Marketing mistakes keep your business apart from the success you deserve. To ensure a sustainable marketing campaign, you can’t afford to stay any flaw in your strategy. We have already reached to the very end of 2019; the upcoming trends of 2020 are almost ready to appear. The time has come to buckle up the gear of 2020 and fixing technical strategies to make for your own business. The market always can get shifted in any direction.
Let’s go for a brief look into the ten marketing mistakes that you should emphasize to leave in 2020.
10. Faulty product-market fit
Shape up your product according to the right market fit. You might be able to dig out a newer customer base and potential leads. But you won’t convert them if your product is not ready. The product gradation is always a must to reach out to new clients at different times. For example, in 2019, Bkash has brought app-based service. This service has allowed them to meet the client’s demands in a better way.
Just like time and tide, customers’ demand keeps changing its flow. Once you miss it, you lose it. So, keep an eye always on the shifting trends. You have to catch the movement and plan accordingly so that you can supply to people the flawless service. If you have already planned to go for implementing your campaign strategy, you don’t have to cancel it. But shape your campaign properly that can meet the uprooted demand of people. Once you are found not matching need rather than forcing people to consume just to use your investment, things will not work for you anymore in 2020.
9. Gaps in supply chain
This is quite relevant to the product-market fit. As you have to ensure your product or service goes perfectly with the changing demand, it falls under your responsibility to find out the marketing mistakes in the supply chain of your service and shape it accordingly to the right fit with the demand.
Observing the natural changes in the market and bringing necessary initiatives will be a reason for increasing the cost. So, while implementing the most efficient supply chain to provide the service, the most cost-effective strategy has to be run in the same period.
There might be many components set in the different functions and segments of a supply chain. 2020 might appear with a lot of diversification in the market, where the existing supply chain might not be able to serve correctly. Even though it helps the right product or service, it might have to face against timing issue. Better to implement a disciplined supply chain management, which ensures a less inventory and much speedy moving chain, adding value to each of the stages.
The core value of a business lies in providing quality service, meeting the deadline of clients. So, the cost of setting the upgraded supply chain going to be high. But it is an important fact to be noted that, once that is set, the pricing won’t vary much later. So, providing the service will entirely flawless for the upcoming times. For providing a methodological service, better to take the help of software like SAP or Oracle.
8. Failing to draw an appropriate competitive scenario
When you are remaining busy with designing your product or service development strategy, your competitors aren’t waiting for you to get finished and then to be observed. It’s a mandatory task to be updated what are the moving changes or upgrading the competitors are planning to bring in their strategy. While drawing the matrix for product modification or designing the most effective supply chain, there also has to be room for the competitor analysis.
This part will be specifically focused on the features of how the competitors are setting a strategy to make their service better than your one. That helps you to justify your marketing mistakes in your strategy. Also, it includes your differentiation strategy that will ensure despite all changes and competitors’ initiative, your service is valued high to the customers.
You might be designing and investing your strategy and thinking it will be a market-dominating step. But on the contrary, your competitor has brought a tactic that is more convenient and easier for the customer. Then both of your investments and strategy will be ruined. For example, you have invested the right amount in email marketing and asking for a review from customers in reply. At the same, your competitor has advanced a little comment box in the app version for collecting feedback from customers. This simple but effective strategy will pave a flawless service offered by competitors.
7. A shortfall in budget deadline
Building strategy will not come in favor if that is not bridged with a sanction of the required amount. While pulling out a new strategy, the monetary issues needed to be kept in mind.
Do you know what is worse than building an ineffective strategy? Strategies that are stopped in the middle stage. This is the worst-case scenario for any company. Even if a strategy seems to be very fruitful at the end, that doesn’t mean you are generating a significant amount in each step. Yes, adding value while crossing different phases will surely generate revenue. But before implementing a strategy, you need to break down all the steps. That assures not making any of the major marketing mistakes.
For example, you are willing to expand your business in the most expensive areas of Bangladesh. You select Banani and Gulshan and implement a segmented social media marketing strategy for those areas. For the first month, you have incurred loose, but after six months, the project watches the light of hope. Because of constant boosting and promotion has started to work out a flawless outcome. But then you realize the loss you have already incurred in the last six months has become irrecoverable and now there is no other way but to stop it. So, meeting the budget deadline is a concerning issue while developing a flawless marketing approach.
6. Inconsistent time management
To pull the overall marketing strategy of 2020, you need to arrange your game-plans in a very early stage. But it will be tough to gather insights at the starting. So, divide your plan into a different time-frame.
You have different objectives in each part. Also, be careful about monetary funds. Each of the bases should be discussed in terms of four matrix- time, value, budget, return. If you go for analysis in terms of these bases, you’ll be able to figure out a better-estimated number. This will enable you to provide a more consistent and flawless marketing strategy.
