“I have not failed. I have found 10,000 ways that don’t work.” — Thomas Edison
Despite the amount of tech developed solely for the purpose of creating more effective marketing strategies, it’s still a hit-or-miss game.
Risk-taking is not a bad thing. It helps you learn and refine your strategy. But, it can also eat up resources unnecessarily.
In order to know what to do with your marketing strategy, it’s important to learn what not to do.
Marketing Fails: Don’t be a Statistic
How many times have you watched a cringey ad and wondered “Who thought that was a good idea?” There are many examples of marketing fails throughout the history of advertising. Some were the result of bad marketing advice, others are due to a tone-deaf attitude from ad execs who never learned how to read the room.
Don’t be that marketer.
Up to 90 percent of startups fail within their first year. Many never get off the ground. Much of that fail rate can be directly tied to bad or non-existent marketing plans.
Digital marketing is about more than SEO optimization and posting to social media. Here are five examples of why so many marketing strategies fail and how you can avoid learning these lessons the hard way.
You Don’t Have a Strategy
We’ve all heard tell of marketing videos that suddenly went viral. Often, they just happened to capture a national or global mood at just the right time.
We all aim for the timeless appeal of ads that warm the heart or ignite the masses in a way that places new terms into the global lexicon. But, few of us are able to capture that almost accidental magic spontaneously.
As with almost everything in business, you’ve gotta have a plan.
Lack of a strategy is probably the number one way to fail in marketing. It’s tied part and parcel with every other component.
What are the elements of an effective marketing strategy?
* Multi-pronged approach
* Clearly defined value proposition
* Carefully refined audience segmentation
* Actionable goals that are aligned with the value prop, buyer’s journey, and product/corporate strategy
* Comprehensive reporting and analytics
Don’t just spitball it. Put it in writing.
You Don’t Follow Up
Your best laid plans will go astray if you fail to follow them up with action. Part of your goal setting should include an action plan for setting them in motion that includes A/B testing, feedback, refinement, and follow-through. Your plan should be measurable, actionable, and attainable.
You Didn’t Get Everyone On Board
While it’s true that too many cooks can spoil the soup, you have to build passion if you want to get your marketing plan off the ground. Incorporate your marketing team into the core of the company rather than keeping it as a separate division. Next, get your team on-board and enthusiastic about your products and direction. Then, you can leverage that passion and ride the wave of enthusiasm to success.
You Tried for Instant Results
The number of instant marketing sensations can probably be counted on two hands. Those that lasted past the first few weeks are rarer still. Don’t try to copy someone else’s success. Lightening rarely strikes the same place twice.
Tactics and gimmicks are not the same as a strategy. Rather than trying to create the next viral sensation or ride a temporary fad into the digital marketing hall of fame, try for sustainable, measurable results. These are best obtained by crafting a solid, data-driven strategy that’s based on doing the research, remaining engaged with your audience, and acting with diligence. It’s also important to remain agile enough to detect changing market conditions and pivot accordingly.
You Failed to Connect With Your Audience
Sales may be about numbers, but marketing is about people. Failing to connect with your audience will resort in lack-luster sales, cold leads, and high customer churn.
The three most important ways to connect with an audience are to identify pain points, engage with your audience on an emotional level, and position your product as an answer to their needs or concerns. Address how your product or service does this better than the competition. Use customer feedback to refine your approach.
Is your marketing strategy getting a good ROI or did it fizzle right out of the gate?
In the fast-paced age of digital marketing, you won’t get another chance to make a good impression. Rather than learning by failing, get it right the first time.
We’ve covered the reasons that marketing campaigns fail. Talk to a professional marketing consultant about your strategy today and avoid becoming just another “could have been” tomorrow.