As part of our private community and coaching programs, one of the first things we look into is the current Marketing Strategy for their SaaS product.
A common mistake is most people are just freewheeling it or only have a basic marketing plan and their main strategy is keyword research, creating content, pushing it out and hoping for the best.
Marketing is important for every business, and a strong strategy can be the key to success.
So let’s take a look at the most common marketing mistakes discussed with our SaaS business members.
Marketing Only When Sales Are Good or Bad
A lot of the time marketing effort increases when sales are good because it brings in cash flow to spend on marketing or it’s a rush to try and generate new leads.
Consistency Is Key
Create and publish content week in, and week out. The content needs to be quality content that educates or entertains your audience, your business will grow naturally, but consistency is key.
This includes how much you’re spending every single month on marketing, doing this gives you a benchmark to measure what’s working and what’s not working.
Not Marketing To Different Audiences
Everyone should know their target market and audiences at a high level, but when it comes to marketing are you marketing to the general target audience or are you marketing to the right audience?
You need to segment your marketing audience into two main categories.
- The Makers (Enduser / Consumer)
- The Shakers (Decision Maker / Buyer)
Each one of those categories is then broken into sub-categories, like roles & personas.
Not Tracking Results Or Knowing Your Numbers
People are quick to focus on clicks, comments, views, traffic and site visits.
While they are important metrics to understand and play a role from a very high-level perspective. The biggest problem focusing on these numbers is that many companies don’t have enough volume to do any meaningful data-related analysing and testing.
Marketing is pointless if you are not tracking it based on customer acquisition cost.
- Track your marketing growth based on cost per acquisition and/or cost per lead.
- What your true revenue would look like and how much profit you make off your marketing effort.
- Knowing your customer’s lifetime value and customer lifetime profit.
Thinking you have to spend money to make money
To have something sustainable, you need to generate traffic and build an audience, this doesn’t happen overnight.
- A lot of people think that if you build, they’ll come, without any promotion.
- And others think the more money you throw at generating traffic, leads and building an audience the more they will make.
It doesn’t work like that.
People today have either too much choice or not enough time or attention to give you. You need to give them a good reason to spend that time and attention with you, and you have to do it consistently, for the long haul.
The better the quality of your content, the more likely you’ll see results.