5 Assumptions That Sabotage Your Marketing

5 Assumptions That Sabotage Your Marketing 351x200 5 Assumptions That Sabotage Your Marketing

Assumption No. 4: All customers are equal.

Most marketers are familiar with the 80/20 rule, which was first introduced by Italian economist Vifredo Pareto. In business, this rule states that 80 percent of your business comes from 20 percent of your customers. With regard to productivity, it says that 80 percent of the results come from 20 percent of the actions. You get the point. However, some assume that all customers are equal. But a recent study found that when it comes to social media, as highlighted above, this is not always true.

MarketingSherpa found the vast majority of customers who follow brands on social media do so for the discounts, coupons, and sweepstakes. Moreover, these customers may not add the most value to your brand.

Key takeaway. Find out where your most profitable customers are spending time and refocus marketing efforts to grow those relationships and find more customers who fit that profile.

Assumption No. 5: Loyalty translates to high profitability.

Some marketers believe that customers who have been with the company the longest and purchase with high frequency are the most profitable. Yet this too is an assumption. Even though these customers are high-frequency purchasers, it doesn’t mean those purchases carry the highest profitability.

In fact, this Harvard Business Review article argues that loyalty is not a proxy for profitability. So managing loyalty and managing profitability are two entirely different things.

Key takeaway. Try examining loyalty and profitability in another light. Who are your most profitable customers? Build personas for those individuals. Are these customers also the most loyal? Look for overlap, and find areas of potential for new opportunities.

Moving forward with certainty

There are some things a marketer should never guess about – branding, logos, and even the colors that customers like best. Additionally, the simple elements of the customer experience, such as whether your customers prefer to talk on the phone or chat live on the website, can also become dangerous pitfalls when combined with assumption.

Use existing data, but also collect your own to create a better understanding of customers and, consequently, stronger and more powerful marketing strategies.

Have you ever made a dangerous marketing assumption? Which assumptions to do think are the largest pitfalls for marketers?

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