How can we avoid mistakes in trading?

New Guide: 7 Common Marketing Mistakes And How To Avoid Them

A few years ago, our then intern (and now Product Marketing Manager) Phill Agnew was let loose on our Brandwatch Twitter account.

At that point we were promoting a guide on community management and he chose what, well shall we say, interesting wording for the social media post. We woke up a day after applying for the guide to find a number of angry reactions accusing us of being rude and derogatory. Not good times. What did he smell?

“Don't be a stupid marketer. Download our guide. ”😬

Despite the loud reaction and our quick deletion of the tweet, this tweet is one of the most clicked tweets and the guide was a great success.

Of course, the choice of words should have been better. The tone of voice was questionable. But there was a grain of truth in the tonality. Marketers don't want to be stupid. I have to know it. I am one of them.

It is now one of our classic, internal references and it is still mentioned with a raised eyebrow every now and then. We'll never let Phill forget it. And neither does he to us.

So what are we getting at here? Well, marketers make simple mistakes every day for all the insights available.

While that's bad news for most marketers, it's good news for you. Because if you learn from your mistakes, you will gain a competitive advantage.

We gathered insights from a number of different sources and put together a new guide that will give you the tools to identify each common mistake and gain an edge over the competition. Sounds good, doesn't it?

This report highlights basic marketing research that can help you avoid common mistakes. Read the report and find out:

• The experiment that increased jam sales 100 times?
• How Ben & Jerry’s online ads improved by 25%
• The ads that a third of consumers hates?
• How Late Rooms Could Convert 30% of Social Media Engagement?
• The idea that boosted beer sales 2.5 times?

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There really is no better way to improve your marketing than by researching and ultimately understanding your audience.

This guide comes from the same company as one of the best web monitoring tools on the market. It illustrates these common marketing errors very clearly using a variety of examples and data. Finally, the best way to learn is to understand your mistakes.

- Lilach Bullock - Content Marketing Specialist

"Consumer preferences are changing."

We often rate consumer behavior as irrational - they are constantly changing their minds.

As soon as a new competitor enters our market, we fear that it will attract loyal customers. As a result, marketers are constantly changing their campaigns and strategies to keep up with the ever-evolving consumer.

While there are a few reasons to justify this thinking, it largely falls short of the fundamental tenet by which consumers act: the principle of continuity.

This was first noticed in 1968 by two Canadian psychologists (Knox & Inkster). They found that right after placing their bets, players have more confidence that their horse will win.

In relation to the horse or its chances, absolutely nothing has changed, only in the consumer's mind is something different.

Once we have made a decision, we are under some pressure to be consistent with that decision and act on it (Cialdini, 1985).

Some smart marketers have devised ways to harness the power of this principle.

Google your favorite festival and look at a billboard for it. One important piece of information will be missing from the poster - the price.

Why is that? Because advertisers have recognized that concert-goers are more likely to buy a ticket once they've researched the price. The time it takes to search only increases the likelihood that the ticket will be purchased. We find parallels in movie posters or album covers.

How can social listening help you to use this principle profitably?

In 2016, a video game maker wanted to use Brandwatch Analytics to find out if the principle of continuity affects sales.

In the run-up to a major gaming event, he oversaw two types of discussions around his games:

1. General discussion about the game (e.g. "this game looks cool")
2. Discussion with intent to buy (e.g. "I want this game")

The results were fascinating. Game 1 generated more volume of calls. But Game 2 generated more intentional mentions.

After the release, it became clear that overall conversation volume had no impact on sales. On the other hand, the mentions with intent to buy had an effect in accordance with the principle of continuity.

People are more inclined to buy a game after they have announced that they will.

It is an effective means of predicting future sales as well as evaluating marketing activities.

What are the other six mistakes you should know and avoid?

You can read these errors for free in our new guide.

Marketers who understand how content affects the customer experience are in the best position to drive the business results that matter most to their business.

- Dennis Wakabayashi, Vice President at The Integer Group

Learn from brands like Coca Cola, CBS and Ben and Jerry’s and ensure your marketing teams make the right decisions at the right time.

Read the guide.