It does not matter what sector you operate in since marketing will always have the power of making or breaking any business. Brands spend a lot of time and put in much effort when they develop their marketing plans. But, for any marketing campaign to succeed, the plan needs to be smart. And you need to make the right decisions. If you want to promote your business, you have to absolutely avoid the marketing mistakes presented below.
A huge marketing mistake is to retarget all the bounced visitors. There are studies that show us the fact that close to 60% of online shoppers in the US abandon the cart because they are not actually ready to make a purchase. When you choose to include these people in the retargeting campaigns, you waste resources because those people do not actually have an interest when it comes to buying your products.
A much better approach would be to segment bounced visitors based on relevant things, like time spent on site or how many pages were visited. Then, your retargeting campaign can be much more effective. You will not increase revenues if you retarget everyone but your costs will go up.
Not Investing In Social Media Marketing
Around 70% of businesses today do not consider social media marketing as a viable option. This is a huge mistake and it appears because of the belief that small businesses have that they do not have the resources and time needed to use social media marketing.
Keep in mind that there are countless ways in which your social media strategy can be improved. And when you master the fundamentals, you quickly figure out how to use social media to increase brand awareness and even get new customers.
Not Using User-Generated Content
Content marketing is right now a multi-billion dollar industry. Every single marketer out there is creating some sort of content and you should do the same. However, this does not mean you should not be careful as you do this.
Since content creation is pretty expensive, you should think about ways to minimize your expenses. One of them is to use the content your users generate. Even something as simple as testimonials can be used as content in your next marketing campaign.
Blindly Focusing Solely On Acquisition
You can only expect a disaster when you spend the entire marketing budget just on the acquisition of new customers. Just 2% of all your web traffic is going to convert after the very first visit. It does not matter if you get a whole lot of traffic since most of it will be gone fast. Conversions are hard to achieve even when sites are perfectly optimized.
The best thing to do is to spend more on stoking up the repurchase rates. This is due to the fact that it is a lot cheaper to retain your old customers than to get some brand new ones. In fact, acquiring new customers will cost you up to seven times more than retaining existing customers. At the same time, it is around 70% more likely to make a sale to an old customer while it is only around up to 20% likely to sell to a brand new prospect.