5 min read
5 Marketing Mistakes That Can Impact Your Cash Flow
Feel like you’re investing time, money and resources into marketing your business only to end up seeing no results?
Check out some of the most common marketing mistakes, the impacts they can have on your cash flow and discover how you can avoid the unnecessary costs of marketing mishaps.
1. A complicated path to purchase
Ever been browsing for a certain product, only to come across a website with too much text, a confusing layout or pop-up after pop-up? A busy website is one of the big marketing mistakes that can cause confusion as to what you’re selling, who you’re selling to – and even why a customer should choose your product.
Successful online businesses understand the key to attracting and retaining customers is simplicity. Keep your content clear, concise and make your site easy to navigate.
Similarly, once customers have made the decision to purchase your product, a simple path to purchase is essential. Complicated formwork or too many questions requesting personal information is a fast way to lose customers – and just like your website, less is more.
Ensure your payment process is kept simple and secure (a nominated payment provider that offers automated direct debit payments will make sure this is streamlined as efficiently as possible), and once a purchase has been made you can then tailor your marketing follow-ups accordingly with regular product updates, newsletters or VIP offers.
2. Highlighting yourself as the hero, not the guide
Getting caught up in promoting how good you are can often lead your customers to lose interest. Essentially, they are interested in your product to benefit their own needs – so, why not cater your marketing accordingly? Consider what a customer will gain by purchasing your product and how that feeds into their own bottom line (aka, increased revenue or improved quality of life).
To simplify this process, think of the marketing process as a story – place your customer as the hero or protagonist, while acting as a guide, providing them with the tools or resources they need to reach their own goals.
3. Being unclear about your unique selling points
One of the biggest universal marketing mistakes many brands make is blending in with the crowd. If you’ve got a product or service, why should they choose you over your competition?
Having generic selling points or being unclear about your own unique qualities gives your customers little reason to keep you top of mind when purchasing. Take some time to review your marketing materials as they are and highlight points you can adjust or expand on to include what makes your brand different or how you make it easy for your customers.
Additionally, consider factors such as location, price, convenience, quality and usability – reflect on why you decided to invest in your business and you’ll soon discover the unique selling points which you can use in your marketing material.
4. Ignoring your competition
While it’s essential to focus your business on your own unique product and selling points, it’s also important to keep an eye on similar products or services your customers may also be researching.
When putting together a marketing plan, your competition provides an invaluable source of information – turn a blind eye and you are actively choosing not to utilise avenues that may have made their own marketing mistakes (and successes) which you can learn from.
Take a look at their reviews to gauge what customers are happy or unhappy with and social media material to gain insight into what kind of posts have prompted engagement. From this, you can tailor your marketing material to your target demographic, while incorporating do’s and don’ts courtesy of your competition.
5. Not making regular contact with current clients
Finally, it’s vital to ensure your marketing materials don’t stop once a purchase has been made. A happy customer who feels respected and cared for are more likely to refer you via word of mouth, online reviews and social media engagement, so get brainstorming on how you can continue your relationship marketing.
If, for example, you’re offering a service that requires regular direct debit payments, invest in incentives for your customers and get in touch to offer them VIP rates, discounts for early or on-time payments, or access to a loyalty program.
Don’t be afraid to get creative! Marketing offers a world of opportunity to connect, maintain and strengthen your company reputation and visibility. Spend your time thinking outside the box and let Ezidebit help your business cashflow with automated payments. Find out more here.