1. Bad Data
Marketing already relies on hunches, intuition and gut. This combined with bad data is driving the rest of the decisions, it’s asking for a disaster. There are two issues to consider here: There are two simultaneous problems here to consider: (1) Data is inaccurate, and (2) Marketers are often measuring the wrong data to begin with. It’s impossible to plan for the future without understanding the present as best possible.
2. Ensuring the Sales and Marketing teams are talking
Ultimately, a purpose of marketing is to drive sales. Oddly enough, many marketers get distracted in the details of their tactics and forget about this key outcome. It’s essential for marketing to coordinate with other departments, but no department is more important than the sales team. Managers also need to make sure incentives align accordingly. Messages can become diluted and lost if Sales and Marketing teams are not coordinated.
3. Not focusing on what works
This seems obvious, but it’s often missed by marketers for all sorts of reasons, including cognitive biases. Ryan Holiday, author and media strategist, says that not “doubling down” or going “all-in” on a tactic that works is a huge mistake. If something is working, put more money and focus towards that channel until the returns dip down.
4. Underestimating the speed of change
The world of social media marketing changes so fast and so too does that of customer behaviour and it is difficult to keep up and of course, to plan ahead. But becoming complacent can lead to flops in your marketing strategy. You have to invest time in trialing of new platforms, channels and tactics in order to stay current. Not allocating time and resources to this is one of the biggest marketing budget mistakes made by companies.
5. Evaluating efforts too late and too little
In today’s digital world, it’s extremely easy to test new ideas or campaigns through A/B testing and other simple means. Because of this, all ideas should be tested, adjusted, and re-tested at the micro-level on a real-time basis. Infrequent or inadequate testing and evaluating can lead to missing out on ideas, techniques, channels and platforms that could have proven useful or even essential.