This article is geared towards the modern entrepreneur, solopreneur, or startup business, and the common blunders that are so prevalent today, which, after reading this brief article, you’ll surely avoid.
Blunder #1: Buying into the social media marketing (SMM) hype
How many SMBs are spending a fortune on SMM, which is generating negative cash flow? It’s insane. Especially when the millions upon millions of “fake accounts” are considered. Studies are being conducted and shared online that show vast majorities of “social media signals” are generated by low-wage digital workers.
Yes, someone out there is being paid $ 1 or less per hour to like things on Facebook, pin content on Pinterest, and tweet on Twitter, all using dummy accounts. Then there are the contractors being paid to leave comments. It’s ridiculous.
Blunder #2: There’s no clear USP
Have you ever visited a truly impressive website and been completely clueless about what they do? I mean, the quality imagery and responsive nature of the design keep you interested, so you search around a bit and scan everything you can, but there’s no clear “this is what we do” statement. How frustrating.
For the business owners who spend small fortunes on these websites and e-stores, it’s a real nightmare. Oftentimes, they have no idea why their conversion rate is so low. And, what’s worse, they head out and spend more money trying to understand. All they needed to do was present their traffic with a clear idea of what their company does.
Blunder #3: What’s an ideal prospect?
Ouch. So you’ve created a business for…who? You’re spending all this money marketing your products or services to…who? Your web copy is crafted to compel and engage…who? Get the picture?
If you don’t have an ideal prospect in mind and are at the forefront of all your marketing efforts, then you’re knee-deep in some epic blundering. Modern companies should strive to establish personal relationships with customers, especially with niche or specific types of people who will appreciate their wares/solutions the most.
Blunder #4: Depending on outbound marketing
The tragedy of depending on outbound marketing is that no inbound work is done. Everything is dependent on annoying pop-ups, signup and subscription forms, spam, black-hat SEO, and low-quality web content. Then, of course, you have the low-wage virtual workers being paid to send emails, make cold calls, or reach out and contact people. Trying to sell them on the spot…
A business today should be built on a foundation of inbound marketing principles. The platform and all marketing efforts should inform, educate, entertain, and provide value to people for free, thereby attracting those prospects into the sales funnel. No pitching. No advertisements.
Blunder #5: “We’re just winging it…there’s no plan.”
You’ve got a great product or service, you spent good money on a website or web platform, and a team is in place…but there’s no real concrete plan. “Just go sell it! Spread the word. Write and publish content like a couple of days a week or something.” Wow! Just…wow.
Don’t make the mistake of thinking that contemporary internet-based business and e-commerce are “easier” than brick-and-mortar type companies. Imagine running a decent-sized coffee shop in a major city. Picture everything involved: employees, marketing, production costs, entertainment costs, and more. It’s no different online!
What’s in a decent business plan?
We’ll stick with the bare essentials here:
- Market Research: Take a close look at your competition and the overall market to identify viable entry points.
- Customer Research: Who are you targeting with your sales efforts, and why?
- Team Setup/Accountability: Who is doing what, and how will you handle accountability as well as turnover/retention?
- Budget: No-brainer here. How much money/funding is there, where’s it going, why, and who is keeping tabs on this?
- Plan of Action/Goals: Where will the company be in 1, 3, 6, 9, or 12 months?
A business plan is essential to the success of any online venture, as it outlines the necessary steps and strategies for achieving your desired goals. It should include market research, customer research, team setup/accountability measures, budgeting plans, and a clear plan of action with measurable objectives. With these components in place, you can ensure that your business has a solid foundation to build upon. By considering all these elements when creating your business plan, you’ll be well-equipped to navigate the ever-changing digital landscape successfully.
Photo credit: The feature image is symbolic and has been done by Brit Worgan.
