For years, the #online #marketing industry promised growth in revenue through strategies that relied heavily on copywriting skills, bulk e-mail and #Facebook advertising. Well, it is time to face the truth: the golden age of online marketing was nothing more than a bubble waiting to burst.
The market has finally corrected itself, returning to its fundamental principles where the product's quality and good customer service alone can drive sales.
So what went wrong?
Mistake #1: The Illusion of Traffic and Sales:
For years, marketing agencies kept convincing business leaders that driving enormous amounts of #traffic to a landing page would automatically translate into #sales and #profits. Marketers in 2023 still focus on increasing website visitors through various tactics, such as search engine optimisation, social media advertising, and #influencer partnerships. The truth is: no amount of traffic can compensate for a subpar product. Customers know what they want. With countless options available at their fingertips, they demand high-quality products that genuinely fulfil their needs and provide value.
No marketing strategy, no matter how brilliant, can convince customers to buy a product that does not meet their expectations. The focus has shifted back to what truly matters: the product itself.
Mistake # 2: Focus on fame instead of value:
Living in a culture obsessed with fame and influencers, entrepreneurs felt pressured to become famous themselves to sell their products. However, this misconception failed to acknowledge that true success lies in delivering value to customers. While online fame might initially attract attention, it does not guarantee long-term success or sustainable business growth.
Mistake # 3: The lack of scalable systems:
Many businesses depended on individual contributors, including themselves, to drive success. Business models relying heavily on individuals / personal expertise / manual labour limits the potential for growth and expansion. Entrepreneurs should focus on building systems and processes that are scalable. This means - using tools for automation, the right tech stacks and outsourcing support processes - finance, IT support etc.
The golden age of online marketing may be over, but that doesn't mean that online marketing is dead. By shifting our focus back to what truly matters, we can navigate the ever-evolving landscape of online commerce and stay relevant. Remember, the product alone matters, and true success stems from delivering value in a scalable manner.