It May Cost Money to Make Money, But Don’t Make These Costly Marketing Mistakes
Marketing is an essential element for successful businesses and it likely represents a rather healthy line item on your annual budget. However, while it may cost money to make money, many businesses end up wasting money by focusing on the wrong efforts or too many of them. Here’s what you need to know to market effectively and generate more revenue by avoiding common mistakes.
Successful businesses have learned many valuable lessons by improving marketing activities, but likely at the cost of a few expensive mistakes. As noted in “5 Marketing Mistakes That Are Costing Your Business Millions,” posted by Michael Wight on Business2Community.com, the key is to control expenses while strengthening marketing efforts. Neither of which are possible without deploying a strong marketing and sales system, like a customer relationship management (CRM) solution. Below we discuss two common mistakes and an explanation of how CRM can prevent them from happening again.
- There is only one average customer: Thinking that your business only serves one type of customer or demographic is a mistake. Businesses can have multiple client personas, in addition to a common customer type. Managing customer data within a CRM solution will reveal detailed, more reliable information about your customers your marketing team may not readily realize when keeping this information in disparate systems or in spreadsheets. Tracking product sales and customer information within CRM will uncover trends with greater efficiency and accuracy, which you can then use to improve marketing efforts and boost sales and services.
- Brands need to be everywhere, all the time: Multi-channel marketing is important, but it comes with a cost in both time and money. Understand where your customers are and target efforts in those areas. As you release marketing campaigns or promotions, monitor and measure customer responses with CRM. As you discover customer preferences for one media over another, and identify the promotions that yield better leads or sales, you can then focus future efforts on improving those activities and avoid wasting time in other areas.
Marketing isn’t free, but it shouldn’t be a burden on your business or impact revenues. Reduce wasteful spending and strengthen marketing efforts. Contact AKA Enterprise Solutions to learn how to improve marketing results and provide superior customer service with CRM.
By AKA Enterprise Solutions, a Microsoft Dynamics CRM and ERP Partner for Media and Entertainment Companies