Haven’t heard of Neil Patel? Well he’s kind of a big deal in the SEO world, who’s helped websites increase their traffic multifold!
While I was going thru some of his blog posts, I stumbled across this really interesting article where he writes about his 10 Most Costly Blunders.
Blunder #1: Picking a small market
As a marketer, I tend to look for niches to get into. Why? Because it is less competitive from a marketing standpoint.
That way you don’t have to spend much energy trying to rank high or dominate the social web within your space.
But do you know what’s wrong with this thinking? Picking small niches means you are limited to the amount of traffic you can generate to your website. Dominating a small 10-million-dollar niche isn’t as good as owning 1% of a billion-dollar market.
Blunder #5: Making marketing perfect
Early on in my career, I really got into design – so much so that everything had to look perfect before it was launched or released. The issue with this approach is that it causes you to spend too much money testing things, and it also wastes a lot of time.
From product releases to marketing collateral, just get it out there (even if it doesn’t look great). If it works, then go back and tweak it. But there’s no sense wasting time and money on marketing-related collateral if you don’t even know whether it will work.
Blunder #6: Not getting the messaging right
With KISSmetrics, we struggled for years to get our marketing message right, but I feel like we’ve nailed it now based on our conversion rates.
By tweaking the headline over the years, we were eventually able to nail the messaging. The one that converts the best compares our product to Google Analytics.
Blunder #9: Focusing on acquisition and not retention
My skill set has always been driving people to a website. For that reason, I tend to focus solely on that and ignore most other marketing activities.
In the software world, retention is as important as acquisition of customers (if not more important). Simply put, if you can keep customers longer, your business will be worth a lot more.
Nowadays, our marketing team creates email sequences to get customers who have canceled their memberships to come back and pay again. They also run promotions, focus on up-sells, and create training materials to help companies use our products better. This all helps with retaining customers.
This approach means customers stay longer, which in turn means they are worth more money. Most importantly, however, marketing can then spend more money on acquiring new customers. This has allowed us to open up a lot of new channels that we couldn’t touch before.
Think about the lifetime value of your customer. If you can up-sell to them or get them to come back, why not try?
Blunder #10: Waiting to blog
What’s even worse is that I still don’t have a blog at Hello Bar. I know it works, but I haven’t spent any energy creating one.
Don’t make this mistake I keep repeating. Start a blog right away – it can’t hurt. It helps drive more visitors, and a portion of those visitors will eventually convert into customers.
Heck, I would even say: start a blog before you start your company. Once you launch your business, you can then instantly drive customers to it from your blog.
Read all 10 of Neil Patel’s Blunders over here. If you found this post useful, share your thoughts below.