In today’s world, nothing can be more important than name recognition when it comes to selling a product. Newcomers to the marketing realm must be especially wise in this area as they attempt appeal to a buying public and instill confidence in their brand.
Sadly, 60% of new ventures will fail and that failure will be based on bad advertising strategy. Indeed, many missteps can occur in advertising that could tarnish the name of even a well known company. Here are some of the more common ways that utilizing a faulty advertising strategy can doom a company to the point of no return.
o Targeting the wrong demographic — although this may not seem possible or even that important, in the realm of marketing, it is everything. Let’s say you make a product that would appeal to 20 something females, but the adverts leans more toward 30-40 something’s. The mixed signal could confuse the masses, and in the end, you could alienate all client bases. This would of course hurt your image, tarnishing it before you even begin a well formed campaign.
o Insulting your target demographic – the last thing any company should do is insult the intelligence of their target base. As far as a marketing strategy would go, it is career suicide. How can you insult your audience? By providing false information about the product or by assuming they will not know or understand certain aspects of the product you are selling. By being dishonest, or talking down to your audience, you are telling them you think you are smarter than they are. This works how often?
o Beating a Dead Horse – what can begin as a brilliant campaign can grow wearisome if overused. When you develop a marketing strategy, test the waters from time to time to see how well it is doing. Don’t assume that something that worked two years ago will work indefinitely. Keeping your brand innovative, fresh and contemporary will help to preserve its longevity.
o Failing to Cultivate Word of Mouth – many companies believe that putting a ton of money into splashy ads or expensive commercials is a surefire way to get people talking, but the old adage that a product sells itself is still tried and true. Put money aside to offer free samples to the buying public. If your product works as advertised, people will talk and your business will grow.
o Foregoing test marketing – while you may think you have the best product on the planet, the world may not be ready for it. The videophone comes to mind. Companies that employ a time honored marketing strategy, like developing a raw prototype, or paying consumers to test their products, often do well. In the end, it may be worth the expense, especially if the information helps you tweak the product so it is more to consumer liking.
And remember; don’t throw the kitchen sink at one aspect of advertising. While it may be a good idea to put your name on one side of the super bowl blimp, you could be better served placing your advertising dollars in more than one basket.
By keeping an eye on your advertising strategy and playing it smart, your company will not only make a mark in the business world, it will remain in good standing for years to come.