The top ten scariest things that I hear from business owners about marketing.

Boyd Petersen

It’s my Halloween blog. It’s New and Scary.

I need to scare you a bit first – 92% of all businesses that started 10 years ago are out of business. 71% of those that started five years ago are gone too. This is scary. How are you going to make sure you aren’t part of the wrong side of these statistics? Let me help. Most entrepreneurs will fail, even though they got their MBA. I will help you get information and training that will MAKE A Difference for your business! Not just marketing and advertising but also where you can get help that will build your business and leadership skills. Here is the first installment. Want this info faster? Contact me.

The top ten scariest things that I hear from business owners about marketing:

  1. Advertising and marketing are expensive and I can’t afford it – It isn’t an expense that you can cut from your budget. It is an investment in the future of your company.
  2. I tried it once and it didn’t work – Once is never enough for trying something. The only two reasons you use advertising once is for a special event (then it needs to be big) or when you are going out of business and are discounting EVERYTHING! Most advertising companies can provide you with how many times it takes to get the message to “stick” and be remembered. Never try anything for less than three times. That may even be too short.
  3. Word-of-mouth advertising is all I need– Word-of-Mouth advertising is great but you must have enough customers to get you going. When you first start out it works for a few weeks because of your family and friends but then it slows way down. Get testimonials from your customers and then advertise and post them everywhere. Testimonials are Word-of-Mouth advertising you can spread where you want it to go. Also it will help you grow much faster than just W-O-M advertising will.
  4. Everyone knows my company. I don’t need advertising – There used to be a furniture store in Taylorsville that told me this. They had been in business for 50 years and “Dad” had done advertising but everyone knew them so when his daughter took over, they quite advertising. It only took 18 months before they were out of business. You have to remind your customers about you and the products and services you offer. Your competitors are trying to have them try them and they will be gone before you know it.
  5. Let me try this once and see how it works – See number 9. Once is never enough time to try out something new.
  6. Social media is a fad. It’ll pass – That may be but it is BIG today and is something you can use to bring more customers in TODAY. Text messaging is now declining but is still effective and those that embraced it early built a strong base of customers. You must have a plan and follow it to get social media to work. Ask a professional how to best do it for your company. It is very inexpensive to use but does take some time and effort.
  7. No one reads / listens to ads any more – While it is true that some mediums have lost readership or listenership, there are several that are increasing and they are still strong. A good plan should include targeted advertising to where your prospective customers are either reading, listening or viewing. Print advertising is stronger today than just 20 years ago. Radio is up as well but must be targeted to get the results.
  8. I know just what I need to put in the ad – Why do you go to an auto mechanic and have them fix your car? Why do you consult with a doctor? It is because they are specialists in what they do. Why do many people think that they know how to get the best results from their advertising? They may have used ads before and they worked then. Trust me on this: Ask the professional about what will get the best results from their medium! They will take a look at what you have done and who you are trying to get to and help you plan perhaps a better program with greater results. Many times classes in a school for your type of company presents how to do advertising. Many of the techniques they teach are 20 or more years old and JUST DON’T WORK. Again ask your professional marketing coach or adviser. Want more examples? Contact me.
  9. When things pick up, I’ll start advertising – Sure sign that this business is going out of business. Remember the adage “If you do what you have always done, you will get what you have always got.” Advertising is an investment in your future. If you think you don’t have money to spend money, find a way to spend a little. Get a budget and do some free things, too. If you wait until you have more business, you won’t get there. Start with something. I have some customers that started with a budget of $75 per month and they have built from there.
  10. I don’t have a marketing plan or I don’t need a marketing plan – This is like getting in a car to go to Garfield, Utah (basically a ghost town now). There are a few that know the way but most have no idea where it is. You need a map. On that map you can lay out a course to get there. That is what a marketing plan is for your business. If you don’t have a budget and marketing plan, you are driving your business but will never achieve what you want. In fact you will run out of gas before you get there.

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By Boyd Petersen – Certified Marketing Coach – 801-580-3310

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