Advice for startups
Steer clear out the costly marketing pitfalls
Tahmid Sadman
When we engage in marketing, more often than not, a hysterical feel sweeps through us and unsurprisingly so. Marketing is the avenue which gets to decide whether we can endure in a competitive set and also creates room for the creative imaginations to flourish. We do see a lot of stances when it comes to marketing-cautionary, bold or subtle. These stances are shaped by a slew of factors ranging from target market, deep customer insights, industry norms, social, cultural and events that shape our globe or a burst of creativity. The sheer number of factors, coupled with uneducated guesses and poor data can play hardball with the outcomes of such marketing programs. Both startups and businesses should be wary of the following gaffes.
A weak marketing information system
A weak marketing information system will be unable to provide a vivid picture of the marketing environment and hence will be counterproductive. A strong marketing system must have four components- internal reporting systems, marketing research systems, market intelligence systems, a strong analysis system and clear channels for passing information and providing feedback. There also has to be clarity of the lines of information needs in order for this system to be successful. Assessing information needs will entail considerations regarding the customer, the market trends, competitors and the overall environment. Also, internal reporting systems must be able to show information in a structured and organised so as to make life easy for the decision makers. Marketing research and marketing intelligence systems must be driven by the need to glean key customer insights. The MIS should be able to incorporate key variables that will help decision makers to make better decisions. Key variables can include- projected sales, projected change in perception , projected change in brand loyalty, projected change in market share etc. The bottom line is to harness the MIS to glean customer insights that can help the brand understand its target market better and make moves accordingly.
Not associating a brand with what customers care deeply about
Nowadays, product, service functionalities just doesnt cut it anymore. An emotional experience is pivotal if a brand is to stay ahead of the curve. By relating to the customers inner needs, a brand can stand out.
No alignment between promises and delivery
Unfulfilled promises can wreak some serious havoc on any business. A firm must know its capabilities before communicating its value proposition. Communication forges expectations and expectations open windows for a firm to consolidate its position in the market. If the expectations are not fulfilled, the customer receives a strong psychological blow and the possibility of him/her returning to the company is greatly curtailed.
Losing focus
Too much product orientation focus is likely to lead to the overlooking of customer orientation. So, at the end of the day, a product or a service is likely to take a big hit in terms of customer rejection and low demand. Also, it is important to carefully observe the product lifecycle and change strategies accordingly. Too much focus on one stage is likely to be counterproductive.
Not seeing the big picture
Although it is true that a market exhibits change from time to time, it is also imperative to find a consultant and analyse the impact of changes that will affect a firms business model. A constant is that factor which doesnt change and businesses can exploit it to augment its growth trajectory. This constant can be anything an unfulfilled need, a firms core capabilities or customer perception.
Not linking marketing with the overall strategy The overall strategy must be in harmony with the marketing strategy. If there is a discrepancy, then it is highly likely that the marketing activities will not yield the desired outcomes.
For example, if a firm decides to pursue a cost leadership strategy to woo untapped rural markets, but market in a very contemporary way that is suited for urban dwellers, it is unlikely that a firm will be able to make inroads in the rural markets.
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