- July 6, 2023
- Business, Entrepreneurship, Startups
When launching a new business, marketing is essential. Without effective promotion, you may struggle to build a customer base and generate sales.
This is often a roadblock that new entrepreneurs encounter.
They may have a fantastic product idea, but they lack the experience and knowledge to market it effectively. In this article, we look at the common pitfalls entrepreneurs experience, and how to avoid them.
Failure to understand the importance of marketing
In many instances, new entrepreneurs simply haven’t given enough thought to marketing. It may be an oversight, or it may be a failure to understand its importance.
Think of a sales pipeline as a funnel or an inverted pyramid. The top of the inverted funnel is much wider than the bottom. Any lead that shows interest in your product or service is introduced to the start of the pipeline.
If you do not have a business background, you may not realize the effort and planning that is involved with marketing. As a result, you may be unprepared and create ineffective marketing campaigns as a result.
It is important to understand that marketing generally isn’t something that can be done “on the fly”. It must be given proper attention, and it is wise to factor marketing into your new business plan.
Poor research into their target customers
Sometimes, entrepreneurs have simply not considered their target customers properly.
They may have this fantastic idea, but do not have an understanding of who is likely to buy it. Ideally, target customers and demographics should be completed during the product research stages.
However, if you have not done this, you must give attention to it during the early stages of your business. This will make sure that you can create targeted marketing campaigns and attract the right people to your business.
A lack of branding and cohesive marketing
Oftentimes a new business venture lacks strong branding. A brand should be one of the first things you develop after your product.
Having a brand provides your business with an identity. It helps customer recognition and can build your reputation. Common branding elements include a logo, fonts, colors, and the type of language you use.
There are many free tools available like Logo Creator and the Hemmingway Editor that can be used to improve your branding if you lack a large marketing budget.
Failure to utilize useful marketing channels
New entrepreneurs often fail to use the vast array of marketing channels available to them. They may limit themselves to website promotion and trying to boost their SEO, for example.
This doesn’t need to be the way. You can market your products via a huge range of different platforms and channels – often for free.
For example, social media platforms like Instagram and Facebook are free to use.
You can use these to promote your business to a large potential audience. Alternatively, streaming/video services like YouTube and Twitch are also free.
You simply have to consider alternatives and think outside the box.
It is important to understand that marketing generally isn’t something that can be done “on the fly”.
A lack of funding or failure to use free resource
Oftentimes when starting a new business venture much of the initial investment is pushed into product research and development.
This is logical as the product or service is the building block of your business – it must be viable.
However, this often leaves virtually nothing for marketing. That doesn’t matter – there are many free tools and resources available that many entrepreneurs simply don’t know about.
For example, Canva is a free platform you can use to create social media marketing images and infographics.
As you can see, there are many simple errors new business owners can make relating to marketing. Don’t be one of those people!
If you give sufficient attention to marketing and utilize the online resources available, there is no reason why you can’t successfully promote your new business.
Not sure where to start?
We would like to introduce ourselves as Lead Digital. We offer end-to-end digital services that will blow your customer’s minds, generate hot leads and help your business scale with more ROI than before.
We hope you enjoyed reading this blog. Visit our website for more inside information on lead generation, digital marketing, and other related topics.
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