Advertising and marketing Blunders That Are Eating Up Your Profit
There are new marketing tools always coming out, and if we are lucky, many will turn out to be valuable. Just look at pay-per-click ads as a giant leap in advertising when they hit the scene. Of course, there are many potential approaches that just never ever pay off. Even though you might want to quickly invest in the newest advertising tool, it is a better idea to wait until the method is confirmed. Large companies try out new techniques, and if you see them working there, you can always implement the tools later.
Purchasing Email Lists
The problem with email lists is that most of them simply don’t target your desired demographic. If you run a video game store, for instance, what is the point in investing in a list where only 25% of the people play games? Because these lists are not often targeted, research has revealed that open rates drop to near-zero as a list becomes more public and used. While you might find affordable email lists to purchase, it really isn’t a great deal if you aren’t reaching your target audience.
Paying for Unproven Strategies
New advertising tools are seemingly always coming out, and in many cases, they can prove to be a good asset. The introduction of pay-per-click ads, for instance, was a enormous shift in marketing. Unfortunately, a lot of the newest marketing options are simply full of false hope. When there is no evidence that a new method works just yet, it’s better that you hold off on investing in it. Wait for large businesses to try out these new methods, and if they end up working well, you will have plenty of time to improve your strategy.
Cutting Your Losses Too Early
One thing every business person should know is when to give up on a strategy that’s not working. Unfortunately, many marketers give up too soon. There are those out there who expect immediate results, and that is just not the way marketing works. Giving up too early on a system that would prove effective is just as bad as wasting money on one that proves unprofitable.
Marketing is one of the places you should refrain from cutting corners. Of course, if you are engaged in the previously mentioned plans, it could be time for a change of course.
Bell media group is a digital marketing agency located in Spartanburg South Carolina. We help small and midsize local businesses achieve dramatic growth through principle based marketing. If you’d like a complimentary 7 page business assessment report ran for your business ($97 value), GO HERE to access. This report highlights what a consumer finds when they search for your business online. You can find out what customers are saying about you on social media and review sites, and how you compare to your competition. Plus, find out where you’re listed and whether or not those listings are accurate.