Managing your business is no easy feat. It is quite normal that you make mistakes and some can be so grave, it is difficult to rectify and change. But Malaysian businesses are a resilient lot and are versatile in operations.
Be mindful but always be ready
It is important to know when you have made a mistake but if you know what to expect from the start, the damage could be less daunting. In Malaysia, more than 85% of entrepreneurs come from a technical background. This means that a majority of them might not be very well-versed in marketing which means there is a risk of committing mistakes. If you run a business, you can make mistakes and learn from them, but take note of the following ones and avoid them, at any cost.
Not planning your marketing
As an entrepreneur, you become part of the larger SME movement. You might be selling burgers in a food truck and you might not be competing with the likes of Ramly’s but that does not mean you do not develop a marketing plan. A lot of small businesses start and then makeup plans as they go. When you start with a marketing plan, you can identify the pressure, pain and workable points and then start from there. This will help you to improve on areas that can increase your revenue.
Not establishing a long-term marketing objective
A lot of Malaysian businesses acknowledge the importance of having a marketing plan and they proceed with a short to middle term one. While this is a good practice, they might be feasible for 1 to 3 years. Without knowing or having a vision of what you want to be in 5 to 10 years, you lose sight of the journey and hence might not be prepared for the long term. Take, for instance, you spend a majority of your funds on Facebook, Whatsapp Business and Google Ads with special promotions. Customers who take up your offers might not be there for the long term. They like discounts and will look elsewhere when your discounts dry up. You need to build a relationship, not just a connection.
Being too conventional and getting to the wrong channels
This is a no-brainer. You cannot survive without going into digital marketing. You can be running a sundry or a coffee shop but that does not mean you can fully run your business offline. You must at any point of your business be present on digital platforms. In a recent survey, it was found that less than 15% of Malaysian businesses use digital marketing and those who do are mostly large firms. A lot of Malaysian businesses tend to trust conventional marketing activities. Getting into digital marketing can be challenging but once you get it right, your numbers will increase.Another grave mistake is when you market wrongly. Whatever the case, it is essential to get back into the basics and know who your target market is. More than 42% of Malaysians above 55 years of age are now on social media platforms. You might want to capitalize on that!
