With so many methodologies and tools, today’s Marketing professionals often lose their focus and their way in the quest to achieve results for their companies.
Here we’ve listed 5 mistakes which your Marketing department might be making.
1) CUSTOMER LOYALTY
Customer loyalty is the keyword of the 21st century in marketing. But many marketers are so desperate to get new clients that they end forgetting their gold mine is in their current customers. In some companies, current customers can reach 80% of a company’s invoice. If your company is far from this number, one of the strategies that you must take immediately is to look better at your clients. After all, customers who already buys from you are much more likely to buy again and in more quantity than a customer who has never bought. In summary, the amount of money spent on advertising to earn new customers can be optimized to increase your earnings with current customers.
2) SOCIAL VALUE
Many companies spend a great deal of money on actions that aim only for self-benefit, however, an increasingly common practice from profit-oriented companies is to link their products to social causes. Investing only in promotional actions may end up becoming a waste of opportunity, since 92% of people have a positive image of companies that support important social causes. Four out of five people interviewed in a survey, said they would choose a brand that supports a social case, if the price and quality of two brands were the same.
3) COMPANY MISSION
It is very common to see companies out there without a well-defined mission for its employees and customers.
Any business planning begins with its mission. So, having it well defined is essential. Companies barely know that something so important, in fact, is very simple. The statement of an effective mission must be brief enough to fit on a T-shirt.
4) MARKETING PLAN
One of the biggest mistakes of a company is not having a marketing plan. Marketing planning comprehend all activities aimed to achieve marketing goals, setting up a marketing strategy.
In a nutshell, you need to have well aligned what you want to achieve or avoid. The answers to these questions are objective. How do you plan to achieve the results you want? The answer is strategy.
If your company does not have a marketing plan, you can see more in our article “How to Start an Efficient Marketing Plan.”
5) CONSUMER BEHAVIOR
Nowadays, communication and advertising goes through a period of aggressive promotional offers, straight approaches and a lack of care with your company’s image, focusing only on the sale of its products.
However, what many marketers forget about is to understand customer’s behavior.
Individual consumption is guided by the motivation to fill some necessities, organizing its needs into a hierarchy of priorities. Their needs may be physiological, safety, social, prestige or self-realization.
Therefore, in order for your brand and product to be well ranked on customer’s priority list, you need to build a perception or, in other words, to incentive what generates in the customer’s mind. After all, a consumer’s decision to buy an item is strongly based on their attitudes about a product or service.
If you need more information to help your marketing department, a Marketing Agency or an Advertising Agency is what you need. So, take no time and get in touch with us.