Top 5 reasons why your marketing may be failing
Building an effective marketing machine that can deliver consistent results is a staple for any business that wants super successful results.
I’ve put together a list of the top 5 reasons your marketing could be failing.
1. Not knowing what works and what doesn’t.
Marketing is all about return on investment. If you don’t analyse the numbers you could be wasting thousands of pounds on activities that simply don’t work. Its vital to monitor and manage fundamentals like customer acquisition cost, ROI per lead source, lifetime value by lead source etc. Knowing and understanding these numbers will give you the information you need to continuously improve your ROI and also give you the confidence to invest more in your marketing.
2. Not enough focused activity
Focused and consistent activity produces results. If you know your numbers you can work backwards to predict how often or how much you need to do something to produce a required return. Many businesses simply do not have enough activity in place because of the issues raised in point 1. Be relentless and dedicate the resource your marketing needs to be amazing.
3. No idea of who your ideal prospects are.
Not all customers are equal. Be clear on what your ideal customer/s look like and build strategies to attract these prospects. (See this link for more on this http://marcosoares.dev.addedbytes.com/customers/ )
4. Lack of knowledge
Almost every form of advertising works. You just need to know which methods are best for your target audience and you need learn how to execute each method correctly. It always surprises me how someone will spend £10K on an exhibition or radio advert without spending 30 minutes researching how to get the most from that medium.
5. Poor conversation rate
After all that hard work and investment…nothing! Getting the phone to ring or someone to walk through the door is not the objective. The objective is to convert the prospect into a customer. How enquiries are dealt with should be considered as part of your marketing planning. Your team should know about all your marketing activity and should be clear on how to deal with enquiries to give them the best possible chance of converting or at the very least finding out why the customer said no.
Addressing these points will have a dramatic effect on your bottom line.
Which of the 5 points do you need to focus on to improve your ROI?