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Digital marketing is the driving force behind long-term success in the modern business world, especially now that both the B2C and the B2B models are increasingly migrating into the online realm in order to transform their brands from local to global business ventures. After all, if there is anything that the digital world has to offer to the aspiring entrepreneur, it is the prospect of quick and affordable global expansion – provided that you play your marketing cards right, that is.
Even though you are launching a company in a fairly opportune business environment, it’s important to keep in mind that long-term success is not a given and that you will need to allocate a significant portion of your resources to market your company and your brand to appeal to the modern online audience. With numerous common pitfalls lurking around every corner, let’s take a look at some of the crippling marketing mistakes business leaders tend to make, and how you can avoid them.
Subpar market and competitor research
Every success story begins with a lengthy and utterly unexciting process called market research. It might sound tedious, it might not be what you want to spend your waking hours on, but it is nonetheless one of the most important elements of your overarching digital marketing strategy. Think about it, how else do you expect to craft stories and advertisements people are actually going to act on if you have no idea what your customers like or dislike?
With that in mind, your first order of business is to tend to proper market analysis, including discovery regarding your target demographic as well as your top competitors. Doing both will allow you to determine the unique wishes and requirements of your demographic, but also figure out how you can improve your offer and surpass your competition. Remember, your competitors’ successes can help you implement the best practices in the industry yourself, but their shortcomings will allow you to discover innovative ways to address the pain-points of their customers and bring them to your side.
Underutilizing the potential of social media
Social media has taken over the web as one of the most powerful mass media channels in existence. With almost three billion people using some form of social media every single day, you can easily understand why positioning your brand on relevant networks is one of the best things you can do for the future of your company. It’s also one of the most affordable yet effective marketing tools you have at your disposal.
This is your golden opportunity to build a large following, raise brand awareness, improve your reputation, and of course, increase your conversion rate through engagement and paid advertisement. So don’t just post on social media when you feel like it, but rather schedule daily posts in advance, engage with your audience through comments and chat, position your ads on their feeds, and reel them in with compelling content in the form of video, blogs, and imagery.
Running a company instead of building a brand
In an oversaturated marketplace, you cannot afford to blend in with the crowd. There are already too many choices the consumers have to sift through to find their new favorite brand, and if you don’t have anything of value and substance to offer, you stand little chance of winning them over. But, aren’t your products and services enough to set you apart? Not really, no.
You see, nowadays buzzwords like “quality”, “expertise”, and “excellence” don’t carry the weight they use to a few decades ago. This is simply because these traits have become the norm, as the bare minimum everyone expects from you is to be an expert, offer quality, and strive for excellence. No, you need to set yourself apart with compelling brand identity – you need to put a face and a personality on your company.
To achieve this, tend to the following:
- Build a striking visual presence. Own your logo, your colors, and other visual elements and display them proudly on all digital channels.
- Give your brand a unique tone of voice in order to engage with your audience and disassociate yourself from the competition.
- Define a set of unique values for your brand that will strike an emotional cord with your existing and potential customers in order to transform them into lifelong brand followers.
Putting your livelihood forward
One of the biggest mistakes new business leaders and aspiring entrepreneurs make is mismanaging their business finances. Particularly, their zeal and thirst for success can make them invest and overinvest in their business, effectively putting their livelihood in danger. Now, while digital marketing is an investment and will require you to allocate a certain amount of financial resources, you should never put your own money forward. This is a lesson every entrepreneur in New Zealand follows to the T, for example, so learn from their practices.
On the other side of the globe, New Zealanders are thriving in the entrepreneurial game, as they understand the importance of meticulous financial management, especially when it comes to digital marketing. To make the funding process easier, fast cash loans have become the go-to fundraising method for comprehensive brand-building and marketing strategies, as they can be approved quickly to fund a campaign without damaging cash flow, or jeopardizing your own financial situation. Following the same mindset, understand while your willingness to do whatever it takes to build your company is commendable, you shouldn’t make the common mistake of putting your personal livelihood forward.
Digital marketing is the driving force of modern business, and if you want your brand to stay competitive, you will need to invest in a strong marketing strategy. Take these insights to heart in order to craft winning marketing campaigns and avoid common pitfalls in the process.