So you’ve just blown a ton of money on a marketing effort that didn’t lead to anything?
It might not seem like it now, but marketing failures are actually a bit of a blessing. The important thing is that you know how to use your failure to your advantage in the future.
All entrepreneurs come face to face with failure at one point. They have thrown piles of resources and finances into what they believed to be a legitimate approach to something, only to find that they saw little to nothing come from it.
If this sounds like you, don’t panic.
We’re going to go over a few ways that you can turn this into a valuable experience for marketing down the line. First, we need to make one thing clear.
Has Your Marketing Approach Actually Failed?
In a world of instantaneousness, we are accustomed to seeing results right off the bat. It is important to know that certain marketing strategies take time. You need to start with having realistic expectations for your results.
Let’s say that you run a pay-per-click ad campaign. In this case, results should show up in an instant. You’re putting in money to target your product or website to an audience directly. To get visibility, you don’t have to nurture consumer relationships or increase brand awareness. If you aren’t getting any clicks or conversions, then something isn’t going right.
On the other side of things, non-paid social media marketing and SEO takes a bit of time. You need to spend a fair period building your platform. If you have a brand new website, it could potentially be many months until you reach the first page on Google. If you created your website last week and you are in a panic because you aren’t seeing results, your panic might be premature.
If you are experiencing true marketing failure, here are a few takeaways to make your next strategy better:
Have A Deliberate Marketing Strategy
We often work with business owners who have creative ideas, though they haven’t taken the time to step back and look at the bigger marketing strategy picture.
To design marketing campaigns with a specific purpose, you must do research a number of variables, including competitor techniques, target audiences, budget, resources, and your company’s objective.
You could potentially have a brilliant idea, though if it doesn’t work for your target audience or business, then it simply won’t work. Dissect your latest marketing failure. Did you have a bigger strategy or were you just throwing good ideas out there hoping they would stick?
Scope Your Data
In 2020, business owners have more insight into their marketing campaigns than ever before. You can procure detailed information about your buyers by utilizing available metrics.
Cyfe and Google Analytics are a few helpful tools worth mentioning. Here you can see what consumers are saying about your social media platforms, how they are finding your e-commerce store or website, and what channels you should optimize to see more conversions.
Spend time with your metrics and you’ll be able to hone in on any marketing problems you might have for your next marketing attempt.
Reduce Your Target Audience
New business owners tend to cast nets that are far too wide. They think that the more people they reel in, the more conversions they will get.
It makes sense in theory.
However, if you are still in the process of raising brand awareness and connecting with your target audience, then you need to focus on connecting with them first. They will become your most loyal buyers.
Remember, your marketing failures are only true marketing failures if you don’t use them to grow. Reflect on your past marketing choices and determine what it is you must do to build a new strategy.
Of course, if you need any help, make sure to get in contact with us here at Gold Level Marketing.