With the challenges that businesses face these days, marketing mistakes can take a heavy toll on their revenue and spell the difference between success and failure. Due to this, marketing managers need to be careful when making decisions that can affect the business. They should avoid costly mistakes that result in a huge setback to the business.
Here are some mistakes managers should avoid in the middle of a pandemic.
Neglecting to Research the Market
Market research is a crucial step that businesses should not neglect. It allows a business to know if the market is ready for the product or service. The market research also allows the business to know the market and how it can approach it. It also provides businesses an idea of when they should launch the business.
Without market research, a business may not know that its market has difficulty swallowing pills. In this type of market, the company can promote chewable iron tablets rather than selling other types of pills.
Following the release of Avatar in 2010, television manufacturers released 3D televisions in the market. While the market share of the new technology in 2012 was at 23 percent of all TV sales, it gradually went down until it only had 8 percent of the total TV sales in 2016. One of the main reasons why 3D televisions did not take a bigger market share was the glasses.
The manufacturers were not diligent in researching the market before launching the product. The consumers found it peculiar to wear the 3D glasses at home. If the companies looked at the market before launching their product, they might have found a better way to promote their product.
Setting a Specific Target Market
Another mistake that some businesses make before launching their products is their failure to set a specific target market. Even if a wide audience finds the product or service appealing, the business can find itself in a bind if it sells the product to everyone. The product may become a failure if the business does not define its target market.
Setting a specific target market makes the consumers feel special since they sense that the promotion is “talking” to them. Businesses should narrow the market for their products to have a bigger chance of succeeding.
One product that tried to cover a broad market was the Ford Edsel. The car manufacturer offered 18 different models of the car and promoted it to a wide market. This proved to be counterproductive, and the car did not make a big impact in the market.
Overlooking Good Customer Service
Another thing that a business should do is to work on its customer service. Selling a product is only the start of the success of a business. After selling a product, the business should take care of its customers by offering good aftersales service. Keeping a loyal customer is better than trying to find new ones.
Many companies recognize the importance of providing good customer service after it sells a product. For instance, General Electric set up the GE Answer Center to build a good relationship with its customers. The Hampton Inn hotels have also built a good following from its customers due to the service guarantee if offers. This guarantee allowed the hotel to get a considerable customer retention rate.
Being able to effectively handle customers after they bought a product allows a business to build positive relationships with its customers. It also has a strong link to employee satisfaction, which results in better productivity.
Omitting a Unique Selling Proposition
Selling a product without a unique selling proposition (USP) means the product is no different from similar products in the market. A USP tells the consumer what makes a product better than the ones currently available in the market.
Including a USP in marketing a product gives consumers something to think about when they are buying a product. Businesses should also make sure they send the message across, and the consumers understand it.
Some products with notable USPs include DeBeers, and its A diamond is forever slogan, the We’re number two. We try harder of Avis, and M&Ms’ the milk chocolate melts in your mouth, not in your hand.
These slogans all point to the USP of the companies and show consumers what makes their products different from the ones available in the market. They also allow their respective brands to stand out and connect with their target market.
Making mistakes can be costly for businesses, especially if they are still struggling to perform well in the market.