are implemented. In some cases, it becomes too hard for planners to convince the management to draw specific plans. Therefore, even some big corporations fail to take proper marketing approaches which may end up costing much more than they bargained for. The following is a list of six of the most common mistakes that executive management makes when it comes to inbound marketing.
Not choosing the perfect strategy:
Failing to choose the right strategy can be a severe problem. This mistake can easily occur when you rely on proven strategies that gave you positive results in the past, but that may not be right for your current needs. But, everything changes according to nature. So if you are finding Pay Per Click (PPC) advertising highly effective today, it could easily prove to be an ineffective method tomorrow. Therefore, an entire marketing strategy may collapse if the right method is not chosen and current needs aren’t analyzed and identified properly.
Hiring different specialists before determining needs:
Serious penalties can lie ahead if you hire a specialist even before you determine the results from your existing marketing strategies and/or before you determine your precise needs. For example, if you are fundamentally spending money on Search Engine Optimization right now, you would obviously need to wait awhile to see the results of your marketing strategy for SEO, and only after you see what the results are and after you’ve determined your needs should you even consider hiring an SEO strategist. If you are not satisfied with your current progress, remember that Rome wasn’t built in a day, and before Rome was even built, they had to determine the best way to build, choose what tools would get the job done, and then begin to build before they could identify certain problems and needs. Some things just can’t be determined beforehand, so wait for results before jumping the gun. Always remain positive.
Are you planning to prove your products more worthwhile than the ones of your competitors? If so, then you are on the wrong track. Never intend to overstate your products. Making consumers aware does not necessarily mean that you have to prove your products better than theirs. So, instead of giving misguiding information about your opponents’ products, simply clarify yours. For example, both Pepsi and Coca-Cola are popular soft drinks. But, do any of these companies try to prove their products are better by providing false information or by talking about the other one in comparison all the time? Management needs to be more careful because the majority of marketing strategists are intending to increase inbound marketing budgets, making the sector more competitive and meaning that those in management need to be prepared for all kinds of marketing strategies taking place that may affect your brand or company. According to thecontentsquad.com, even small businesses have increased their inbound marketing budgets by 49%, so a rise overall is definitely on the way for everyone, meaning that strategies like misguiding consumers will quickly put a company under.
As the executive management personal, you need to be fixed on any specific plans that are made. For example, if you find that social media marketing is not proving worthy enough to attract the expected number of customers, do not simply give up the efforts. Make some strategic changes but don’t think it will never bring results or prove to be un-useful. Make some changes to whatever isn’t working, pass that energy and devotion on to whatever you find IS working, but keep all strategies going unless they’ve proven to hurt you in some way.
Lack of coordination:
You are creating an all-in-one website for your company that will cover the whole company virtually, right? Okay, fine, but have you checked whether the specialists of different sectors who are all working on inbound marketing are cooperating with each other or not? It is highly necessary that each and every specialist cooperates with other specialists working in other sectors but who are all working for the same goal. Your website may often become the victim of malfunctioning if you fail to ensure cooperation. For example, if the SEO guy does not pay heed to the web designer, then on page SEO could be skipped which will hamper the SEO progress. Quite simply, to create an effective inbound marketing strategy, the right hand has to know what the left hand is doing.
Copying the competitor:
Suppose you have a small business website that is still in its infancy. But, there is a giant company that has an established website with tons of visitors every day. So, what if you copy the techniques initiated by the management of that business? Well, if you are planning to do so, it can quickly prove to be a disaster. Remember that your website is new and that every successful website had to start somewhere; you can’t just dive right in without carefully analyzing your needs and making some forecasts. Therefore, marketing strategies taken by a small company, for instance, must be different from that of the giant company’s. So, the secret of inbound marketing success is that you can never copy your competitor’s website because the strategies are supposed to be different since you’re a different company: regardless of how many similarities there are.
Marketing is definitely a complex process that needs months of work and strict implementations of strategies. One single mistake can ruin the entire stake of success. So being careful when making a decision is absolutely a necessity, and one thing that management can do is remember that they may not be the best ones to execute the marketing strategies, and they shouldn’t be afraid to ask for guidance in this area. Remember too that inbound marketing is different than outbound marketing, and if done correctly, you can reap more rewards from inbound marketing: Hubspot.com suggests that a company needs 62% less money to generate leads on inbound marketing than the traditional outbound marketing strategies. Hence, it’s worth the patience and work to make sound marketing decisions and to determine what a company’s needs are correctly.
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