You're new to marketing, you have energy, you have optimism, and you're hungry for success. So what can you do to make sure all that energy doesn't go to waste?
0:00 Intro
0:52 Mistake #1 | Lack of Research
1:39 Mistake #2 | Poor Brand Positioning
2:42 Mistake #3 | Not Paying Attention to Repeat Customers
3:20 Mistake #4 | Not Using an Omnichannel Approach
3:50 Mistake #5 | Lack of Authenticity
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Here's a harsh stat for you, courtesy of LinkedIn. 95% of people fail online, lose money, or never make a penny from internet marketing. That means that the odds are against your success but that's only because you're new and you don't know much better. Look, no one's perfect. I've made tons of mistakes. So many, I can't even count them on both my hands and I keep making them. The biggest difference is that I know which dumb, or small, or maybe big mistakes to avoid. And here are the top five mistakes I see new marketers making all the time.
Mistake number one: lack of research. Market research services industry is growing fast. From 75 billion in 2021 to a projected 90.79 billion in 2025. If you do market research, you'll figure out what people want. See, marketing isn't about doing what you want to appeal to the ideal customers. You're not buying, your ideal customers are buying. So how can you appeal to them? Through market research, you can figure out what they like, what they don't, what's appealing to them, the problems that they're facing, and the solutions you can provide. And the keywording that I just said is the problems they're facing and the solutions you can provide. In your marketing, if you can address problems and then talk about your solutions, you're much more likely to win.
Mistake number two: poor branding positioning. Do you know where your niche lies? So many companies market products without considering brand perception or what their audience needs. Brand consistency can increase revenue by 33%. And it's not just only about being consistent with the brand, it's about being omnichannel with the brand. You know, one day I was in the Expedia Canada office and I was talking to an individual named Tony who's running a lot of their marketing in SEO. And Expedia owns tons of different brands, you know like Trivago or hotels.com, the list goes on and on. And when I was talking to Tony, he's like, "Did you know, Neil, when we went omnichannel and our brand was in not just one channel or two channels but the majority of the channels and we're using the data to optimize each of those channels, we were generating at least 10% more ROI from each channel." I was like, "Really?" He's like, "Yes." Even though people are familiar with the Expedia brand, by being omnichannel, they did much better.
Mistake number three: not paying attention to repeat customers. Only a 5% increase in customer retention can increase your company's revenue by 25 to 95%. Just think of it this way, you probably buy from amazon.com. You probably have bought from them multiple times. Did you know that Amazon makes the majority of their money from repeat customers, not new customers? That's the key in building a big business. There are only so many people out there that you can target and it's hard to convince someone to buy from you. But what's easier than convincing someone to buy from you is convincing them, the person who's already bought from you, to continually buy from you because you've already gained their trust.
Mistake number four: not using an omnichannel approach. 73% of customers prefer shopping through multiple channels. So use an omnichannel approach. Use TikTok, Instagram, Facebook, Twitter, SEO on Google, SEO on Bing, paid ads on Google, paid ads on Facebook, and YouTube, and organic YouTube. You get the point. You want to take an omnichannel approach. As I mentioned earlier from the Expedia example they saw a much higher ROI.
Mistake number five: lack of authenticity. 88% of customers say authenticity matters when deciding what brands they like. So what are the reviews? What are the open boxing? You know those videos on TikTok of someone using your product. That's what people want to see, that's authentic. You don't need high-quality, crazy, amazing production to do well. You just need authentic stuff out there.
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