TL;DR: Many businesses fail because they lack a structured approach to customer acquisition and fall into predictable traps. Avoid the danger of relying solely on word-of-mouth or chasing “magic pill” strategies that promise overnight success. Implementing a disciplined 90-day marketing map is the best way to ensure consistent growth and protect your resources.
It is hardly a surprise that many businesses don‘t make it past the five-year mark if you think about all the challenges that come with running your own business. People often think that businesses fail because their product or service isn‘t good enough, or because their competitors are better than them. This is often not the case! In reality, many businesses fail because they make common marketing mistakes when attempting to attract new customers.
Identifying the Three Biggest Marketing Mistakes
Attracting customers requires a system. Without a system, you are simply guessing. After working with thousands of entrepreneurs, we have identified three patterns that lead to failure.
- Relying Solely on Word-of-Mouth: They do not market their business at all and rely solely on word-of-mouth to get new customers. This is a passive approach. You cannot control the timing of a referral.
- The Scattered “Spaghetti” Approach: They have a scattered approach to marketing where they just “kind of try a few things and hope for the best,” which often results in thousands of dollars down the drain, not to mention countless hours.
- The Magic Strategy Fallacy: They are overly focused on one strategy. They have put all their eggs in one basket and invested in a supposedly “magic” strategy that promises to 10x their business overnight.
To fix these issues, you should study the 8 principles you must put in place to stop repeating the same marketing mistakes. You can also listen to the 8 principles audio guide to learn how to diversify your reach.
The 90-Day Marketing Framework
Structure supports your vision. Without structure, you have chaos. We apply one specific framework to every business we build. We block out time to map out our marketing approach every 90 days. The market changes. The economy changes. Your 90-day plan is your anchor.
The Four Core Questions for Clarity
To avoid marketing mistakes, you need clarity. You must answer these four questions every quarter:
- Why you are in business.
- What kind of person would benefit from your product or service the most.
- What sets you apart from your competition.
- What marketing strategies will complement each other to drive results.
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