I am sure that every local business owner will agree with me when I say this:
“Starting and running a business is challenging, especially in today's economy.”
Starting and running a business is challenging, especially in today's economy.
Although Local businesses are under tremendous pressure to be competitive in the marketplace, they often make fatal errors, and sometimes unknowingly.
This is why In this blog post, you're going to discover 7 deadly mistakes local business owners make that will cost them a fortune and what they can do to fix them.
All you need to do in order to prevent these mistakes, you just have to scroll and read quietly this blog post.
1. Being too broad with their marketing effort
Targeting a broad market is one of the rookie mistakes many local business owners make when it comes to market their business, they try to shoot as many arrows as they can in all directions thinking they will hit everybody. However, if you try to be all things to all people you’ll be nothing to no one.
What to do instead?
In today's business environment, it is more important than ever to be laser-focused on your marketing strategy. In order to make sure you are getting the most out of your marketing dollars, you need to know exactly who your target audience is and narrow down the scope of what services or products you will be offering.
2. Not having a solid marketing strategy
Local Businesses that do not have a marketing strategy are doomed to fail because it’s the backbone of any successful business. As Stephen Covey elaborates in his bestselling book 7 Habits of Highly successful people:
If your ladder is not leaning against the right wall, every step you take gets you to the wrong place faster.
In reality, many business owners don’t have a marketing strategy. They just operate on a daily basis and when things go wrong they don’t know how to respond to them.
How to remediate this?
The first step in building an effective marketing strategy is to identify the problem. You need to know where you want to go, what you don’t have and where you can find it.
3. Not understanding the market
Many local businesses fail because they don’t know their customers and the market. They make assumptions about what people want, rather than doing research and getting feedback from potential customers.
You may be thinking that you already understand your target audience, right?
but a lot of business owners are so close to their products or services that they can’t see how it looks to others who aren’t as familiar with it.
What to do instead
Before you invest time, energy, and money into marketing a product or service, do some research first to find out if there is a real demand for what you have to offer.
4. Not Building an email list
Have you ever wondered why some businesses seem to thrive while others struggle?
There are many factors that contribute to this, but one of the most important is email marketing.
Successful companies have a way of getting customers engaged and staying loyal by sending emails on a regular basis. If you're not building an email list for your business, you’re missing out a huge opportunity.
What is the solution?
Email marketing is one of the best assets to leverage in your local business today because it gives the possibility to connect with your subscriber without having to pay Facebook, Google, and any other advertising platform to reach them.
5. Not tracking expenses or income correctly
We all know that accounting is a boring and tedious task, but it's also one of the most important tasks in any business.
If you're not tracking your expenses and income properly then you'll have no idea where your money is going or how much profit you are making. This will make planning for future projects impossible.
What To do instead:
The best solution is to keep records of all your financial activities, including the ones made online through the internet banking system, makes sure that there are no surprises when it comes time to pay your bills. This way you’ll have less stress at the end of every month.
Always remember what Peter Drucker Said:
If you can't measure it, you can't improve it.
6. Not using social media to promote their business
There's no denying that digital marketing is a powerful way to reach potential customers. With just the click of a button, you can have your business in front of millions of people.
But there are many small businesses that don't take full advantage of this opportunity by not having an online presence or digital marketing strategy.
Imagine how successful a business would be by investing in its digital presence. A strong digital footprint will always translate into increased customer reach!
What are you waiting for?
7. Failing to establish a clear brand identity and voice online
Many small businesses feel that having a brand is not something necessary to successfully market their products or services. Some think it is something only large companies need.
And although some might invest in a logo, they miss the fact that a brand identity is so much more than just the visual impression of your business.
Branding is about the impression you make, what is special about your business and how you connect with your target audience.
To solve this problem you have to establish your business as unique in the marketplace. This way your audience can identify you in whatever channel you present.
I hope this post help you discover what are the mistakes are you making in your business.
Now I'd like to turn it over to you
What is the #1 mistake from this post that you are making and how you resolve it.
Are you going to start building your email list or narrowing your target market?
Or maybe you have a question about something you read.
Either way, let me know by leaving a comment below.