1. Not knowing your target audience well, their needs, economic level … Or worse, not having a well defined target audience!
To be able to create a product, define its characteristics, how to present it and how to sell it on a specific market … you have to know your potential buyers! And adapt the product as much as possible to them, or find suitable buyers for a specific product through defined advertising tools.
Believing that trying to sell to “everyone” will generate more sales is one of the most common mistakes. A product or idea with a poorly defined target, are destined to get lost in the vastness. As they say, better bird in hand than a hundred flying.
Clearly define the target audience of your brand / idea / product. Age, interests, tastes, economy, geographical location, buying habits … This is the first step, key, for a product to succeed: fit it in the right market.
2. Do not study the market and competition, similar brands and the “niche market” available.
And what if the same thing you are doing was already invented by your neighbor, tthey are selling it at he opposite store? And if it turns out that a certain idea does not thrive among a certain target, which has failed before? Is there a niche market for your product, and therefore some chance of success? Study the competition, do they have shortcomings that you could instead solve in your product and offer a better product?
Better than the competition, study the businesses or products that complement yours, having a good network of collaborative contacts is very important.
Finally, one of the best tactics to ensure success is to use the so-called ocean blue strategy: make your way where there simply is not, nor is there many ballots that will exist, clear competition.
3. Make an incomplete, inappropriate or worse not make a marketing plan …!
Without planning, there is nothing. Prior research, the methodical realization of a good Marketing plan and carefully adhering to it (redirecting it if there are small things to modify) are essential for success.
4. Not knowing how to sell the product well. No matter how good it is, if it sells badly, it is bound to fail.
Having studied the target, the market niche, and summarized all of this in the marketing plan, it is time to proceed with the advertising strategies to add to it. But these must fit perfectly to the previous points. They must use a budget and calendar previously established in the marketing plan, to meet specific objectives also established in it.
In addition, in language, format and aesthetics they must be adapted to the market segment and target audience to which it is intended.
Did you find this information useful? Comment, and share! I would appreciate it very much 🙂 And cheer up with that Marketing plan. Once knowing that there is NO to do … it’s time to go for what you have to work to ensure success.