1. Neglecting the Importance of Repeat Customers
Why would repeat customers be so important to your business? Simply this: trust. Don't forget that 80% of your business comes from those who already are familiar with your products and only 20% of business come from new customers. Think of your repeat customers being the bread and butter for your company.
"Repeat customers are by far your best,” says Dane Atkinson, CEO of SumAll, a marketing analytics company. “Across our 30,000 sellers, returning customers spend 2.6 times that of one time buyers.” Atkinson says repeat customers also tend to spend more on each purchase.
2. Confusing Advertising With Marketing.
Knowing the difference between advertising & marketing can help your company grow. Advertising is a component of marketing. If you think you are limited to advertising, know that it is one of the most expensive ways to market and you have other options. Marketing defines your brand and involves strategizing and planning the best way to bring buyers together with sellers. Advertising is just one component of marketing among many that also include: market research, public relations, product pricing, media planning, distribution, and customer support.
3. Assuming You Don't Have to Market
"Business has only two functions - marketing & innovation." - Milan Kundera
Marketing is at the heart of business. Every business should have some sort of marketing strategy in place. Your business plan will be your roadmap to success. Here's a useful Marketing Plan Template from Forbes that will get you started.
How Much Should You Spend on Marketing?
That is up to you. In 2012, on average 10.4% of revenue was spent on marketing. You set your budget to achieve the goals you have in place.
Digital marketing Can be Difficult. How Should I Approach it?
Outsource. The "Gartner for Marketing Leaders" survey revealed that up to half of marketing online is outsourced.
