Small Business Marketing Strategies That are a Waste of Money

22 Jun, 2017 / Comments: Comments Off on Small Business Marketing Strategies That are a Waste of Money / By

In order for your small business to grow, you need to market it. Your budget is tight and marketing strategies can be rather pricey. There are numerous marketing strategies out there. You don’t have time or the money to spend on strategies that just don’t work. Here are 6 small business strategies that are a waste of your money.


Building Your Following on Social Media

Everyone is on social media. It would only make sense to start building your following on sites like Facebook, but not really. Trying to build a following on social media can actually result in a waste of time. Wasted time equates to wasted money. The algorithms for Facebook are constantly evolving. This makes it harder for your business to reach your consumers. New developments for Facebook allow you to buy ad space. Current prices aren’t that expensive. More and more platforms are moving toward ads on social media though. You may eventually have to pay more money for better placement. A better option is to collect an email list and send out weekly or bi-weekly updates.


Trying to Reach a Broad Audience

It may seem like a good idea to attempt to reach as many people as possible, but doing so will only result in wasted money. Trying to reach a broad audience means you’re going to be spending money to reach people who aren’t interested in or don’t care about your product or service and you’ll be doing it on the wrong platform. Get to know your customers. Surveys can be helpful. Ask them where they spend their time online and how they found out about you. It can also be helpful to find out what motivates them to make a purchase.


Video Marketing

Creating a video can take significant time for editing. It can also be expensive if you hire a professional production company. Most of your consumers are watching videos online, but knowing where is important. Knowing the platform will help you to create your video appropriately. The content of your video will make the difference. Sparking the interest of your consumers by offering something like a sneak peek at an upcoming product.


Large One-Time Ad Campaigns

There is an abundance of really cool ad campaign techniques out there. Sometimes they work wonders. Many times they don’t. Failure often happens when you only have one shot to make them work. Large marketing campaigns on your limited small business budget is a huge waste of money. You would be better off testing your desired campaign on a smaller budget. If it doesn’t work how you want it to then it most likely won’t work on a larger scale. Testing can prevent you from throwing away your entire marketing budget.


Creating Too Much New Content

It’s important to keep your consumers informed of what you’re doing. Inundating them with new blog posts or other content every day can get old fast. Your consumers will tire of the constant updates and you’ll get sick of writing them. You will have better luck if you opt for quality over quantity. You can invest in a content developer to create valuable and interesting content that will generate genuine interest.


Overdoing It on Promotional Items

You’ve seen it before with many larger businesses. They have their name stamped on everything from pens to stress balls and even candies. Promotional companies make promises all the time that these items will generate business. It really isn’t all that common. Most promotional items end up buried in a junk drawer or get thrown out. Promotional items are only effective if they are unique, genuinely useful and desirable.


Before you commit to any type of marketing strategy you need to make sure that it’s right for your business. Knowing your customers is key. This will allow you to create something that will provide them with what they need on a platform they are likely to visit. It is also important to keep track of your results and make adjustments where needed


William Mahnic
William Mahnic is a Finance Professor at Case Western University and has spent more than 20 years in the finance industry before becoming a professor. Mahnic has appeared as a commentator on both TV and radio talk shows including NPR, Crain's Cleveland Business, WKYC 3 and The Washington Post. He has been interviewed in BusinessWeek, Wall Street Journal and The Los Angeles Times.

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