Photo: Create & Cultivate
Whether you’re an entrepreneur launching your first product or service or a brick-and-mortar trying to pivot to selling through social media, there are plenty of things you might be doing wrong that could be holding you back from maximizing on how much money your business could be making from the beginning.
Shanice Ricketts, a marketing strategist and the founder of Sharicks Consulting, surveyed 10 of her clients and some fellow entrepreneurs to outline the top three mistakes businesses make. Read on to discover what they are and find out some quick, easy fixes to help solve these common money management missteps.
Mistake #1: You think your product or service is for everyone.
This is the most common and detrimental mistake amongst small business owners or those who run marketing for them. It’s okay to have a product with a niche audience. In fact, most consumers look closely for products that cater to their desires more explicitly instead of trying to figure out if they fit under a large umbrella of offered services or guarantees. You cannot effectively serve customers without specific, detailed information that caters to a specific type of consumer.
To overcome this, redefine who your target market is and what you will do to best serve them. It’s completely possible to meet the needs of multiple types of consumers, but you cannot access or serve them all exactly the same way. Reestablishing, reconnecting, and revising will set you apart from your competitors, as a brand who is capable of doing it all!
Mistake #2: You’re starting with the strategy before outlining your objective.
Before discussing or planning your social media strategy, video content plan, or email sequences, ask yourself this: What is my objective? What do you want prospective consumers to do? Make a purchase online? Download an app? Subscribe to your service or products?
Many business owners and marketing strategists make the mistake of setting up shop online, so to speak, to begin heavily marketing a product or service immediately and pray consumers will catch on. News flash—that’s not how it works.
Answering these questions not only makes it easier to identify strategies that will help you achieve your end goal (i.e. 100 app downloads, 20 purchases, 50 new subscribers), it also lets your consumers know that you have a plan and aren’t just herding them all together to make a sale. Prioritize meeting consumers where they are and truly focusing on consistently and transparently defining your objective. Also, remember that it is normal for your objective to change and adapt as your consumer base grows and your product/service evolves.
Mistake #3: You’re trying to reinvent the wheel.
Lastly, the wheel already exists. Regardless of how unique, interesting, or carefully planned out your product or service is, if you can easily identify a targeted consumer base, chances are a version of your product or service already exists. Having competition isn’t a threat like it seems to be, it’s actually a window of opportunity. If there is a competitor that does the same thing as you or targets the same audience successfully, assess what strategies they are using and make them your own. You’re already in the same pool, there’s no need to trouble the waters to try to make a point or stand out just to say you did—find the formula and adapt.
Also, and more importantly, use this window into studying your competitors to take note of where they fall short and address these shortcomings in your own strategies. It’s perfectly reasonable to be adaptable and take on the strategies of multiple competitors if you plan carefully and do it well. This will also help you determine which elements to draw inspiration from, and which to leave behind.
About the Author: Shanice Ricketts is a marketing strategist and the founder of Sharicks Consulting—helping entrepreneurs reach their dream customers and monetize their efforts through innovative marketing strategies. Through marketing resources, her e-book “Marketbox,” and one-on-one strategy sessions, Shanice is on a mission to help 1000 entrepreneurs and small businesses over the course of her career.
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