Entrepreneurs do have the passion and determination to bring their Ideas into Reality. But selling an Idea or Product by its Marketing is a totally separate Skill. If you are unable to sell your Products or Services, it means that you need to follow Proper Guidelines about Marketing. Many Entrepreneurs understand the basics of Marketing, and they think of it as Advertising. However they confuse many terms with each other and make several mistakes which results in Business failure. We have discussed some Marketing Mistakes of Entrepreneurs.
BEING CARELESS TOWARDS BRANDING
About 85% businesses, even the Successful ones have no idea about Branding. That is why the whole World knows about KFC & McDonald, but no body knows about some Random Fast Food Restaurant in some City. Even that Restaurant is doing good business but there is a difference between making money and making success. You may earn money without Branding, but it will wrap Limits around your Revenue. You will only grow up to a Certain Level. However Branding means having your Own Identity, a trademark.
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HAVING NO TARGET MARKET
It is a very Deadly Blunder if you try to sell your Product to the whole world. You must Define a target Market for your Business. It will not only solve several problems but also identify your Exact Goals for you. Otherwise you will keep wasting your efforts in trying to impress the whole world without any Direction.
INVESTING TOO MUCH, OR NOT ENOUGH
Different Entrepreneurs have different resources. Some have huge investments , others have empty pockets. So their mistakes also vary from each other. Some Entrepreneurs invest too much on Marketing, and do not focus on improving their Product. They simply rely on Advertisements. They often get quick sales but in long term, they fail. Similarly some Entrepreneurs clench their fists tightly and try to do everything by themselves to save money. Which results is the Loss of Time & Effort.
In sum, these mistakes aren’t just the most destructive for entrepreneurs — they’re also some of the most common Mistakes. I’ve spoken and worked with dozens of entrepreneurs who have banked their entire strategies on some of the above mentioned ideas. And, the good news is that if you catch these mistakes early enough, you can stop the bleeding and restore your strategy to a much more effective path.
If you have any other ideas about Marketing Mistakes of Entrepreneurs, do Share them with us. You can post comments to add more informative value to this subject. Your Input is Much Appreciated.
Related Article : Common Blunders of Startups
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