No matter what business you are in, effective marketing is the key to your success. Chosen Payments is committed to being your Partner In Success and sharing our secret sauces with you to help you achieve maximum growth in your business. We spend a great amount of time and money marketing ourselves and we have learned a thing or two about marketing so why not share some of the mistakes we have learned along the way.
To succeed in marketing, you have to have a plan and you have to have knowledge. Chances are you a very knowledgeable about running your business but maybe not as knowledgeable about marketing in a digital world.
Here are five of the most common digital marketing mistakes, that every small business should avoid to ensure maximum results and return on investment.
- Retargeting Everyone
The number one mistake most small business owners make is called “retargeting”.
No matter how good your product or service is, not every visitor comes to your site with an intention to buy or even shop. In a recent survey, 58.6% of US online shoppers surveyed have abandoned an e-Cart simply because they weren’t ready to make a purchase.
If you’re including these people in your future marketing efforts, you are probably wasting time and resources. Here’s what to do instead: Segment your bounced visitors into groups by how many pages they viewed while at your site, how much time they spent and whether they visited a particular product or service and retarget for that specific product or service.
- Failing to Invest in Facebook Marketing
Facebook is one of the most powerful tools available to you for digital marketing. Yet, nearly two out of every three small businesses (68%) don’t take Facebook marketing seriously. Why? Because most small businesses don’t have time or knowledge to implement a successful campaign and no one is assigned to do it.
There’s a wide range of information online about how to improve your social media strategy but the core fundamentals needed for an effective social media marketing strategy are:
- Identify your audience
- Start small with your campaigns before throwing big money down
- Select proper keywords
- Analyze your metrics
- Create a posting schedule and follow it
3. Spending Too Much To Acquire New Clients
Spending the majority of your marketing dollars to acquire new customers isn’t necessarily the most effective way to spend your money. Did you know that a mere 2% of all website visitors convert to sales on the very first visit? No matter how much effort or money you spend trying to drive people to your website, most will come, look around and leave.
That is not to say that you should stop trying to drive traffic to your website. You need to work on building a positive online image and reputation. You also need to keep your existing clients coming back to your site. You might consider featuring your existing clients. This can cause other clients to come forward and ask how they can be featured in your ad campaigns as well. The cost of acquiring new customers is dramatically higher in comparison to retaining existing customers. It costs nearly seven times more to acquire a new customer than retain an existing one. The path to profitable growth is to focus on acquisition and retention at the same time.
4. Not Utilizing Data
It is really important that you continually monitor your campaign data. When it comes to this part of managing a campaign, very few do it, and even fewer do it well. You have to analyze your results to adjust your campaign to be successful.