The 7 Marketing Mistakes In 2023

Last year I built a portfolio that accounted for circa $600k ARR. I had businesses that stuck out a tough year and came out the other side singing, but on the other side I had businesses that went against recommendation, failed to execute a comprehensive plan and ended up making costly mistakes. Below are the 7 that most frequently lead to failure:

• Not Understanding the Target Audience
• Lack of Data
• No Research into Media Consumption
• Not Investing in Branding
• Impatience
• Low Investment
• Rubbish Creative

Alright, let's jump into the details!

Not Understanding the Target Audience

Imagine planning a concert without knowing if your crowd is into jazz or heavy metal. Get to know your audience – their preferences, desires, and quirks. It's the key to striking a chord that resonates with them. This one has a massive knock on effect that can lead to some of the later mistakes like rubbish creative, branding, and lack of data.

Lack of Data

In the age of information, ignorance is not bliss – it's a marketing nightmare. Ignoring data is like navigating a ship without a compass. If you know nothing about what your audience wants, how can you provide a solution? Survey your fans, embrace analytics, A/B Test, measure your performance, and let data be your North Star. It's not just numbers; it's the secret sauce to refining your strategy. I use CMI Nielsen as a data source for New Zealand.

No Research into Media Consumption

If your audience is on New Zealand Herald, but your marketing is stuck on TikTok, you're basically singing in an empty amphitheatre. Research your audience's media habits, and align your marketing strategy accordingly. Many businesses that failed in 2023 ignored our strategic recommendations due to their personal preference (what they liked consuming), shooting themselves in the foot.

Not Investing in Branding

Think of a business without solid branding like running into a sketchy character at the park at 3 am – untrustworthy. Let me break it down: branding isn't just about a flashy logo or snazzy colour palettes. It's about creating an identity that sticks. We're talking about everything your customer sees, feels, smells, and hears – from the first hello to raving about your brand post-purchase.

Back in 2023, everyone was all about sales, trying to patch up the recession-shaped holes in their pockets. But in that sales craze, their messaging was lost in the noise. The smart businesses that thrived were the ones that put in the time on their brand before hitting customers with a sales pitch. You don't pop the 'big question' on the first date, and the same goes for sales and marketing.

Don't let your business be that oddball no one wants to trust. Invest in some killer branding that builds a connection with your audience, so you're the first thing that pops into their minds when they need solutions.

Impatience

This was likely the biggest contributor to failure in 2023. In the microwave and social media era, patience is often left on the back burner. I had clients expecting to solve their lifelong branding absence in 1-6 months. The truth is, marketing success is a slow dance, not a frenzied rave. Don't expect instant results; give your strategies time to simmer and marinate. Rome wasn't built in a day, and neither is a killer marketing campaign.

Low Investment

Skimping on your marketing budget is a bit like snagging a discount aeroplane – sure, it saves you some bucks, but it wont land well. Going for a low investment often means ending up with poor results. I get it; budgets are like those stubborn knots that don't untie easily for Marketing Managers.

Now, if you're the Financial wiz, the sweet spot for marketing spend is around 7-20% of your total gross revenue. Think of it like planting seeds; you want to give them enough water and sunshine for the best growth. For an 'always on' branding campaign, 7-12% is the magic number. But, if you're rolling out a big sale, consider cranking it up to 20% to maintain brand presence.

Rubbish Creative

In a world bombarded with content, you need to stand out to your audience. If your creative is as exciting as watching paint dry, you're missing the plot. Invest time into data collection before spending countless money and resources on creating compelling, shareable content. Discover your audiences pain points, language, and common behaviours/perceptions; this will help you create something that speaks to them and stops them from doom scrolling past your ad. Don't settle for average ad creative when you can have a masterpiece that grabs your audience by the shoulders.

Conclusion

Marketing can be a wild ride, but avoiding these seven pitfalls is like slipping on a pair of comfortable sneakers before hitting the dance floor. So, groove to the rhythm of your audience, embrace data, stay tuned to their media habits, invest in your brand, be patient, open up the purse strings wisely, and let your creativity shine. Here's to marketing success in 2024!