American businesses spend almost $200 billion dollars on marketing and advertising. It could be in the form of a trade show booth, radio advertisements, billboards, content marketing or their latest social media campaign. Yet sadly….the vast majority of the money invested is a complete waste.
Because the business, or the agency they hired, make two critical mistakes.
Mistake #1: Failing to create an effective marketing message
Most business leaders have heard of the 3 M’s of marketing; Market, Message and Media. Yet when it comes to creating new marketing and advertising, they spend all of their effort picking a target market and an effective media to reach that market but delegate the message to a “creative” team just comes up with a catchy jingle or tag line.
That’s a huge mistake!!
A business needs to have a clear marketing message that directly connects to the target audience and compels them to take a step towards you. If your message doesn’t do that (which very few do) than you are wasting your money.
Mistake #2: Being product driven instead of customer driven
Product driven companies are really easy to spot. Their marketing will be 90%+ about their products/solutions and less than 10% is about their customers. If they do talk about their customers it’s usually in the form of a case study, which mainly focuses on how much they like the products.
Customer driven companies are far more subtle. They focuses 90%+of the marketing on the customer’s problems and the customer journey and only 10% or less on the business’ solution.
Picture your prospective customer driving their car. In today’s business environment, the customer is always in control of their car.
However, our job as the marketer is to build the road that leads them directly to your business. Remember, we are trying to facilitate the buying process and we do this by clearly understanding the journey the customer will take on their way to your business.
Click here to learn how to fix your marketing (hint…it involves fixing your message)