5. Less utilization of Multimedia
You have to understand the influence of multimedia when you are putting your elements to reduce the level of marketing expected marketing mistakes. As the record shows, 72% of people residing in Dhaka city are using android or iPhones; in 2020, that will sure to be increased. At this moment, you can’t ignore the effect of Multimedia. Smartphones in our daily life. You should ensure your presence in such a way people can conveniently find you while they are walking or fighting with the traffic jam.
The proven growth of smartphones alarms you about how much you are into the market. So, shape up a separate strategy to confirm your appearance in people’s hands. In Bangladesh, people still tend to believe who they see every day and provide help to them. So, be visible to people with that you have for them.
4. Wrong forecasting: Insight vs. Target
Using wrong forecasting tools can lead you to the end of your business because forecasting gives you a silent ultimatum of how you’ll set your target on different stages. Based on insights, you might take decisions and action to generate leads or sales.
Since the market trend is an ever-moving thing, you somehow lose the focus in the middle and ended up incurring a handsome amount of loss because of following a wrong marketing approach.
The hype of 2020 among people will remain very high before it gets started. Once it gets started, people will be waiting excitedly to see what market has kept for them to embrace. This excitement will get slower with time. It once again will get the tide when finding newer innovation or a more modern form of business. But you can’t take the chance to wait for something to happen. So, refresh your business box periodically which will provide you the alert regularly, when you should plan for changes in your business. Initially, it will help you keep the funnel flawless. Neither the target will standstill every time nor your strategy. Without having a logical insight, you’ll finish up things with unexpected marks that have a high chance of going against you.
3. The slow movement in the digital world
Digital platforms are running faster than time. Multiple forms of social media keep changing styles and forms of getting connected with people. Facebook, YouTube, LinkedIn are changing their layouts and tools constantly.
To make the best use of it, you just shouldn’t know them. Apply them to your business. With the changes in time, the digital world has made it a faster and newer version of tools so people can take advantage of those more conveniently. In terms of Facebook, previously, you can inform your known people if you have decided to launch an event or go to any program. Now you can host an event, invite people, share among different communities, and get connected with people within rapid succession of time.
YouTube, Instagram also keeps bringing newer customer engagement approaches, which can be handy tools for you to utilize for your business purpose. The way social media are kept bringing changes regularly, it is an absolute fact that it will keep coming with upgraded versions incoming 2020. So, following up with the trend along with the changing movements- has to be a significant concern for companies. Not just leaving footprints instead utilize the benefits to the business functions will be an ultimate demand in 2020.
(give some examples. That always helps. Examples, stats, etc.)
2. Using Old Data and Facts
Since the exploration of digital platforms, companies have started to run their business, following on a data-driven approach. Data and fact-based analysis are now have been used to implement a marketing strategy.
The data-based report has given the company the ground to identify the areas where to be focused on the business. It enables us to develop a flawless approach. It clearly shows from which sources companies are generating most of the revenues and which sources they should spend it to improve.
Data is changing in random orders of time. So, data of last month, based on which you are planning to set your strategy expires in no time. Any simple flaw can turn out to be a cause for occurring one of the marketing mistakes that hamper your overall strategy. You have to keep in mind that the data which you are using to cultivate your profit might end up incurring a considerable loss. This issue is entirely related to the discussion of forecasting since this pushes you to re-polish your strategy at different times on a regular period.
The marketing trends which seemed very emerging based on the data analysis of 2019, might not be fruitful in 2020. Therefore, ensure that the data are well updated- based on which you are working for the up-gradation of business.
1. Irregular follow-up of leads
We have always proved our failure to increase our product values based on the feedback of the consumers. We tend to serve an ongoing product for life-long without working on much improvement of it.
This nature also shows up when it comes to nurturing leads. Once we find any point, we do communicate, fix a meeting, and meet once. After that, we are just waiting for their call to get their orders. This isn’t providing benefits anymore. You have to work on the leads consistently by following up regularly. Following up doesn’t show your urge to serve that customer, it also proves your care for one specific client.
This is the one of the biggest marketing mistakes in my opinion.
Multinational companies like Unilever or Marico is sustaining on the markets for this extended period because of their intense concentration on customer feedback. They don’t just add value to their products for having enough resources or funds. Instead, they have a reliable channel of communication with customers who remain engaged with analyzing the changing customers’ demand and moving trends. So, if you want to sustain in the market in the long run, make sure you have a good engagement with the consumers.
A functional CRM (Customer Relationship Management) will be a burning issue of business in the upcoming 2020. All the business sectors are getting filled up with a huge number of competitors. Even when an innovation or technology comes into the field, several competitors are found already prepared to enter into the market with it. Software like –Trello, HubSpot, or Toggl will be exposed to utilize at its peak on the business year 2020 for handling the managerial issues regarding the internal and external communication related to business.
Get your arsenal ready full of resources and embrace 2020. No one wants to make marketing mistakes, but we still do & its OK! It’s not about the year, but it’s the time that will keep moving and giving birth to new and rising customer demand. Be prepared with what you have got. Make it everything worthy to count 2020 as your most successful year.