When entrepreneurs start a business, the excitement is high and the initial passion makes it look like things will be good forever; however, there are many factors that play a role in the success of a business taking off.
Marketing is perhaps the most important factor that determines the success of a Nigerian business; real business marketing goes beyond the simplistic view of marketing most people have, and the following critical marketing mistakes have caused the death of many businesses.
Not Having an Email Strategy
When you take a look at the most successful online businesses in the world today, you will start to notice a trend: most of them start by capturing the email addresses of their users, and many still do email marketing well. If they still do that, what’s stopping you from doing same for your asoebi business?
A analyzed over 500 million shopping experiences to see how different traffic sources convert. The findings of the study were revealing! Email converted more than search and social media combined, consistently.
Not Using the Familiarity Principle
If you run an online business, look for major blogs and publications in Nigeria like dailydigest.ng that you can write a guest post for.
When nobody knows about you or your products, it becomes even more important to use the familiarity principle — ensure that potential users get constantly exposed to your brand until they can no longer forget it.
If you’re building it and expecting them to come, well they won’t. You need to get the message out about your brand and products, and not just in one channel; use as many mediums as possible, paid and free, to introduce your products to your target market repeatedly. This will result in likability for your brand and eventually sales.
Not Having an Outreach Strategy
Every major startup today got big due to constant exposure in the media; if you can’t get the media to cover you yet, you can write for major publication as a thought leader and link back to your site. This is called guest blogging, and it can be used to capture the attention of influencers and key users in your industry.
This is advisable, rather than focusing on the heavyweight journalists that will most likely ignore them, pitching to unestablished journalists.
Trying to Market to Everyone
If your answer to the question of who your target audience is “everyone,” you’re essentially targeting no one — and you’re most likely on a path to failure. Every major business had to start with a small subset of people — with a specific, targeted audience — before eventually becoming big.
Don’t make the mistake of marketing to everyone; while big brands might get away with it, it won’t work for small ones. Instead, start by defining your Unique Selling Proposition, create an audience profile and actively pursue your target audience.
Making Assumptions and Not Testing
Trying to market without testing is akin to running a business without accounting. You only assume that something is working or not, and assumptions are often wrong. This will only lead to failure.
It’s easy to assume that something is working when it is not working; new marketing techniques and platforms will pop up every day, but you only know what works when you test.
Ignoring Existing Customers
Many new entrepreneurs assume that the work is done once they get customers to use their products; it isn’t. In fact, the work has just begun! shows that loyal customers are worth up to 10 times as much as their first purchase, and you have up to a 70 percent probability of selling to an existing customer compared to up to 20 percent for a new prospect.
A customer you already have is worth several times more than a customer you don’t have yet, and perhaps one of the best marketing decisions you will make is to start paying more attention to existing customers. First, these customers have already bought from you so it is not hard to get them to buy more. Second, these customers, if very pleased with their experience with your brand, can end up being brand evangelists for your business. Ignore them at your own expense.
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