Small Businesses' Costly Marketing Mistakes: Avoiding Financial Pitfalls

In a previous venture of mine, we embarked on an ambitious journey that included a website overhaul, the production of glossy brochures, and participation in high-profile tradeshows. Each time, we clung to the hope that our latest endeavor would miraculously propel registration numbers to new heights.

However, I must confess, none of these efforts ever bore fruit, despite the fact that we had an outstanding product at our disposal. Regrettably, we had unwittingly stumbled into the perilous marketing money pitfall, where we squandered excessive sums on aesthetically pleasing marketing collateral that failed to deliver results.

Does this narrative strike a chord with you? If you run a small business, chances are you can empathize with this plight. At StoryBrand, where we engage with approximately 3000 clients annually, we frequently encounter business owners recounting their costly experiences with rebranding campaigns. Our response is always delivered with empathy, yet it's a sobering truth: many of these investments were ultimately futile.

Witnessing business leaders hemorrhage money on ineffective marketing strategies has left me exasperated. These financial blunders typically manifest in one of three common ways. In this article, I aim to elucidate these pitfalls and, more importantly, provide guidance on how to steer clear of them. By doing so, you can ensure that your valuable marketing resources are directed towards strategies that genuinely foster business growth.

Common Costly Marketing Mistakes Small Businesses Make

Many of us have been there — the moment when we decide it's time for a fresh website. The hunt begins, and eventually, you find a designer who crafts a visually stunning site that becomes your pride and joy.

However, once it's live, crickets. Sales remain stagnant, and new customers aren't flocking to your virtual door. Your beautiful website seems to be invisible to the world.

The issue here lies in the fact that graphic designers excel at aesthetics but often lack proficiency in crafting persuasive sales copy. The truth is, people purchase products based on the words they encounter — words they hear and read. While appealing design can enhance the visibility and readability of these words, it's the words themselves that drive action.

If you're relying on design experts to craft your website's content, chances are you're using the wrong words, and it's costing you money.

Before you dive into a website redesign, explore our comprehensive field guide, and don't assume that a visually stunning site equates to an effective one.

Investing in a Trade Show Booth Without a Powerful One-Liner

Are trade shows a part of your marketing arsenal?

Participating in trade shows offers a valuable opportunity to engage face-to-face with potential customers and amplify your brand's impact. It's likely that, like most companies, you allocate a significant portion of your marketing budget to trade shows (about 31.6%, according to research).

You've invested heavily in your displays, materials, and travel arrangements, creating an impressive booth that catches the eye. But the question is, what words are your team members uttering when prospects visit your booth? How effectively are they communicating your company's purpose and problem-solving abilities?

If you're uncertain, you may be squandering your investment. While your visually appealing booth might capture attention, it's the words you employ within that booth that ultimately win you business.

What you need is a one-liner: a well-crafted sentence that succinctly describes the problem your typical customer faces, how your product or service resolves it, and the positive impact on their lives. Ensure that every booth staffer knows this one-liner by heart. Utilizing this formula to convey your message will make prospective customers listen and remember, providing a substantial return on your trade show investment.

Crafting an Ignored Email Newsletter

If you're encouraging customers to subscribe to your email newsletter, you may be overlooking a significant issue.

The truth is, people generally don't eagerly sign up for email newsletters.

Ask yourself, how many newsletters do you personally subscribe to in a month, or even a year? Of those, how many do you genuinely read, let alone interact with?

Let's say someone does subscribe to your newsletter. Now you're tasked with consistently creating, curating, and delivering content, which requires time, effort, and resources. Is this effort truly driving business growth?

It's time to think beyond the traditional newsletter. There are superior email strategies that can:

• Attract more email signups than a generic “newsletter” offer.
• Foster stronger, more trusting customer relationships.
• Elevate your industry authority.
• Directly drive sales from your emails.

One such strategy involves offering valuable “lead generating” content to subscribers. By implementing this strategy, along with a series of well-crafted follow-up emails, you can achieve a more substantial return on your email marketing investment.

In Conclusion

Far too many companies squander substantial sums on ineffective marketing tactics. It's our aim to ensure you don't fall into these traps. If you recognize any of these missteps in your marketing approach, we urge you to cease immediately.