10 Crucial, But Easily Avoidable Marketing Plan Mistakes

Most companies make common mistakes when it comes to marketing strategies and developing an official marketing plan.

The best use of marketing funds and efforts entails careful strategizing and duplicating successful initiatives.

The following common mistakes cover some of the main aspects that businesses tend to overlook.

Avoiding some of these simple errors can not only save your business marketing dollars, but also maximize its potential.

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Failing to identify specific strategy and set goals

Visibility and performance tracking is a critical component in a marketing plan. The plan should provide quantifiable methods to measure your return on investment (ROI).

You need to determine a plan and budget, execute, review performance, and repeat initiatives that yielded positive results.

Identifying your target market is critical to your success. It is also critical to choosing the appropriate marketing techniques to reach potential customers.

A key step is to define a target market segment where your product has the most relevance and the best competitive advantage.

Marketing without a Specific Target Market

It is important to focus on the financial costs of marketing implementation. A general rule of thumb says that at least 10% of your revenue should be designated for your marketing efforts.

You also need to make sure when allocating money for marketing that you also have a means for tracking your ROI.

Failing to Budget Properly

Companies often fear that they must appeal to the masses, which is virtually an impossible feat.

You cannot market everything to everyone (or can you afford to).

You need to define your target markets by grouping the characteristics of your current customer base. Then choose marketing vehicles that only cater to that defined group of potential buyers.

Marketing to the Masses

Your brand should clearly define who you are and what your brand differentiators are.

To avoid confusion and customer dissatisfaction, every product offered needs to reflect this brand. Further, every employee needs to consistently deliver on your brand promise.

Brand Inconsistency

You should maximize the free/low cost opportunities within the complimentary channels such as Facebook, twitter, YouTube, Pinterest, email and blogs in order to off-set big ticket items.

Focusing on Big-Budget Marketing Items

No matter how great your product, you still need to market it to get it sold.

People need to be told why they should buy your product or service. Then, once they have it, you need to provide them with customer service and personalized attention to ensure they will continue to use it and refer others.

All of these things require marketing.

Thinking Your Product Will Sell Itself

Businesses tend to get discouraged too quickly. Marketing takes time. It takes time to build a relationship, interest and trust.

To turn a potential customer into a new customer, you must reach out to them with consistent marketing messages before they feel like they "know" and "trust" your company enough to take the risk of purchasing a product or servicefrom you.

Unrealistic Expectations

Market research data is an important part of identifying key trends and industry statistics that quantify the target market. However, a thorough marketing plan will include both primary and secondary research as the former will allow for you to have your finger on the pulse of your customer base and competition.

Market Research is Important, But Not Everything

Your existing customers are your base and you need to make sure that you are turning existing customers into lifetime customers- call to say thank you, check-in to see if their needs are being met, send non-marketing related emails.

Lack of good communication and service will result in the loss of existing customers, which will ultimately lead to increased marketing costs.

Underestimating the Value of Your Current Customers

Looking for a successful marketing plan? Remember to avoid these common, but easily avoidable mistakes:

1. Failing to identify specific strategy and set goals2. Marketing without a specific target market3. Failing to budget properly4. Marketing to the masses5. Brand inconsistency6. Focusing on big-budget marketing items7. Thinking your product will sell itself8. Unrealistic expectations9. Market research is important, but not everything10. Underestimating the value of your current customers