Top 10 MARKETINGTop 10 MARKETINGMISTAKES that cost your MISTAKES that cost your business money business money or How to Save Money or How to Save Money on your Marketingon your Marketing

By Angela Hausman, PhDBy Angela Hausman, PhDHoward University – School of BusinessHoward University – School of Business

Marketing DepartmentMarketing Department

To make an omelet, you’ve got to break a few To make an omelet, you’ve got to break a few eggs – Russian proverbeggs – Russian proverb How many eggs do you need to break?How many eggs do you need to break?

Percentage of salesPercentage of sales Match competitionMatch competition Objective taskObjective task

Measure returnMeasure return

Marketing ≠ AdvertisingMarketing ≠ Advertising

Insanity is doing the same thing over and Insanity is doing the same thing over and over again and expecting different results – over again and expecting different results – EinsteinEinstein Do you understand the role of marketing in Do you understand the role of marketing in

achieving results?achieving results? Do carefully plan your marketing efforts?Do carefully plan your marketing efforts? Do you document marketing efforts?Do you document marketing efforts? Do you assess outcomes?Do you assess outcomes? Do you use these assessments to inform future Do you use these assessments to inform future

plans?plans?

1. Not knowing your 1. Not knowing your situationsituation

Who are your most important competitors Who are your most important competitors and what do they have that customers want?and what do they have that customers want?

Who are your customers and what do they Who are your customers and what do they need? What do they think of your company need? What do they think of your company and its products? What do they think of and its products? What do they think of competitors?competitors?

Who are you and what do you do well? Not Who are you and what do you do well? Not so well? What are your most important so well? What are your most important assets?assets?

2. Not having a cohesive 2. Not having a cohesive plan plan

What are your long term goals?What are your long term goals?

How do you break these down into How do you break these down into manageable objectives?manageable objectives?

Do your actions lead you to meeting your Do your actions lead you to meeting your objectives?objectives?

Do you track results?Do you track results?

3. Not meeting customer 3. Not meeting customer expectationsexpectations

Do you understand the advantages small firms Do you understand the advantages small firms have?have? Easier relationship marketingEasier relationship marketing Faster response to changing conditionsFaster response to changing conditions Better customer informationBetter customer information

Do you understanding the roles of brand loyalty, Do you understanding the roles of brand loyalty, satisfaction, dissatisfaction, and delight?satisfaction, dissatisfaction, and delight?

How do you handle service failures? How do you handle service failures? Complaints?Complaints?

Do you manage expectations?Do you manage expectations?

4. Not offering the right 4. Not offering the right ProductProduct

Does your offering create competitive Does your offering create competitive advantage?advantage?

Does the product match your company’s Does the product match your company’s competencies?competencies?

Does the product match your market?Does the product match your market?

What has the sales trend looked like over the What has the sales trend looked like over the past year? Two years? Ten years?past year? Two years? Ten years?

5. Not using the internet 5. Not using the internet effectivelyeffectively

Do you have a customer friendly website?Do you have a customer friendly website?

Do you monitor and update your website Do you monitor and update your website frequently?frequently?

Are you talking at or to your customers Are you talking at or to your customers online?online?

Do you have mechanisms for 2-way Do you have mechanisms for 2-way conversations with customers? Suppliers?conversations with customers? Suppliers?

6. Not spending $ 6. Not spending $ wiselywisely

Do you think cheaper is better?Do you think cheaper is better?

Do you market the right things?Do you market the right things?

How do you spend your marketing $ ?How do you spend your marketing $ ?

Do you test the results of different options Do you test the results of different options before making marketing decisions?before making marketing decisions?

7. Not satisfying 7. Not satisfying internal customers internal customers

How do your employees feel about working for How do your employees feel about working for you?you?

What do your employees expect from their What do your employees expect from their jobs?jobs?

Are your employees empowered?Are your employees empowered?

Do you provide employees rewards that Do you provide employees rewards that encourage the types of behavior that will encourage the types of behavior that will benefit your company?benefit your company?

Do your employees want to stay?Do your employees want to stay?

7. continued7. continued

Do you have good, two-way conversations Do you have good, two-way conversations with your employees?with your employees?

Do you take the time to explain why you are Do you take the time to explain why you are doing things or do you give orders?doing things or do you give orders?

Do you trust your employees or do you Do you trust your employees or do you believe its more important to monitor what believe its more important to monitor what they are doing?they are doing?

8. No good relationships 8. No good relationships with supplierswith suppliers

Do you know your suppliers?Do you know your suppliers?

Do you trust them?Do you trust them?

If you needed extra service from your If you needed extra service from your suppliers, would they be willing and able to suppliers, would they be willing and able to help?help?

Can your suppliers be doing more to help you Can your suppliers be doing more to help you be successful?be successful?

9. Not planning for the 9. Not planning for the long termlong term

Where do you want to be in 5 years? 10?Where do you want to be in 5 years? 10?

Where do you think consumers will be then?Where do you think consumers will be then?

Where are your competitors going?Where are your competitors going?

Are you planning new products and services Are you planning new products and services to meet these changing expectations?to meet these changing expectations?

Do you have the right information systems in Do you have the right information systems in place to monitor performance and adjust your place to monitor performance and adjust your future plans?future plans?

10. Not measuring the 10. Not measuring the right thingsright things

What gets measured gets attention and What gets measured gets attention and fixed?fixed?

Do you know what information will help you Do you know what information will help you manage your business better?manage your business better?

Do you have a system that quickly draws Do you have a system that quickly draws attention to metrics that are out of bounds?attention to metrics that are out of bounds?

Do other people in your firm know how to get Do other people in your firm know how to get and interpret this information if you are and interpret this information if you are unavailable?unavailable?

SummarySummary

Marketing doesn’t have to cost a lot of money if Marketing doesn’t have to cost a lot of money if you know what you’re doingyou know what you’re doing

Marketing is not something you do once or Marketing is not something you do once or even once a quarter and forget it. Its even once a quarter and forget it. Its something you do every day in every action something you do every day in every action your business takesyour business takes

The market is always changing – are you The market is always changing – are you changing with itchanging with it

Do you really care about the people around Do you really care about the people around you?you?

QuestionsQuestions