Whether you’re having a higher-priced product or a low-cost service, one thing I can assure you, running a killer marketing strategy doesn't mean that you’ll succeed at one shot. Don’t be surprised if your marketing efforts fall completely flat.
It happens with everyone. Some marketing experts even say that your 80% marketing efforts fail and only 20% get succeed. And this fact is completely true for a stockbroker as well as the poker player.
By embracing this mindset that you’ll have to crack the code for that 20% working marketing strategy gives you the permission to try out new creative tactics, which makes you a step ahead of your competitors.
However, it’s important for you to learn from marketing failures from the past, in order to analyze that your marketing efforts are going in the right directions or not.
I’ve packed 5 common reasons, why your marketing might be failing:
#1: The product is not valuable:
This might hurt you, but it’s the foremost reason why people are not interested in trying your product. I know, your product is very close to your heart...some even call their product as their baby, yet not everything created in this world guarantees that people will pay for it.
#2: Reaching out to the wrong people:
Let’s say you’re selling a home-automation product with worth $50,000 Rs, and you’re trying to sell to those who don’t invest more than 500 Rs when it comes to home-lighting, will you expect them to buy from you. Of course not!
So, the smartest decision is to find the right people who fit into your persona and who have that much money to buy from you.
#3: Your key message is not so compelling:
First of all, the majority companies in India don't care about their brand message. They believe in hiring a low-cost content writer and ask him/her to write web copy with common words that rank them up in Google SEO.
I’m not against SEO, it should be on your list but down in priority. I’ll be completely honest with you. There’s already a lot of noise in every industry and the race for the best is hard to win.
The other way around is to craft a persuasive or completing message depending on your core audience which reflects them not as a customer but as a hero of their story.
And that key message should be visible on your ever marketing and promotion collateral...from your website to your banner ads to your social media accounts.
Your audience should remember it pretty easily when they need/want that product you’re selling.
#4: The core-benefits are weak
Now, your product will be having A+ feature, Kudos...however what matters most to your audience is What they can do with it. How will your product make them a better version of themselves? Does it make them happier...or help them to save money or save time?
Always remember this famous marketing quote comes from Harvard Business School Professor Theodore Levitt: “ People don’t want to buy a quarter-inch drill. They want a quarter-inch hole!”
“ People want bundles of benefits”. Your marketing mix should not be centred around your product, nor your company, not even your customers. It should be centred around your customers’ needs and wants.”
#5: Missing brand Story
Here’s the thing, humans make buying decisions emotionally not logically.
And stories are the best way to speak to their emotional part of the brain.
It’s not about investing a fake story for the selfish purpose, your brand story is all about illustrating what your voice is, what you stand for and why it matters to the lives of the audience that has its own stories.
It’s about emotions, experiences, needs and the written and unwritten images, in relation to what your brand evokes.
A great story can enhance a mediocre product value but a bad story can destroy a
marvellous product, easily.
There might be some more reasons for your marketing fail that I missed out here. What I mentioned here is a common marketing mistake done by majority startups and businesses.
In the end, marketing is all about testing, taking actions, failing and repeating to find out what works and what fails. The more you test, the more you get the opportunity to learn and the closer you are to crack your marketing code.