The worst nightmare for marketers or business owners is when they fail at marketing. A failure in marketing results in indirect loss of revenue and brand popularity.
Any business can fail at marketing no matter how big or small. While you really can’t avoid failure, you can certainly manage marketing failure more effectively.
Here are five ideas that you can use when your business fails at marketing:
1. Understand Your Prospects Better
One of the most common reasons for failure in marketing is the lack of market research. So you end up targeting everyone without segmenting your audience.
That way you can target a specific group of people with your marketing efforts.
The best way to market your products is by creating buyer personas, which are semi-fictional representations of your target customers.
In order to create a buyer persona, you will need to identify all the pain points of your target consumers.
Conducting a survey is one way to gather this information. An example of a buyer persona is given below:
Once you have your buyer personas ready, you can create marketing content that fulfills the needs of your audience. This will reduce the chances of failure and increase the chances of conversions.
2. Present a Unique Offer
The market is flooded with competitors and that’s why people may not find enough reasons to buy your products.
You need to make a compelling case for your products or services to convince people to convert.
One of the best ways to do that is by presenting an offer that your target prospects can’t refuse and your competitors can’t provide.
The unique selling proposition (USP) of your business is the single biggest reason for the success of your marketing campaign. Your USP should be such that it can’t easily be copied by your competitors.
You can tap into the curiosity of your audience by presenting an offer they can’t resist. Use language that is different from your industry, add light humor and make it easy for people to follow your offer.
3. Use the Power of Influencers to Rebrand Your Business
The biggest problem you may face when trying to start fresh after a marketing failure is how to rebrand your business. You tried to sell your products but people somehow didn’t like your approach. This is where influencers can help.
Influencers are people who have loyal followings. You can partner with them and ask them to endorse your products or services. A recommendation from an influencer can go a long way to help minimize the damage already done by your marketing failure.
However, it’s crucial that you work with influencers who have a respectable voice in your industry or niche. You’ll have to make room in your budget to accommodate these influencers accordingly. Costs vary from industry to industry, as influencers tend to charge more in some verticals.
A report from Influence.co found that the average rate per Instagram sponsored post for the travel industry is around $220. In the business niche, the average rate per post is around $134.
You can also find influencers on other platforms like Facebook, Twitter, or even LinkedIn depending on where your audience is. Influencer marketing is probably one of the best ways to correct your marketing failure.
4. Choose the Right Keywords and the Right Channels
You may have invested your marketing dollars into digital marketing channels like SEO, PPC, and social media. If you haven’t generated the desired return on your investment from those channels, you probably chose the wrong platform or keywords.
For example, if you are selling laptops, you probably don’t want your ad to show for queries related to desktop computers. You need to avoid running your ads for irrelevant queries because you could end up exhausting your budget. Otherwise, don’t be surprised if you see a lower ROI than expected.
Another example might be that your prospects are searching for your products on their mobile devices but you have not optimized your site for mobile conversions. Applying proper growth hacking strategies to increase mobile conversions can also play an important role in increasing your overall sales.
If you are promoting B2B products, you should keep in mind that LinkedIn will likely be a much better choice to approach prospects compared to Instagram.
Hence, both the choice of the keywords and the marketing channel play important roles in increasing your overall marketing ROI. Also, you need to make sure that you measure the success of your marketing campaigns.
5. Get Serious About Lead Nurturing
Just imagine, you have many visitors coming to your site but very few of them are actually converting. Why?
It could be a marketing failure if your conversion rates are low. And it is definitely an opportunity for lead nurturing.
Applying proper lead nurturing strategies can be a game-changer because it increases the overall effectiveness of your marketing campaigns.
Lead nurturing simply means building relationships with those people who have shown an interest in buying your products. They could show their interest by visiting your site, reading your emails, or clicking on your ad.
Some best practices for lead nurturing include:
- Send personalized emails to your prospects with personalized content and recommendations.
- Educate your audiences at every phase of the buyer journey.
- Use remarketing to reach people who have clicked on your ads or browsed some products on your site.
- Create targeted content that effectively solves the pain points of your prospects or helps them to move ahead in the purchase funnel.
- Follow up with your clients because, if you don’t, your competitors will.
- Have a multi-channel lead targeting strategy to amplify your branding. It helps you reach consumers at the right times when they need your products.
- Use lead nurturing software to automate the entire follow-up process. This is a great way to make sure you are always assisting your prospects and pulling them toward a sale.
There is no sure shot way to achieve success with your marketing efforts. You need to keep on trying different strategies after understanding the needs of your audience.
The above ideas can help to get your marketing strategy back on track, even after a failure. Set realistic goals, measure the performance of your campaigns, and never be afraid to try new things.