Inefficient Marketing Costs $958 Million Per Year

inefficient marketing costs

The success of any business is hinged on its marketing strategies. From multi-channel strategies to focusing on single channels and pull up banners like Ultimatebanners in order to attract a niche audience, whatever it might be, businesses have to get it right. However, that is not always the case. 

Many businesses fail to market their products in the right way and that means that vasts amount of money is wasted: $958 million to be precise

This staggering amount of money costs businesses in many ways but ultimately, not only are they spending money on marketing strategies that do not work, but they are also losing out on sales. The world of retail and marketing have to go hand in hand but sometimes, marketers can get things wrong and completely miss the thing that matters most: What the consumer wants. 

Value Is More Significant Than You Realize 

While you might think that consumers purchase a product based on what it offers, the fact is that they are looking for a complete experience. Therefore, they are looking to be educated about the product and they want to find out how the product can benefit them before they make a purchase. Inefficient marketing will often miss this simple aspect of the process and that leads to missed sales. 

Engage With Consumers 

Consumers want businesses and brands to engage with them. Ineffective marketing will leave them deflated and looking for an alternative if the content does not win them over. A total of $958 million is wasted on marketing content and when consumers become disengaged with content, they won't even consider sharing it with others. For businesses, in the world that we live in, the sharing of content is so simple but it is an effective way of driving revenue. Therefore, getting it spot on is especially important. 

Collaborate As Soon As Possible 

Many customers take it upon themselves to move through the buying process unaided. However, six out of ten consumers decide to contact businesses while they are in the buying process. When they do make contact, a large percentage of consumers know what they want. This is an opportunity that businesses are missing out on because it is the perfect chance to explain and assist the consumer through the process. The aim is to eventually influence their decision to the point where they make a purchase. If businesses fail to collaborate early enough, then sales are likely to suffer. 

Prove Value 

Almost 60% of deals result in a fail because consumers have felt as though they have not been informed of how the product or service offers value. Explaining how consumers can benefit is crucial and so, it is always worth supporting the values with case studies, testimonials and figures. 

Did The Consumer Experience Value? 

Often, a lot of emphases is placed on how a product offers value, however, consumers only experience this once they begin using it. When it comes to marketing and missed opportunities, businesses are no longer following up and identifying whether consumers actually felt as though they received the value that was promised to them. Failing to do this means that consumers feel as though they are not valued but it also means that businesses are unable to identify any changes that are required. Ultimately, this can lead to lost sales in the future. 

Incorrect Facts 

When it comes to marketing, providing facts makes sense, especially when it comes to providing consumers with as much information as they need. However, the facts have to be correct and there is a fine line between providing facts and backing up the facts. The truth is, many brands have a marketing strategy whereby the play on the facts but often, the facts can be misleading. 

Cut The Losses And Market The Right Way 

The amount of money lost on inefficient marketing is alarming but it is simple to rectify. Businesses have to identify what consumers are looking for in order to encourage them to make a purchase. They want content that they can engage with, they want to understand the value and benefits of each product and they want to be correctly informed. These are the basics of marketing and so, when businesses and brands get them right, their profits will increase significantly.

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