Fatal Marketing Blunders That Drive Owners Out of
Business and The Steps You Must Take to Avoid Them
As business owners, you and I face decisions every day that have the power to sink or sail our ships. These decisions are ours and ours alone to make. There’s no one there to take on the tough choices for us, no one to hold our hands and tell us what to do. The buck stops with us.
Most of the time, we gladly face these decisions.
Because, well…I’m guessing you’re a lot like me and don’t particularly like being told what to do—unless it's what you wanted to do in the first place😊. But sometimes, having the weight of decisions on your shoulders and yours alone is challenging. And… unfortunately, when faced with difficult decisions, it’s easy to misstep—make the wrong move. For some business owners, a slip-up like this can mean the end of the road. They pay the ultimate price and are forced to close shop for good—close a chapter of their lives, move on from their dreams—and find another pursuit with which to earn their living and occupy their lives.
It’s a harsh truth that the failure rate of businesses within the first ten years is as high as 30%. This staggering statistic has kept me up more nights than I’d care to admit.
You see, my purpose, my calling, what I’ve been put on this planet to do, is to help business owners succeed. I love seeing men and women develop innovative products or services. It excites me to see new ways of doing business and new benefits customers can now receive.
In my mind, business owners wear capes. These superheroes not only live the American dream but make it possible for others to do the same. The business owners I work with not only have something valuable to offer the market, but they create stable jobs for their employees who rely on steady paychecks to care for their families.
It’s with this in mind that I’m here with you today. Today’s blog highlights some fatal mistakes business owners make that cost them their companies, their employees, and their fortunes.
I hope you pay close attention because I’m rooting for you. I want you to succeed.
So, let’s dive right in…
Delivering the wrong message to the wrong market—a fatal mistake
Imagine a small business specializing in producing high-end, luxury fashion accessories such as handcrafted leather bags or jewelry. Their products are designed with intricate details, premium materials, and exquisite craftsmanship, targeting affluent individuals who value exclusivity and luxury.
However, in an attempt to expand their customer base, the business owner decides to run a social media advertising campaign aimed at a younger audience, specifically college students and young adults who are price-sensitive and often look for trendy and affordable options.
In this case, the business's marketing message might focus on the affordability and stylishness of its products without emphasizing the premium quality and exclusivity that its luxury market values. As a result, the message doesn't resonate with the intended audience. The younger audience might perceive the products as too expensive for their budget, and the emphasis on luxury might not align with their preferences.
Conversely, the luxury-oriented customers who’ve been the business's core audience might see this messaging as a departure from the brand's identity and could be turned off by the attempt to appeal to a different market segment. This can lead to confusion and ultimately make the luxury-focused and the younger audience feel disconnected from the brand.
The business delivered the wrong message to the wrong market. This misalignment led to decreased brand loyalty, lower sales, and a weakened overall market position.
The solution is simple in theory but not necessarily in execution and leads us to our second fatal mistake—not knowing your target audience.
You must understand what motivates your target market—what they need, want, and desire most. You have to know what they fear and what keeps them up at night, and then you have to craft a message that paints your product or service as what they’ve been looking for and what they must have to fulfill their desires and ease their fears.
You have to ensure you get this message in front of your ideal prospects. You’ve got to know when, where, and how they consume content and the best way to reach past your competitors and into their hearts and minds. Again, easier said than done.
And finally, the third fatal marketing mistake…failing to set your product or service apart from your competition.
You must set yourself apart and above your competition to succeed in business. You have to establish yourself as the go-to in your industry. If you own a dental practice, you want your patients to tell their friends and family that you are the only one they trust with their teeth because of the exceptional service they receive each time they walk through your door. If you own a hamburger shop, you want your customers to drive by a dozen other restaurants because they know you have the best burgers in town.
Knowing your customer. Knowing what they want, need, fear, and desire is crucial if you want to connect with them. Fail to do so, and you might as well hang up the closed sign now and be about your business.
Your customers are searching for solutions that make their lives better, easier, and more enjoyable. They'll simply go elsewhere if you fail to position yourself as the solution they seek.
To overcome this, you have to identify what sets your business apart from the competition. You must craft offers that hit on your ideal prospect’s pleasure and pain points. Do this by highlighting your products or services' unique benefits, features, and outcomes.
Business survival is an intricate dance, and marketing practices are the choreography that guides your steps. Misaligned messages, failing to connect with your ideal prospects, or an inability to present your business as the solution they seek are missteps that can have you hobbling off the dance floor.
There is power in targeted messages, understanding your prospects, and creating a compelling value proposition. If you are ready to experience explosive business growth, let’s dance! Send me a text, call me at 301-873-5791, or go to www.elaunchers.com to book an appointment. Join our growing list of customers experiencing their best year yet because they said YES to Parthiv Shah and YES to eLaunchers. Together, we can take the next step to maximize your revenue, attract more ideal prospects, and grow your business with speed and predictability.