Marketing Tips From The Guru

By Warwick Reader
Profit Growth Systems, Thirroul

"Common Marketing Mistakes"

At the recent NICC monthly meeting I gave a presentation on “26 Marketing Mistakes That Can Cripple Your Business, And How To Avoid Them”. These common marketing mistakes are costing businesses like yours literally millions of dollars in lost revenue and profit each and every day.

I see it every day. People making marketing mistakes. It's not that they're doing it on purpose. No. In fact these mistakes are being made because people simply don't realise that what they're doing is having a detrimental effect on their businesses.

Call it ignorance. Call it lack of knowledge. Lack of marketing savvy. Call it what you like. The point is that almost every business is making many of these mistakes.

Statistics tell us that 80 percent of businesses go out of business the first year they’re in business. And of those that remain, 80 percent of them will not be in business five years from now. That’s a scary but true statistic!

Yet, even with what seems like an almost impossible task, people still take their dreams into the marketplace with little or no planning, and with little or no regard for the harshness and cruelty of what the marketplace can bring, without proper planning and ‘marketing savvy.’

In fact the success and failure of any business is almost entirely down to how well a business is marketed – and not down to how good the product or service is – or the people in the business!

This may be difficult for you to agree with but ‘he who markets most effectively – wins – and wins big.’ That’s why inferior products and services have stood the test of time. It’s because they were (and are) marketed well – better than superior products and services. And that’s why hundreds of brilliant inventions fail to materialise. A good product is nothing without effective marketing.

So what do I mean by effective marketing?
To be precise, effective marketing is the ability of the business to consistently and repeatedly get people to buy the products or services they sell and extract as much profit out of each customer over the duration of the relationship.

When you understand what effective marketing means, it’s easy to appreciate why businesses all over the world struggle…

They simply haven’t found a way(s) to generate a constant stream of customers and keep them buying – time after time.
This is WHY businesses fail – or don’t prosper as much as they should. Sure we’ve all heard of the excuses…

• Too much competition
• I have to reduce my prices
• It’s a poor market
• Etc, etc

But when you dedicate a large proportion of your time on effective marketing, then you make your business ‘immune’ to outside factors such as the competition.

Over the next few months I will outline some of the most common Marketing Mistakes and how they can be overcome.