5 Marketing Mistakes to Avoid in 2021 and Beyond

5 digital marketing mistakes to avoid

5 Marketing mistakes to avoid for business growth. Effective marketing has always been the secret sauce for business growth. But it would be somewhat wrong to call it a “secret” sauce because the world knows how important marketing is.

The ultimate aim of marketing is to sell. Whether it’s value-based marketing where you intend to provide value at the top of the sales funnel, or it’s any other tactic, ultimately you are doing it all to sell. With that said, I would also like to clarify that- trying to sell to everyone and at every time is not the key to effective marketing. In today’s era, selling in disguise is the key.

Don’t directly market your product or service to everyone and any time. You might want to consider at what stage of the buying cycle people are and target them accordingly. Let’s start with 5 marketing mistakes to avoid in 2021 and beyond.

Marketing Mistakes to Avoid- Stop Copying others

It’s easy to copy others. Copying each other is what most businesses do when they have to finalize a pricing plan for their products or services. But it’s one of the marketing mistakes to avoid.

You shall be charging according to the value you provide to your consumers. Your competitors might be charging low because they are not confident about the value they provide to their clients or customers. Or some of them might be charging high because they are sure that their product or service is worth it.

So it’s all up to you. What do you think your hard work is worth? What value your product or service can deliver?

My formula is — always charge more than the typical market rates. Why? Because ordinary cost means ordinary profits. You are in business to make profits, so demanding handsome money makes sense. Focus on making your product or service better if you think it’s not worth the high price you wish to charge. It’s always more rewarding to level up your offerings than simply lowering down the profits.

You will be surprised to know that a good chunk of marketers believes that going expensive is a smart marketing tactic. And there is some psychology behind it.

When you charge a high ticket for your products or services, your prospects perceive your product or service to be more valued.

  • They feel a kind of accomplishment in using your product or being able to afford your service.
  • They feel confident that your product or service will work. It might be because of the belief – you get what you pay for (makes sense?).
  • People like to brag about their high-end purchases, so it also fuels your word of mouth marketing.

All these sums up into marketers going with charging high than charging low. But if you ask me- I will tell you to demand higher than the average rates without being too expensive. Being too expensive can narrow your target market if you are operating in a developing or under-developed country.

Don’t Narrow Down- Broader Market Technique

Not everybody in your target market will indeed be your customer. Some will come to you, some will go to the competition, while others would never truly feel a need for your product or service.

You need to know that you already have only some people in your target market who could be your customers. Still, what people do is further narrowing down and only targeting active buyers. It is one of the marketing mistakes.

In any market, there are only 2-3% of people who are ready to buy. Only this 2-3% of people are eagerly looking for a shop now button to click or a contract to sign.

Out of the remaining 97%, roughly 20-40% are in the consideration stage or looking for more information to strengthen their buying appetite. The remaining percent of people are not problem aware, meaning they don’t feel or know the need for your product or service.

While appealing to those 2-3% of people might look like the easiest way to get quick sales, it is simply not the case. Everyone is bidding on that 2-3% of active buyers, so it’s competitive. Moreover, putting all your resources and money in marketing to just 2-3% of the target market is foolish.

Out of the remaining 97%, a large share of people could turn into paying customers if you have the right sales funnel and strategy in place.

It’s always a smart decision to target people at all stages of the buying cycle, and not only focus on 2-3% active buyers. But potential buyers should be marketed according to their current position in the buying cycle.

A person who doesn’t feel a need for your product or service would never buy from you. Unfortunately, a significant share of potential buyers in your target market fall in this category (not problem aware).

To target such an audience, you should make them realize the need for your service. There are multiple ways to do it, so you need to get your creative juices flowing and decide accordingly.

We market to such “not problem aware” audiences using multiple tactics. We use guides, ebooks, videos, and similar stuff to make people realize that digital marketing in 2021 is not an option but a stipulation for business growth. By doing this, we make these “not problem aware” prospects enter our funnel and move them to the consideration stage of the buying cycle.

It’s powerful. Here is simple math to explain that- suppose you have a thousand people in your target market. If you market to only the 2-3% of active buyers in your target market, you will have only 30 people to target. Out of those 30 people, only 3-5 will convert into your leads (such a warm audience typically converts at 10-12%). Now out of these 3-5 people, only some will convert into your customers.

By not focussing on everybody in your target market, you are leaving money on the table. Let’s see what happens when you take the road less taken. Now, if you target the remaining 97% of people in your target market, your customer base widens. You have 970 people to advertise to, but the catch is– such an audience rarely converts if you directly send them a sales pitch.

But you could use value-based marketing to convert them into leads. You could give away an ebook in exchange for their contact information. Or you could invite them to attend a free webinar that educates them. Such an offer typically converts people at 25% audience to lead conversion rates. So now you have 242 leads. Out of these 242 leads, you can easily convert at least 10-20 people with a proper funnel in place. Did you notice how your sales just tripled? That is the power of broader market formula and digital marketing.

Not Knowing The Market

Not knowing your target market is among the most common marketing mistakes I see most newbies making. Before you create a marketing strategy, you should be clear on who is your target market. Market research is the only important thing that will determine the effectiveness of your marketing campaigns.

Know your prospects so well that you can speak to them like their parents. Know their desires, fears, habits, hobbies, and whatever you could learn about them. When you know their desires and fears, you can address them in your marketing messages and make them act. On the other side, if you don’t know your target, you will struggle to speak to them in their tone and address their hair-on-fire problems, fears, and desires.

After identifying your target prospects and knowing them intimately, now you would want to segment them so that you can personalize your marketing messages.

Put Ahead An Irresistible Offer

Nobody can pass on an irresistible offer. If you want to convert more, you would like to create more irresistible offers than ordinary offers. Buyers in 2021 are more skeptical than ever. Skepticism and competition are always pulling back buyers from making the purchase, they are continuously looking for a better deal. The solution is putting ahead an offer they can’t afford to avoid. As easy as that.

From your top of the sales funnel offer to offer in your final sales pitch, everything should be irresistible. It is hard but not impossible. Giving ordinary or no offers is one of the marketing mistakes you should be avoiding.

Plan And Measure Your Marketing Efforts

Before you begin giving newspaper ads and printing posters, you should know if they are of any use. Many marketing channels you choose may not be the right channel to reach your target audience. Be clear on what platforms your target audience uses and market them accordingly.

Plan a proper marketing strategy to decide what platforms to use and how? To maximize your efforts, use value-based marketing and integrated marketing channels.

Once you start with marketing, measure everything. From how many people saw your ad to how many of them showed interest, measure everything. Now, unfortunately, traditional marketing does not give you a chance to measure and optimize. That’s where digital marketing comes in as a pioneer.

With digital marketing, you can measure your marketing efforts, track your results and optimize your marketing elements. All these advantages of digital marketing help you make better-informed marketing decisions and get a good return on your marketing spends.

Final Words on Marketing Mistakes

When used smartly, marketing can scale your business and grow your revenue in no time. But like everything in life, it is easier said than done. Most people either don’t feel a need for digital marketing or are skeptical about its effectiveness, and this mistake costs them a lot (in terms of business growth and revenue).

Any business looking to grow its revenue should use digital marketing. Digital marketing can supply you with more leads than you can handle. All you need is effective planning and execution. We at donedigital are always eager to help you shape your marketing strategy and grow your revenue multi-folds.

I hope these tips on 5 marketing mistakes to avoid helps you. These tips are evergreen and can be applied to any business or industry.

Thanks for reading.