This is the age of both low budget and high budget startups. Not all startups are the same but the pattern of mistakes made by every startup is somewhat common. Therefore before you attempt a startup you should be acquainted with the most common and the biggest marketing mistakes which will cost you your precious money.
1. Not keeping an account of your CPA rate
CPA is cost per acquisition. As an amateur it’s impossible to know the best way for acquiring customers or growing your user base. Do not be prejudiced and invest everything at once on the best strategy just because you heard it to be the best. Trial and error will lead you to success. Be smart and allot different budgets to different marketing strategies such as e-mail marketing, content marketing, public relations, social media marketing, SEO, growth hacking and the like. Everything does not work for everyone so what worked for someone may not work for you. To be on the safer side invest little in all. Terminate the strategy that didn’t work and keep the one that worked.
2. Do not overlook bad numbers
It might be your greatest marketing strategy or your most efficient one but the truth is, all great ideas don’t work. Sometimes a winning campaign loses. Do not be emotional. If the marketing campaign does not work you should terminate it as soon as possible. As said before, not everything works for everything and if you keep waiting you will, at one point of time, have to shut down your entire project. If the CPC or the CPV numbers are not good enough even after a month don’t think it will get better after a year. Transfer your resources to another campaign as soon as possible to avoid losses.
3. Ignoring the value of long term advertisements
Most people ignore the value of long term advertisements and invest too less on them. Long term advertisements are not as unimportant as you think them to be. We all are accustomed to display advertisements. You pay a certain amount for it and get certain impressions. The add runs and then after a while it goes down. Hardly anyone notices it after that. Long term advertisements on the other hand go on for a long term benefitting you more out of all other strategies. Public relations marketing, content and blogging are some of the long term ads. It has additional value because it provides you with social media sharing to facebook and twitter, discussions with huge audiences, increased brand recognition.
4. Not Blogging before a startup
If you are a new startup, blogging is very important for you before you launch your product in the market. Ahead of offsite marketing and advertising, assure that you have a few blog posts and reviews on your site for visitors to see and trust. It adds value and builds visitors trust. If you don’t have the time to update regularly, take off the timestamps so the dates will be invisible and the posts appear new as ever.