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How To Tackle 2 Common Marketing Mistakes Businesses Make

Guest post by: Paul Eze

Article Overview: In business every mistake you make probably costs you something especially if it relates to marketing. Thus the goal of every business person should be to block the leaks and maximize the profits that can be made. Here are two simple mistakes I see companies; big and small make everyday without realizing the extra hundreds of thousands of dollars they lose as a result: a) They Allow First Time Customers Leave Without Capturing Their Names and Contact Information; This is a mistake that mostly make firms lose the future dollars they would have stood to make from such first time customers .

How To Tackle 2 Common Marketing Mistakes Businesses Make

In business every mistake you make probably costs you something especially if it relates to marketing. Thus the goal of every business person should be to block the leaks and maximize the profits that can be made.

Here are two simple mistakes I see companies; big and small make everyday without realizing the extra hundreds of thousands of dollars they lose as a result:

a) They Allow First Time Customers Leave Without Capturing Their Names and Contact Information; This is a mistake that mostly make firms lose the future dollars they would have stood to make from such first time customers .

Since business is a repeat process every firm aims to sell enough of its goods and services to enough persons repeatedly. There is then the possibility that a particular customer who buys from you at first may either buy the same thing or another thing from you later or do so from another business. What determines if he will make further purchases from you depends on how he feels after his first business experience with you.

As a smart business person the questions becomes, Why not increase the chances of your doing more business with a first time customer by having first a very good customer handling process and then a non-intrusive way of getting such first time customers to part with their names and contact information. Soon afterwards each new customer can be made to feel more at home with your firm. With a correct database you can always call after new customers to know how they are coping with your products/services, solve any after sales problem and even introduce more beneficial products and services. The key is to remember that in business there is an emotional attachment to buying and buyers buy where they feel more comfortable and welcome.

b) They Fail To Follow Up Regularly on High Networth Customers (HNC); It is always more difficult in business to get new persons to buy from you than it is to get an already existing customer to buy. In the struggle to increase the bottomline we often forget that we may actually have goldmines under our very feet yet pour in thousands of dollars into the race to acquire new customers.

A careful look at your database will reveal how easily you can increase your profits by at least 50% if you follow the proper way and get your existing customers to increase the frequency of purchase from you or the one time volume of purchase.

It is likely that your list of customers will comprise of a varied mix of people with diverse purchasing powers. Inside will be found the big spender, the average earner and the just- managing type. The strategy I am revealing is all about developing ways of getting more from your well to do customers. This can be done in several ways but we shall look at a few;

1) Getting Them To Buy More From You By Providing Reasonable Discounts and Incentives: Most High networth persons like to buy wholesale because it cuts costs and is more effective in the long run to do so. You will have to study the average sales you make to people who earns more than average and come up with ways of offering the products and services in bulk with attractive discounts and incentives. An example is a telecom outfit that came up with a plan for its well to do customers that involves buying bulk airtime which comes with 15% discount and addition of 10% free airtime . It marketed this aggressively to this group of people. In the long run you discover that you sell more and make more off this select group.

2) Make Exclusive Offers; Ego and Exclusivity are part of the game of business. Exclusivity is one smart way that many business owners apply in raking in more money. At one time or the other we read in the magazines of luxurious and exotic items like cars, watches, perfumes, jewelries designed in only very few quantities for a select few and as a result these items go for between 1000% -10000% of the normal price for such items. And the surprise! They get bought off quickly by people who are proud to be one of the exclusive owners.

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Article Tags: business person, marketing mistakes, profits, thousands of dollars, time customers



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