Marketing is a big world. There are different branches or aspects that need to be checked from time to time. However, many marketers, not only for small and medium scale business but also for large and international companies, set aside the importance of balance when it comes to utilizing a great marketing strategy. This usually causes the business to stagger or fail miserably. And this failure can have a big impact not just in the business, but also for the employees and customers patronizing the products or services.
Focusing on the big stuff, not on the important stuff
Just like what was mentioned earlier, there are numerous factors or aspects that need to be considered when running a business. Some factors may seem tedious while others are vital. If you’re not careful, you might set aside the less important tasks not realizing its overall value to the business.
When managing a business, balance is very important. Make sure that each and every aspect gets an equal value of research, budget, logistics and other essential factors to ensure that the company runs smoothly.
Failure to do research
When you offer a product or service, it’s important to ask your target audience and get their insights. Here are some of the important questions you can ask your target audience:
1. How are you doing it today?
2. What do you like about how you are doing it today?
3. What would you like to do differently?
4. How much are you willing to pay?
Aside from getting to know more about your target audience, doing extensive research is a must. Conducting research will give you a deeper knowledge about what’s happening in the industry you want to discover and the purchase behavior of the target audience.
What are the Benefits of Market Research?
Marketing research is the core factor of a successful venture. Here, we round up the top benefits of marketing research:
1. Marketing research reduces risk.
2. It helps to identify threats and opportunities for expansion or growth.
3. Having comprehensive market research strengthens market position.
4. It gives you the chance to know your strengths and weaknesses. It can also be applied to your direct competitors in the industry.
5. Marketing research can help improve customer support by knowing what they need and want.
6. Marketing research can evaluate and weigh success benchmarks.
Excitement to launch the product or service
Many business owners are guilty of this. If you have a great business idea, you’re eager to put it out there and introduce it to the world. Sometimes, even if you are well aware that it’s not 100% ready, you want to wow your target audience and let them know that you’re in the scene.
Although there are a few companies who succeed without complete preparedness, it’s not a good practice to introduce your company without having a great backbone.
Before launching, make sure that everything is properly ironed out and put in place. Avoid being over excited when you want to open a business or launch a new product or service. It’s best to delay the launch than over something that’s half-baked.