Business owners face two primary enemies when it comes to
marketing: themselves and slick, incompetent consulting firms. No wonder
so many online business are money losers.
When you're busy running a business it's difficult to
see things from the customers' viewpoint, or to objectively
assess the competitive landscape, or to even know enough to properly evaluate service providers.
Basing decisions on things such as "conventional
wisdom," "common sense," and what "looks good" often gets business owners in trouble because such
"conventional wisdom" is all too often
based on beliefs rooted in marketing myths that permeate business today.
We call this syndrome death-wish marketing, and it is pervasive on the
internet due to the newness and complexity of marketing online.
Symptoms of Death Wish Internet Marketing
- Inability and a resistance to calculating basic business metrics:
allowable, cost per visitor, cost per conversion
- Inability to implement and understand basic statistical analyses, such as
how to do statistical analysis on an A/B test
- Relying on flawed data, such as focus groups and non-representative
- Seeking just short-term results; failing to consider long-term ramifications
- Insistance on simple solutions to complex problems
- Ignoring customer needs
- Considering too few alternatives
- Superficial thinking: Inability and reluctance to engage in competitive
analysis, and analysis of strategy and tactics
- Overemphasis on form, appearances, and cool things that can be done with technology; with
corresponding underemphasis on marketing strategy and online functionality
- Accepting only findings that corroborate decisions and rejecting or ignoring findings that contradict them
- Decisions based on the owner's judgment alone