1. Withdrawing the marketing spend too soon
Small businesses exhibit a lack of patience as well as belief and withdraw the amount invested to market their brand too early. Moreover, they also do not analyse the marketing results to incorporate them in their subsequent strategies.
Do It The Right Way – Marketing needs to be planned like you plan a marathon race. Create a build-up plan to ensure a consistent approach and sustain the plan once success is achieved. Start by setting up conversion tracking for your ad campaigns.
2. Relying too much on paid advertising
Without understanding the context, small businesses rely too much on paid advertising, thereby ending up exceeding their budget. Paid advertisements give immediate results but have limited time utility.
Do It The Right Way – It is important to create a mix. Paid advertisements require to be carefully monitored and should have clear objectives/goals. Organic advertisements are slow but are of great value in the long term.
3. Doing a one-time big budget campaign
Small businesses with limited marketing budgets should not dive into short bursts of high spend marketing campaigns. Marketing needs to boost your business, not your ego.
Do It The Right Way – Test on small amounts first before heading towards bigger campaigns. Be clear about your expectations from marketing. Visibility is not everything, it should translate to business results. Targeted campaigns are always better than carpet bombing. Focus on your target audience only. Optimise, optimise, and optimise.
It is time to reassess your marketing plans and get on board a CMO on-demand to increase the valuation and improve ROI on marketing. Hiring professional services would enable SMEs to not waste money in adopting inappropriate marketing strategies.
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