| One way to achieve entrepreneurial success is to | | | | Many successful entrepreneurs rely on their "gut" |
| NOT make the following marketing mistakes: | | | | and experience to make strategic decisions. That |
| 1. Trying to sell everything to everybody | | | | may be a good compass, but take the time to |
| Trying to do everything is a prescription for a | | | | verify your assumptions with market research; |
| marketing disaster. Being the best requires | | | | sometimes your instincts are wrong. |
| commitment and focus. Pick that one thing and | | | | 7. Not giving things time to succeed |
| pass on the rest. | | | | Building a brand and selling customers takes time |
| 2. Cost-based pricing | | | | and money. Set conservative goals and make |
| Most small firms don't have a good handle on cost | | | | sure you have funds available to promote new |
| accounting and they invariably underestimate their | | | | products; you might get lucky, but generally |
| costs. If pricing is cost-based, the end result is | | | | success is hard earned. |
| often under priced products. Instead, price on | | | | 8. Lousy websites |
| perceived value. This is pricing which reflects the | | | | Dead links, out-of-date content, and old web |
| potential savings, the highest satisfaction level, or | | | | designs will drive your customers away. Websites |
| the maximum use that a client will receive from | | | | need to be refreshed constantly with new rich |
| the purchase and the use of the product or | | | | content and you need to maintain your site's |
| service. | | | | optimization for the major search engines. This is |
| 3. Inconsistent branding | | | | a requirement of doing business in virtually all |
| Your business cards say one thing, your website | | | | industries today. |
| say something else, and your brochures tell yet | | | | 9. Out of date customer lists |
| another story. Branding is a promise of value | | | | Your current customers are in the accounting |
| which requires consistency. Tell one story only. | | | | system, your holiday card list is in Excel, your |
| 4. Over reliance on one big customer | | | | prospects are in Outlook and your former |
| Many small companies become hostage to one | | | | customers are in the file cabinet. Your customer |
| large customer. When that customer goes away, | | | | list should be treated like a treasure chest. Keep |
| your firm is toast. How big is too big? I suggest | | | | this list meticulously updated in one file and back it |
| no bigger than 25% of annual sales. Take care of | | | | up. Let me repeat: back it up. |
| this important customer, but focus your | | | | 10. Not updating your marketing plan- Even good |
| marketing dollars on finding some other | | | | marketing plans need to be updated. Things are |
| customers. Do it now. | | | | changing quickly. The promise of internet |
| 5. Selling product and features | | | | advertising is finally coming true. The yellow pages |
| People don't buy products and features. They buy | | | | are dead. We have entered an era of |
| solutions to their problems. It is not about you. It | | | | personalization. One size does not fit all anymore. |
| is all about them. | | | | Review your plan quarterly and update annually. |
| 6. No market research | | | | |