Dr. Samar Baqer
Working as a university professor and as a consultant has given me the chance to communicate with many entrepreneurs at the very early stage of the business development. And no matter what kind of business they start, every time they approach me for a professional opinion I find out that they are falling in the same strategic marketing traps. I can actually bet that some of the readers will be familiar with the points mentioned below. We know that mistakes are inevitable especially in the field of entrepreneurship that is full of challenges and risks. But we hope that we can help you in minimizing their effects on your business.
“So here are the strategic marketing mistakes we want you to avoid. “
1- Believing that your product/service is for everybody In marketing, we call it lack of targeting strategies. Every product and every service should fit specific target market. You need to specify the characteristics of your client. Imagine that you are looking at you customers while they are getting into your store or your office. Try to describe them with every single detail that comes into your mind. Think of their age, gender, general look,
clothes, hairstyle, life style, way of talking, daily activities, type of job, etc. When you understand the target market, you will be able to serve them correctly and communicate
with them efficiently.
2- Focusing on the product itself not the value it could offer With the wide range of options available for customers, products and businesses can easily fail unless they have clear value to deliver to the clients. This happens when we ignore the target market and their needs. Once you identify the target market, you should be able to know the kind of value they are looking for in your product category. Always think of your product as a unique solution to a problem or a situation facing your target market. Remember that your
uniqueness, or what we call the competitive advantage, will differentiate you from the competition. By doing this, you will create your distinctive image. Just keep in mind
that your value is sustainable in nature and will maintain your success despite the competition.
3- Neglecting the importance of the branding process Many founders of startups think of branding as creating pretty logo with a marketable name. Again, once you understand the target market, you will have all the insights you need to build a brand that fits your clients
and offer them the value they are looking for. Your brand is your identity and it requires careful investment from the beginning because it will stay with you for a long time, ifnot forever. You need to look for an expert to help you in building your brand. An artist will give you a nice logo, but a true marketer will build the personality of your business.
4- Thinking that creative social media marketing is going to guarantee the success of your business We keep on watching small businesses picking up very quickly because of their amazing Instagram account and the influencers promoting them. But guess what happens to them after a month or two? Yup! they fail and eventually close down. Marketing is a strategic element of your busienssand it requires continuous work to maintain success.
5- Ignoring the importance of research and analytics. Yes it might sound boring but it is critical. We all suffer from the “Lack of Data” issue in Kuwait. Data is the base for knowledge and empowerment. It should be part of your entrepreneurial mindset to keep track of every activity to help you define the future of your business. All major decisions regarding growth and scalability will rely on the history of your business’s performance. Try
to invest in software packages and digital analytics tools to ease the process for you. Doing this will increase the work efficiency, reduce mistakes, build customer loyalty, and increase the value of your company.
6- Forgetting an important marketing tool called “Customer Relationship Management” or CRM .CRM is very critical to ensure customer loyalty and longterm relationship. By nature, the the older generations. They have many options and they get bored easily. Therefore, you need to build a system that collects information about the customers and their purchasing behavior. This will help you to establish the continuous connection with the clients and eventually be able to tailor your communications and your offerings based on
their needs and wants. My advice to you is to invest in a software package to handle the CRM process.
Now, if you relate to at least three of the above mistakes, then you are not alone and it is never too late to prevent them from happening. These mistakes may not lead to terminating your business but definitely, they will slow your growth. Consider them as learnt lessons and move forward towards the growth of your business. Just make sure to accept the fact that you may rethink your marketing strategy to lead your business to the road of success.