Some business mistakes are more costly than others. In the digital marketing world, there are at least 4 marketing mistakes that you simply cannot afford to make and still expect to achieve your revenue targets. Here are 4 huge mistakes to avoid.
1. You Don’t Have A Written Sales Strategy
Make sure Marketing and Sales know the revenue target required to reach your annual goal. Factor in the length of the sales cycle, close ratio, repeat business, capacity, onboarding and time to pay. Also collect information on existing customer revenue, anticipated growth, churn and carry over (sold fresh the previous year and in the coming year will bill a full 12 months).
When you know what you need to sell… and when you need to get it sold and billed, you are ready to build your marketing plan.
2. You Don’t Have A Written Marketing Strategy
What is your one-page plan for supporting the revenue goal the way it needs to be sold this year (products/services)? What is your marketing expense required to execute on your marketing plan and how will the cost be allocated across the calendar year? Not sure if you are investing enough on your marketing? Check it against your industry and small business benchmarks (often 3-10% of sales depending on your industry and how mature your market is).
Analyze the previous year’s category spend and determine what to cut or expand. Create a SWOT analysis if needed. How many personas (target audiences) will you be marketing to and can you segment the existing contact information to match. Do you need to secure additional contacts? Do you need to secure resources to help you attain your marketing goals? Have you considered all the marketing tools and technology available to support marketers in this app heavy environment?
43% of companies have an executive in their organization who is directly responsible for an overall content marketing strategy. (Curata, 2014)
48% of B2B marketers have a content marketing strategy, and 35% percent have gone so far as to document their strategy. (Content Marketing Institute, 2015)
3. Your Website Is Not Built for Conversion
It is important that your website has the ability to reel in consumers and offer them an option to become engaged with the company. This allows you to create engagement, nurture them during the buying cycle, monitor and score their activity and nudge them to convert.
61% of consumers say they feel better about, and are more likely to buy from, a company that delivers custom content. (Custom Content Council, 2011)
Website conversion rate is nearly six times higher for content marketing adopters than non-adopters (2.9% vs. 0.5%). (Aberdeen Group, 2014)
Examples: Do you have strong Calls To Action (CTA) on your web or landing pages? Many companies rely on CTAs such as Speak to a Specialist, Request a Quote/Sample, Get Help Now! Request a Free Consult, Sign Up Here, Download Here, and Follow or Share our Social Media Links.
4. You Don’t Publish Content
Consumers want a service or company that they can trust. Trust comes from being a credible source. One way to achieve credibility is to become an industry expert online by publishing original content that customers or other industry leaders may reference when looking up relevant information.
Content marketing is a strategic marketing approach focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience – and, ultimately, to drive profitable customer action. It might be a blog article, web page, landing page, ebook, slide deck, video, webinar, photo, social media post, podcast, infographic, case study, white paper, check list, research paper, or a press release.
75% of B2B buyers rely more on content to research and make B2B purchasing decisions than they did a year ago. (Demand Gen Report, 2014)
86% of B2B marketers report that their organizations are using content marketing, and 70% of them are creating more content than they did one year ago.
80% of business decision-makers prefer to get company information in a series of articles versus an advertisement. (Roper Public Affairs, 2012)
Make sure to have a written sales AND marketing strategy. Create a website that has fresh unique content and has landing pages that produce conversions.
To learn about more devastating marketing mistakes read MarketCrest's 10 Marketing Mistakes Your Business Can’t Afford to Make