Copyright 2006 New World Opportunities Inc.
This will do more than sink a marketer's business as it may create a disheartening that can deter a neophyte forever. The old adage " just keep getting up" is so true as "just finish the race" also resonates with the message that the best lessons learned are the hardest ones. JUST DON'T QUIT. But not all of us are built to weather the storm of being battle tested over and over before success finally comes our way. While we all shine when things go smoothly,what happens when we receive the first hard,jolting slap of adversity? Many of us will crumble. So it sure doesn't hurt if we can garner the wisdom of those who have blazed the trail before us to lessen the blows of the pitfalls and potholes a wee bit.
Here we go with Mistake # 1:
I'm sure many of us travelled down the road somewhat can relate to this one.We haven't even commenced our first day of business and we go out and secure a lavish,opulent office (or even within our home digs) we buy a $500 leather chair ,a $3,000 computer complete with bells and whistles, high end all-in-one printer,scanner and fax;expensively framed motivational prints to adorn the walls.Next thing you know we are down ,perhaps $10,000 or more BEFORE even one sale has been rung up! Start basement budget and go slow; re-investing profits back into the business to upgrade as you grow.
Mistake # 2:
Cart before the horse or ,as in this case, the product before the market.This one should be in the # 1 position but I thought I'd flow with the inescapable logic of most newbies as I should know:I was one.They will invest a ton in the product,then in turn do the same designing the ultimate packaging,coining a catchy name,spend a small fortune on various logoed items and apparel........all BEFORE they have even given a thought as to whom their market is?!! This doesn't even include foregoing any factoring of the marketing channels of distribution and budgeting for the same-both strong considerations as well. This is so BIG I cannot overemphasize it yet I see so many guilty of this one on a daily basis.This will sink you before you even start to swim.
Mistake # 3:
No definitive business plan now that you are set up and ready to roll will surely be the kiss of death.Not knowing one's operational expenses,fixed expenses, profit margins on products to be sold,no sales forecast projections and you might as well close your doors before you start.It is absolutely imperative to understand how all of these factors intertwine and to know what sales will be needed to break even as well as profit.It seems to be such common sense but you'd be surprised.
Mistake # 4:
Lack of versatility in procuring sales and an absence of database marketing.Too many companies and marketers new on the scene will far too often think horizontally in their selling/marketing D.M.O. ( daily method of operation).Basic concepts such as adding lines of complimentary products and fresh,new approaches to continually woo their established customers will elude them as they chase down the "new customer".Key information should be gathered on every brand new customer at the initial point-of-sale.This sets up the most provocative and effective method of marketing:Database Marketing.Think of the power that sending an established client a card or letter to acknowledge a special date or anniversary brings, or what a specially tailored in-store or online offer can do for your coffers? Database marketing allows for a plethora of imaginative campaigns.Invitations to special events,clearing out inventory run-ons,utilizing your software program to run a specific host of criteria in creating a promotion suited to "customers you already have" that fit that profile.The choices are bountiful and so will be your bottom line.
They say "The Fortune is in the Follow-up" for very good reason.Far too many marketers often don't realize that their best customers are the ones that have exemplified loyalty by their buying habits and frequency.This can easily be overlooked when your eye is only on one prize,namely the new prospect.Successful, online marketers realize this better than anyone knowing full well the power of the "LIST".One email blast to their list can be extremely rewarding,doing a "JV" ( joint venture) with another person's product or idea can create a millionaire overnight due to the sheer strength and size of the opt-in database they have built.Offering a slew of backend products time and time again is like having your very own money tree out in the backyard.Yours to pluck from whenever a need arises.As long as one adheres to the main tenets of providing only quality products,maintaining unparalleled customer service and always give MORE perceived value than what your customers expected-they will buy from you over and over-rewarding you with their undying loyalty.Ultimately, isnt that what we all want from any business venture we undertake? A win-win situation, a profitable bottom line and a most satisfied customer. |
