Creating marketing promotions for large Fortune 100 companies and small entrepreneurial companies are extremely different and yet the same. While there are obvious differences (such as going from a $5M budget to a MUCH MUCH smaller budget), there are still basic marketing concepts that work for both companies. Working with both, I have been a part of successful campaigns and some that fell FLAT… so today, I want to discuss some marketing mistakes I have observed that can hit your bottom line.
I realize I harp on the topic of knowing your customer demographics, but it is the MOST important aspect of the success of your company. Let’s take a look at XYZ, LLC that sells Barely There Bikini’s. XYZ knows their demographics are between the ages of 18-35 and has an excess of disposable income. Their customers enjoy being outside, vacationing at the beach, and gravitates towards bright, shiny clothing. XYZ has a successful Global Marketing plan that contributes to YOY double-digit growth. However, XYZ is testing the waters by launching a new line of maternity swimwear. This new line of swimwear will need an entirely different marketing strategy and campaign. Relying on marketing trends that have been successful in the past will not be sufficient with a new product launch with completely different demographics.
It takes approximately one year for a customer to recognize a product, desire that product, and to know exactly where to go when wanting to purchase said product. Companies will see initial sales with the launch (if there is a great marketing campaign behind it!), but for the longevity of a product, we can’t tell how it is going to do in the market until it has had a full year of sales. With that being said, launching a short term promotional item will still need a strong marketing budget but setting the expectations of a realistic ROI on a product with a short life span is crucial in ensuring that the product is viewed as a success. Setting unrealistic expectations of how the product is going to perform in the market, within a brief time window, can effect future product launches.
Last, but not least, the marketing failure I notice often is poor Social Media Marketing. Companies who are not putting up sufficient information on a product displayed on their Social Meida actually deter would-be customers. If I have to “search” for information or if I click on the product and it takes me to another Social Media page and I have to click through that page, YOU HAVE LOST ME! But not only me… you have lost anyone that is genuinely interested in that product. Creating context around what I am looking at is essential. That doesn’t mean it needs four paragraphs explaining it. An explanation of what the product is, the benefits, and how to purchase said product is sufficient. Add an essential emotional grab to the customer and you have meaningful context.
Are you noticing that your marketing strategy is not meeting your company’s expectations? Do you feel that they are falling flat or not seeing the amount of traffic you desire? At Brand X Consultants, we begin with a market analysis when offering information on product launches. We analyze your current customers and the customers that would benefit from your product to ensure that we are targeting those specific individuals. At that point, we can develop a marketing strategy that is not only specific to your product and your company’s brand, but also to your future and current clients. Ready to get started? Reach out to us at Brand X to see what we can do for you!