#20: Biggest Marketing Mistakes Costing You Thousands

This Tuesday we are discussing some of the most expensive mistakes that many business professionals make when they’re managing their marketing campaigns. We will also discuss a few methods that would save you hours of headaches and thousands in ad spend.

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Biggest Marketing Mistakes Costing You Thousands

 

1. Starting too big with your campaign
   1. There are times when to increase your ad budget, that is not at the beginning
   2. Get a proof of concept for the ad before you put most of the budget on one ad
      
      
2. Not having a target audience
   1. If you have a target audience you know what to say, how to say it and what they’re really looking for
   2. If you don’t know that target audience, then your message might not resonate as much
      
      
3. Not having an email list/engaged following
   1. If you haven't started an email list, it will be more difficult
   2. The list/following would give you people to broadcast to and give you some insights on the demographics and psychographics
      
      
4. Not optimizing the ad campaigns running
   1. Many times, ads are run for extended periods of time without adjustment
   2. There can be optimizations by cutting off non-profitable demographic focuses. Maybe your purchase audience is more male than female, then you can put more ad spend for the male audience.
      
      
5. Not have the systems in place for success
   1. Many businesses and agencies can start strong but there is such thing as growing too fast
   2. Systems are super valuable, they can help you scale, when you find something that works you can repeat it many more times
      
      
6. Overpaying for inefficient marketing methods
   1. There are dozens of ways to use your ad spend and most of them work for different buyer personas
   2. Most of the time we wouldn’t recommend spending all your $10,000+ on just billboards, but it could be a good idea if you have a very specific action you desire for the viewer
      
      
7. Not analyzing and adapting
   1. The best marketing strategies leave room for adjustments, analyzing to see the best changes will allow for optimal conversions
   2. Adaptations are crucial for the best campaign, that could be for demographic or change the whole communication medium.
      
      
8. Not testing
   1. Many things don’t go according to plan, so testing various things would enable you to get the best strategy much of the time
   2. But the beauty of testing is that the expectation is low, it is mainly to gain information and insights, and this will empower you to make new and improved decisions in the future.

 

Have a good day.