6 Deadly Small Business Marketing Mistakes You’re Making Right Now & How To Fix Them

From: Grunt Marketing
Published: Tue Dec 06 2005

According to industry feedback each year approximately 4 out of 5 new businesses fail to make a profit and shut their doors. This amazing attrition rate is nothing new and is typically a reflection of the bad patterns of behavior within the small business marketplace?

This percentage begs the question: Why do so many people "fail" in business when the majority of the time they deliver a "quality" product or service? Says Shannon Curtis, a Geelong based marketing consultant. "The real issue is a lack of good marketing. Most people just don’t understand how to attract and retain customers. You can have the best product or service but what good is this if nobody knows about you, or the reason why they should purchase from you.

Shannon says most businesses become ‘me too’ businesses. "They usually end up slugging it out in a price war, because there is nothing unique about them to establish value in the minds of their prospects".

To have an outstanding business that delivers the wealth and lifestyle you seek, ensure you don’t make the following 6 Deadly Small Business Marketing Mistakes.

1. Working in your business instead of on your business. 50-60% of your time should be spent on income producing activities, 20-30% of your time on marketing activities with 20% or less time spent on everything else.

2. Failure to create & use a marketing plan. Studies have shown that businesses that consistently use a marketing plan are 70% more likely to be in business in 7 years time.

3. Failure to implement systems. Optimize & automate every potential area of your business. If you’re managing around people not systems read the best seller The E-Myth by Michael Gerber.

4. Forgetting to market to your existing clients. 60-70% of your marketing budget should be directed to your existing clients. Each month you fail to communicate with your customers their propensity to do business with you drops 10%.

5. Not testing or tracking your marketing efforts. If you don’t know where your new business is coming from you can’t quantify your marketing, or your return on investment. This leads to many small business owners becoming advertising victims. Whatever you measure, you can improve.

6. Not following up with your prospects. Marketing studies indicate that the average sale happens after the 5th attempt. Successful businesses have a process in place that automates the follow up process ensuring they are following up with prospects regularly.

Shannon Curtis is the principle of Grunt Marketing. Small Businesses who are struggling to attract new customers use his "5 Steps to Business Success" program to quickly and easily improve their sales and profits. He offers a FREE lifetime subscription to his ‘Explosive Marketing for Real Results’ newsletter at www.gruntmarketing.com.au and can be contacted on 61 03 5245 7107.

Company: Grunt Marketing
Contact Name: Shannon Curtis
Contact Email: shannon@gruntmarketing.com.au
Contact Phone: 61 52 45 7107

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