Strength Strategy Coach Shares 3 Marketing Mistakes Every Business Owner Needs to Avoid
How effective is your marketing techniques when it comes to generating profits? In this episode of Enlightened Entrepreneur Podcast, business owner and certified coach, Jeff Liscum reveals the do’s and don’ts in marketing and promotions to make it profitable for all types of businesses. In addition, he shares what yields does the discovery and making use of talents and strengths give to business owners – to bring out the best in them.
- What sort of challenges did Jeff face when he started his coaching business?
- How did he get his first client?
- How does he market his coaching business now?
- What is one mistake business owners make when it comes to advertising and marketing?
- What are the consequences of falling into this incorrect way of thinking?
- How do you correct this kind of mistake?
- What are the other marketing and promotional mistakes business owners commonly make?
- Are there any tips on how can business owners put such majors in their promotional efforts?
- What are the key areas Jeff highly recommends business owners to track?
- Is there any obvious mistake that business owners think they are doing the right thing, but eventually realize it is a mistake?
Highlights of the Lessons Learned:
The Three (3) Mistakes in Marketing and Advertising:
- Not knowing what they want to accomplish in their advertising.
A business owner needs to understand why he/she is into that digital medium of marketing; needs to identify who are the end-users – whether or not they are real clients or potential customers.
This means knowing and reaching the right target market is highly necessary.
- People don’t find ways to identify where exactly their marketing costs leads them to.
How much ROI did the campaign gain? Is it profitable in your business? The success of marketing is basically gauged through the total exerted energy, time, and money against its returns or results given.
A tracking system has to be used to efficiently determine the success of the campaign.
NOTE: Knowing your numbers is the key to success.
- Trying to do all by themselves.
Recognize your expertise. Every business owner needs to know their role in the business; and should delegate to the team or experts the things that are out of his expertise.
Consequences of the Cited Marketing Mistakes
- Right target market will not be able to reach and identify.
- Best thinking of business owners may not always be the best; it may result to poor decisions.
- Poor decisions can be inherited by your business which will result failures.
- If marketing results are not tracked, business cannot measure the success of the campaign. Hence, advertising will remain an expense and will not ever be turned into an asset – because it may not give better profits, and/or no success at all.
- Develop a team with a coach to help them identify what best works in their business.
- A Coach helps business owners identify their best thinking and talent.
- Tracking system (eg. CRM, etc), so that business owner would know what it takes to build their right customer (ex. what group, age, time etc. of people who visit their website).
- Tracking system also quantify the profits out of the marketing/promotions spent.
- Delegation of tasks to the team where the business owner is not at his/her best.
Insights from the Expert
- The major challenges that Jeff had faced when he started his business were as follows:
*Making the business owner understand the importance of establishing coaching within the business.
*Letting the business owners understand that not at all times they will be the doing great in their business, and that there are some experts who can fill the gaps.
- Companies normally break in the boardroom because of poor decision and lack of good leadership. As quoted, organization rise and fall with leadership.
- A business owner should only work on things in which they are gifted naturally for better results.
- A business owner should identify and affirm on his/her own talents and strengths.
- A business owner should learn to delegate tasks to best talents in talents.
- Digital marketing is ever-changing. A business owner does not have to jump in immediately. Make sure that what you are engaging fits in his/her business.