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Three Of The Worst Ways To Waste Money On Marketing

Marketing is for real! Marketing in itself is not a waste of money, but many methods of marketing chomp away loads of finance without generating satisfying returns. Most human adventures are not wrong decisions, but wrong executions. In our interconnected lives today, it’s more than clear that audiences are converted into customers. So, the appearance and content of the brand count a lot.

Branding strategy considers a lot of factors like product or service characteristics, industry-sector, region, demographic characteristics, accessibility, media presence, regulations and so on. There are many ways in which the marketing efforts fail to give the “bang for the buck” expected.

Know-It-All Marketing

These days companies get lured by the attractiveness of being digitally visible. Online visibility is a requirement. But, if you get it wrong with respect to your product and the target market, the money gets literally dumped. Sometimes, organizations do the task of designing a marketing strategy themselves without the help of domain experts. This know-it-all marketing, like all of a sudden deciding for buying Facebook ads, could be a big spoiler.

Many times, it is also noticed that the hired experts are still naïve enough themselves. So, hiring the right professional team can go a long way in ensuring ROI on marketing investments. This DIY technique is a sure shot way to lose the limited funds which small businesses can invest in marketing. And once the right timing for advertisement and campaigns is lost, it becomes difficult to re-launch the brand awareness and positioning tactics.

Wrong Visibility Marketing

People connect with brands. The brands need to be visible at the right time, at the right place and in the right format. Small businesses neglect the impact value of design in terms of logo, card, web, brochure, banner, stationery, tag line… etc. For a business to become a brand, there has to be an interesting story to be told. These designs narrate that story. Companies get all these things done in a haphazard way and drain the money spent on it, instead of reaping benefits of emotionally hooking the potential customers for a long time. The stand-out quotient is lost forever amidst hundreds of companies fighting for customers’ attention.

Businesses are unable to gain the intended conversion rates due to wrong timing of visibility too. Several businesses need to start early on building name and goodwill in the market. While some may need to re-position the existing businesses to focus on the new offshoots. So, even the right kind of marketing at a wrong time can fail to bring in sales.

Helicopter Marketing

Small businesses often resort to short-term or incorrectly planned marketing strategies. The concept of branding involves carefully building pools of marketing assets that give returns in short, medium and long terms. Companies that invest and forget or don’t keep the pace in efforts and set strong call-to-action processes lose all the benefits. It involves pinpointing precision-based and targeted pilot testing, tracking of results, collection and actions on customer response, loss of interest or exit-intent alert, triggers of loyal or potential customers… etc in the scheme of things.

The fault of helicopter marketing is real. There are ample case studies to support the existence of this flaw of completely disappearing after spending money on an expensive effort. Businesses are left to the mercy of just spending the marketing budgets every year and showing no interest in digging deep within for the results generated. This lack of monitoring and prompt decisions makes even worthy marketing tools useless for pushing the revenues. For example, if a tourism business has launched a contest for attracting potential tourists. What if it does not reap benefits from the data bank of potential customers collected after the contest results?

Marketing is an art and a science. While it digs deep into the world of emotions to hook the customers, it takes a lot of logic and technicalities to convert them into actual sales. A professional marketing agency goes a long way to bring the jump in numbers small businesses wish to gain. The smallest of the budgets can be set for ambitious outcomes by taking the help of experienced professionals.

With correct target market research, the right kind of design, messaging and copy, the results must come. The consistency of conversion rates is something also to do with the perseverance and skills of the marketing and sales teams. So, avoid getting trapped in the above mentioned three kinds of marketing and produce genuine results for your business.

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