The biggest mistake new entrepreneurs make in their business


Y’all! Can we talk about the “m” word? I mean really. Why am I seeing so many solo entrepreneurs turn a blind eye to marketing? Why is one of the biggest mistakes new entrepreneurs make is failing to incorporate a marketing strategy? I hear business owners complain about how their friends and family aren’t supporting their business financially, but in the same breath when asked how are they getting the word out about their business, do you know what’s the most common response I hear?

“Word of mouth” or “Referrals”.

Y’all. This is not a strategy. This is a common mistake I see time and time again, and if you’re doing this and wondering why you may not be hitting your revenue goals, this could be one of the very reasons why. If you’re relying solely on word of mouth because you think you can’t afford to market, then you’re going about it all the wrong way. Allow me to explain.

When it comes to marketing, it could be the difference between life or death in any business. Why? In my world, everyone knows that it’s the best marketer that wins. Marketing is an investment, and good marketing brings back a return on your investment. You have to be strategic in who you’re marketing to and where/how you show up in from of them. Of course, it’s the sales and the service that closes the deal, but it’s the marketing that brings people (and the right people) in the door.

Marketing is only as “expensive” as your creative genius, but the expense is not what you need to be concerned about, it is the strategy.

The big dogs know that through marketing and with data from marketing, they can say they want to hit $3 million next month, and because they have a history of their marketing campaigns and a record of the response, they can back into exactly which campaigns they need to roll out, when, how much they cost, and how much they’re expecting to get back from each in order to hit that goal. This is the point I want to see more and more of my solo entrepreneurs get to in their marketing.

However, in order to get to that point, you have to start somewhere and you have to keep a record of what worked and what didn’t work. You will only know this and get better at your marketing (and bringing a return back on your investment) if you try some-thing. You can’t make boss moves like this if you rely solely on word of mouth. You have to be intentional about your marketing. You have to be strategic. You have to look at the numbers and keep good records, so over time your marketing becomes easier and you’ll know exactly what you need to do for your business in order to hit the money goals you have in mind.

I know sometimes it can feel like which comes first, the chicken or the egg when it comes to having a marketing budget, but the good news is you don’t necessarily have to spend thousands right out of the gate to see results. There are several platforms, people, and resources available to you to make your marketing life easier. According to Statistica, 51% of small businesses rely on social media to grow their business. Start with what you can, where you are even it’s just $50 or $100 ad budget. You’d be surprised by how many people that could reach with digital ads or even in local publications. The goal of marketing is to plant the seed, and you’ll want to plant as many good seeds as you can on fertile ground to come back one day and reap the harvest.

 

Hi, I’m Jasmine – award-winning journalist, author, Editor in Chief, and certified Content Marketing Strategist. For over 7 years, I’ve been helping businesses create content that's clear and true to their authentic voice, helps them gain visibility, attracts their ideal clients, and grows their business!

I realized in my own business (and with my clients), the right words meshed with the right systems can be a game-changer.

That's why I teach people how to have freedom in their business by leveraging content and their brand's messaging to attract their most valuable payers (without losing themselves, sleep, or sanity). Learn more here.