3 Major Mistakes to Avoid in Analyzing Your Marketing Plan

Managing and maintaining a thriving business is quite the  monumental accomplishment and with this milestone professional achievement also comes an equally impressive amount of responsibilities. Initially, an initial investment of substantial contributions of knowledge, time, and finances, as vital resources will be required to fuel your progress. One of my core beliefs as a small business owner is that knowledge is power. Whether you are operating an established corporation or launching a passion project startup brand, a substantial budget or advanced marketing degree are not essential to marketing success. With a well researched marketing plan combined with an ample supply of relentless perseverance, you are already making moves in the right direction. Let's explore a few of the foundational steps involved to help you most effectively market your brand. Here are three major mistakes for you to avoid in analyzing your business marketing plan.

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Major Mistakes to Avoid in Analyzing Your Marketing Plan

Failure to Define Your Target Audience

What valuable information do you have about ways to best connect with your ideal customer? Taking the time to research and analyze the detailed customer persona of your target audience is a strong foundation for marketing your business. A customer persona is one of the most effective methods of determining who is your ideal customer.

It would be an impossible task, as well as ineffective use of your abilities to attempt to reach out to every and anyone. You would not be able to appeal to everyone and are more likely to succeed within your niche market segment. As you begin the process of defining your target audience, you first draft out a customer persona. Research and create a detailed overview of their needs, wants, behaviors, and pain points. Consider these common factors-

What is his/her name?

How old is he/she? 

Where does he/she live?

What is his/her profession? 

What are their hobbies?

Where online sites do they visit? 

What problems does she have that your product can solve? 

By determining insights as to the who, what, where, when, why, and how of your customer's persona, you have a more clear perspective of the ideal ways to establish a mutually beneficial relationship. Remember to strategically review your marketing plan to chart results, analyze data, and adjust methodology as necessary.

Lacking Clear, Measurable Goals

Aside from increasing the profitability of your business, what are your marketing goals? Your path to profit centers on your structuring a marketing plan for your business which also includes specific and quantifiable goals. Most often, SMART (Specific, Measurable, Attainable, Relevant, Time-Specific) goals are tangible and most easily evaluated.

Selecting relevant Key Performance Indicators (KPIs) factor in as metrics formulated to measure marketing performance. For example, setting the goal to- "increase Instagram influencer marketing by 15% in the next quarter" would stand as a prime example of a SMART marketing plan goal. Cross-promotion is a great way to reach a new audience without a huge marketing spend.

Inadequate Market Analysis Research 

Who is your competition? What is your competitor successfully doing as a brand that you are able to improve upon? Keep up-to-date with industry insights to follow trends of gains and losses. In order to position your business in the capacity to fulfill the needs and wants of your clients, you must first identify current market gaps. 

Evaluating the strengths and weaknesses your business represents showcases your unique value proposition within the market. Have no doubt, your competitors will likely peek in to check out the competition for themselves, too.

Building up a scalable marketing plan clears the way for advancement through an in depth understanding of your target audience, SMART goals, and a comprehensive market analysis. The key to marketing success which in time leads to higher revenue comes from your ability to add value, not just to sell a product or service. Offer solutions to problems with  marketing messages emphasizing ways your business rises to the occasion above and beyond the standards of other business within your industry.

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