Many people frequently make the same mistakes when it comes to marketing online, irrespective of whether they are beginners or veterans. This article will look at some of the most common mistakes such as a failure to do adequate market research, not having a long term plan, not building a list and more.
Online Marketing Mistake #1: Not Conducting Market Research
One common problem is that many people first create a product and then hope to find a market for it. Whether they are passionate about the subject or have a gut feeling their idea is perfect, it doesn’t matter because it is the biggest mistake you can make in marketing. You first need to understand your audience and then offer them something they want. Not only will this make your marketing easier but you will be making money a lot faster than if you push a product no one wants.
Online Marketing Mistake #2: No Listbuilding
Another common online marketing mistake people make is that they do not do any listbuilding whatsoever. Usually, it’s because they think it’s too difficult and not worth they’re time. However, the truth is that listbuilding is not difficult at all. Yes, you might have to give up some earnings for the short term but your return on investment will quickly pay off for any losses incurred in the beginning.
This is because people who are already on your list are essentially saying that they want to hear from you, they trust you. This means that they will be more open to buying your products. Therefore, you will find that the lifetime value of a customer increases significantly.
Online Marketing Mistake #3: Spamming
Spamming is one online marketing mistake that goes hand in hand with listbuilding. If you build a list you won’t have to spam anyone with marketing messages. Another problem is that there is legislation in effect that bans spam and you will find that one spam email can virtually destroy your reputation and your business. Never, ever be tempted to spam, always market to people who have given you permission to do so.
Online Marketing Mistake #4: Short Term Thinking
Many people online only look at the short term benefits and try making money quickly without considering the long term implications. The problem is that this approach often leads to a business model that is not sustainable and will only be effective in the short term. However, a wise marketer will always plan for the long term and most successful online entrepreneurs have 5, 10 and even 20 year plans for their businesses.
Online Marketing Mistake #5: Being too Narrow Minded
Being too narrow minded is another common mistake people make in online marketing. They focus too much on one certain technique or product and don’t realize that they are essentially putting themselves in danger. It’s the “putting all your eggs in one basket” syndrome. In other words if you drop your basket you are going to lose all your eggs.
The same can be said of online marketing. If you are promoting only one product, what happens if that product loses market share after a while? You will lose all your income because you are only focusing on one strategy. If you are employing only SEO to increase the rankings of your site what happens when someone comes along who is better at it? Your site will quickly be de-throned, which is why you need to employ every marketing strategy at your disposal from viral marketing to pay per click advertising and more.
By avoiding these common mistakes, you will create a sustainable business that you will be able to rely on to bring you a substantial income. You will soon be able to achieve financial freedom, which is the ultimate goal we are all striving for.
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