Running a small business can be daunting. It takes a lot from you and the pressure can be a source of stress and anxiety. It is important that you learn from the mistakes of others so that you will be able to survive and make your business flourish. After all, it is wise to learn from people that have achieved their goals. Here are some of the things you should avoid when marketing your small business.
Failing to do your research
If you have spent enough time to do your research; you could have averted a disaster. If you have time to save your small business, do it. With the competition and the dynamics of the industry, it is easy to get lost in the maze and lose everything. It is important that you know how everybody is doing in terms of marketing their business. Develop relationships with the local chamber of commerce so you can have tips on how you can market your own business effectively. Never think about starting your small business right away without giving yourself enough time to learn more about its basics and most important facts. Starting a small business is definitely not something that you will just be guessing if it is going to work or not. Otherwise, you run the risk of losing your money and wasting your time and effort.
Spending too fast, too much
Spending money is good. Spending too much and too soon is bad. You need to learn how to spend your meager marketing budget wisely. Smart business owners should never part with their dollar until there is a solid study on the feasibility of the marketing plan. Start small and gradually work your way up as necessary. Don’t be lured by the glitter of instant gratification. One of the greatest traits of a marketer is patience. Be strong enough to fight against your own urge of spending too much especially over unnecessary things. Be a wise spender. This will prove to be your best trait and your ticket to success as a business owner.
Spending too little
If you are wary you spend too much; there is a tendency that you spend so little. This will stunt your organization’s growth. There is more harm in spending little than spending a lot. When you spend so little, you are risking opportunity cost; where you lose the opportunity to draw customers to your business. Make sure that you have a solid plan and follow it to the hilt. Do you know the word “balance”? This is exactly the best word that you will need to apply in your daily life as a small business owner. Without balance, you run the risk of suffering from too much stress and anxiety due to your difficulty in managing your finances.
Too much reliance on social media
Social media is a great marketing tool. Sadly it is not a magic bullet to cure all of your marketing woes. It is good that you added social media to the marketing mix. However, if you rely on it too much, there is a tendency to neglect other factors in the mix and end up as a failure.
Use communications
Marketing is all about communicating to your customers. If your customers don’t know what you are up to, nobody will. It is important that you are able to get your message across and let them know that you are in business.
Failing to keep current customers
Current customers spend more than new customers. It is five times harder to convince a new customer than a current customer. If you are unable to create a loyal customer base you are going have to do your marketing from scratch over and over again.
The truth of the matter, most new small business folds up after five years. One of the major reasons is the inability to do marketing well. If you pull the stops and learn how to avoid marketing pit falls, you may overcome the five-year itch and probably stay on longer in business.
Ryan Rivera used to suffer from anxiety attacks for seven years. He now dedicates his life helping those who suffer from stress, anxiety and panic attacks through his writings. You can read more of his articles at Calm Clinic.
