3 Common Mistakes in Building a Modern Marketing Strategy
Just because you can do something doesn’t mean you should. Here are some prevalent ways companies build strategies based on FOMO without considering the actual return on investment for their time and money.
- Using social media marketing because it’s innovative and trendy. Social media marketing encompasses a wide range of opportunities, from Facebook and YouTube (which are much more standardized) or solutions like Snapchat and Kickstarter to evolving media such as TikTok, Clubhouse, and Instagram Reels. However, each type of social media marketing attracts different demographics and requires unique advertising strategies. For example, rather than feeling you need to start producing TikTok videos, consider whether or not your current or potential customers use TikTok and whether or not that’s the best place for them to learn about your products and services.
- Copying the strategies a successful competitor is using. Just because another similar business is doing XYZ in their advertising strategy and seems successful doesn’t mean you should do the same. Your customers choose you because of your business’s unique value proposition. The best way to communicate your value is likely not how your competitor shares theirs. It’s more important to consider your company’s brand and the demographics you’re trying to reach and work with a qualified advertising agency to determine the most effective strategies to connect the two.
- Changing quickly based on ROI. Too frequently, companies look for instant returns on their budget items, and if they don’t get them, they jump quickly to try something else. The return on investment for many opportunities within a modern marketing strategy is often complicated to measure. Changing too soon for fear of missing out will often lead to wasted time, money, and effort. For more information about the challenges of calculating ROI, see our recent article about the Limitations of Performance Marketing.
What’s the Best Way to Build a Modern Marketing Strategy?
Partner with a professional marketing and advertising agency like Paradux Media Group. We work with companies of all sizes across the country to develop modern marketing strategies. Our team supports companies with all their marketing needs, from identifying and developing their brands to implementing well-crafting marketing campaigns. We focus on bringing value to every client we serve by helping them achieve their goals. Are you interested in being a part of our flock? Contact us today to learn more.