Marketing is the topic that you either love or your eyes glaze over. It's something that every business needs, but isn't necessarily understood. In the age of information, it quickly becomes obvious that there is a lot of contradictory advice out there.
So, here are 8 Common Misconceptions about Marketing, and why they are false.
Marketing Myth #1: Advertising is Marketing
Marketing and advertising have long since been used interchangeably. So much so, that there are businesses out there that believe if they advertise, they have a marketing plan. Although, indeed, a marketing plan would not be as effective without advertising, the two perform very distinct roles. Without Marketing, advertising is wasted - remember targeting your audience? Truth is you need both, marketing to track your customers, and understand their needs on a psychological level, and advertising to spread the message.
Marketing Myth #2: We're a small business and don't need marketing
You'd be surprised by the number of business owners and entrepreneurs that believe this. But without marketing, how are you going to grow your business? You see, marketing is an investment in both you, and your company. The investment in marketing is more than just money, you need to spend time learning about your customer, where they are, and how they digest information.
Marketing Myth #3: Marketing is expensive and it might not work
You may be tempted to allocate a tiny budget to your marketing attempts. Once you see results you'll start investing more, right? Well, no actually. You get out of marketing what you put into it. If you go to the gym to lose weight, you wouldn't go once a week, put in minimal effort and decide it isn't worth it if you don't see results! Losing weight takes time, effort, and occasionally help from a professional. This is how you should see your marketing strategy.
As for marketing being expensive, you need to find the right balance that is within your budget (somewhere in between what you can invest and what you should). Now, with the internet, social media and emails, marketing needn't be expensive. It does, however, require appropriate commitment and time.
Marketing Myth #4: Marketing should get you instant results
This isn't true, and if anyone tells you different - they're lying. Marketing is like dating someone. You need to invest time with that person to get to know them. You wouldn't go on a first date and go from that straight into marriage and living together. It takes time to develop trust with your partner, and just like Marketing it's something that builds with time. Your customer base will grow, you'll develop trust in your brand, and as we all know: People Buy From People They Trust
Marketing Myth #5: Marketing only attracts new customers
This may surprise you, but people will forget about you if you don't remind them once in a while. In fact, your marketing strategy can turn regular customers into loyal ones. Loyal customers will go a long way to helping you get new customers.
Marketing Myth #6: Reducing the price will increase sales
If all it took was for you to be cheaper than your competition, we'd all be in a race to the bottom. More often than not, when you undervalue your products/services, your potential customer base will also undervalue it. In essence, they'll see it as cheap. Now, there is a huge difference between value and cheap cr*p. A sale every once in a while is a great way to clear some out of season stock, but does not necessarily mean you'll make more sales.
Marketing Myth #7: I need to spread my message to everyone!
Okay, lets say that you've taken some steps toward a marketing strategy, and you have sent your message out there for the world to see. You've invested a lot of time and money into this. What are you results like? Not as good as you'd hoped for?
By tailoring your marketing strategy towards your target market - we're talking professions, demographics, hobbyists, etc. you'll receive so much more positive recognition. Why sell ice to Inuits, when the people in the desert already want it?
Marketing Myth #8: Marketing is easy
If only this were true, then there wouldn't be any myths surrounding marketing. Marketing is an umbrella term that is used to encompass how a business communicates with customers and prospects. That sounds pretty straightforward right? Well, marketing involves the psychology of the buying process, the use of certain colours to attract people, the right words that evoke emotions. It needs to tell a story, be bold, be entertaining, and get people to take action.
If marketing were easy, then you wouldn't have experts niching down into different areas of marketing:
Press Release Distributors
Search Engine Marketing
Social Media Marketers
Honestly the list is huge! Why not make the most of the experts out there and get your marketing strategy and execution perfected?