The mistakes we make as businesses allow us to grow stronger and learn valuable lessons. Often, more times than not, evidence of these mistakes transpire with financial burdens. We’ve put together our list of the top 7 revenue busting mistakes to ensure you don’t have to fall victim to them! Don’t sabotage your growth, maximize your revenue by following our guide:
Not having a solid plan
“When you fail to plan, you’re planning to fail.” If your business doesn’t have a plan to develop and grow your business, you will struggle to make decisions and will lack the confidence it takes to sell customers and investors on your product/service. Take the appropriate time to detail out a plan for your business to ensure your next decisions for growth are swift and easily executed.
Failing to invest in marketing
Marketing is often seen as a grudge purchase. Because of this, many businesses believe that they do not need to invest in marketing in order to grow their businesses. These businesses miss out on building brand awareness, capturing leads and creating an all around buzz about their business. Adjust your thinking from viewing marketing as an expense and more of an investment. Depending on your industry, businesses often invest anywhere from 2 to20% of their revenue on marketing and consistently have a positive ROI from their efforts.
Skipping your targets
Without a doubt, if you are not targeting your marketing to suit your ideal customers, you will be burning through your revenue. Often, when a company uses a blanket approach to their marketing targets, they are spending their hard earned marketing dollars on individuals who have no interest in purchasing from them. By using highly targeted demographics you will be able to pinpoint your ideal audience and increase your profits.
Choosing the wrong marketing channels
No two marketing channels are alike. When looking to maximize your ROI, your business should carefully consider what marketing channels will work best for your product or service.
Not having an online presence
Almost 79% of shopping is now done online, and the use of smartphones continues to grow. Creating a website or landing page will ensure that you are capturing the online market and integrating your marketing efforts. Driving prospects to your website from your direct mail piece or email marketing campaign allow your business to extend your touch points and provide further information that may ultimately lead to a conversion.
Not measuring your metrics
Next to choosing the wrong targets, not measuring your marketing metrics is one of the easiest ways to waste your marketing dollars. By using a performance tracking software like, DRMG Insight, your business will be able to track exactly where your leads are being acquired from and what the overall ROI is from each campaign, whether it be traditional or digital.
Constructing the wrong team
Your business spends a lot of time and money retaining existing customers and acquiring new ones. Ensure your team is set up to support the growth of customers you can anticipate from your marketing efforts. Poor customer service or incorrect handling of your leads can be detrimental to your revenue potential.
Avoid these common revenue busting mistakes before they happen and continue your path to success! If you are looking to improve your marketing efforts to gain more qualified leads and increase revenue, contact DRMG today to get more from your marketing investment.