Debunking 10 marketing myths
In the world of marketing there are quite a few misconceptions. We want to prevent these misconceptions from hurting your marketing efforts. So let’s destroy some myths shall we?
1. Myth: Marketing = Advertising
Contrary to popular belief….advertising and marketing are NOT the same thing.
Marketing is the overall plan of developing and delivering a product or service for the marketplace. This includes everything from the design of your product/service, to development, to making decisions such as pricing, where the product will be available etc. It is identifying the need of your consumers and then meeting that need.
Advertising fits in to the marketing plan. It is the tool used to spread the word when the product or service is released into the marketplace.
In other words, marketing encompasses the entire process of preparing and delivering a product/service for the marketplace and advertising is the step of making that product/service known.
2. Myth: Marketing is only to acquire new customers
It is just as important to work to maintain your current customers as it is to gain new customers. You should never lose sight of your existing customers, you’ve worked so hard to gain them!
3. Myth: If it works for another company, it will work for you
This would be nice….but unfortunately this is not true. Mimicking something that proved to be successful for another company, is not a guarantee that it will work for you. Instead, focus on learning more about your own target audience and find the best way they respond.
4. Myth: You don't have the knowledge to market your business
Though it will take a lot of hard work, there are no previous qualifications needed in order to create a successful marketing plan. Create a plan, follow it, learn from it, adjust and keep going. The key is finding out what works for you and your customers. This takes time but it can be done!
5. Myth: Small businesses don't need to spend time or money on marketing
False! Small businesses may not have as many resources to use on marketing as other companies but this does not mean they should skip marketing completely. Developing a detailed marketing plan for a small business is extremely important though it may require a bit more thought, research, and planning. But it is not a waste of your time and money, because it WILL pay off in the end.
6. Myth: Marketing will produce results quickly
It is true that online marketing may produce results faster than traditional marketing methods, HOWEVER, marketing of any method still requires time to produce results. Even in online marketing you cannot expect to see results right away, it can take several clicks or interactions before a consumer responds. A great marketing campaign, SEO, paid marketing, etc. will all take time but in the end will produce solid results. Remember you are competing with established companies, so it will take time for consumers to become aware of your brand.
7. Myth: Good products/services sell themselves
EVERY company needs marketing. There are millions of small businesses in the United States, not to mention all the big corporations. No matter how good or unique your product offering is, you are still up against competitors. Big, established corporations still market their companies so you should too. Marketing is an essential tool that is needed to spread brand awareness of your product offerings to consumers.
8. Myth: Marketing is a waste of money
We just discussed the need for EVERY business to implement marketing into their business plan. Marketing is always needed. BUT when marketing is done incorrectly it can be a waste of your time and money. This is why it is important make a plan, have a budget and above all, MONITOR your results so you know what methods work and which to let go of. This is also why it takes time to see results (see Myth #6). Creating a marketing technique that works for your consumers will take some time but in the end will prove itself.
9. Myth: If I use social media, I don't need a website
It is true social media is a big component of marketing in today’s world. But a good social media presence will hopefully drive consumers to your website. You need a place to lead your consumers to and give them a call to action. You should never rely on social media alone. With constant algorithm changes it has proven to be unpredictable. And from a consumers perspective, a company with a website may appear to be more established than one without.
10. Myth: Online marketing is all you need
Online marketing is a valuable method that is used by almost every business today. Small businesses especially love online marketing because it is generally the most feasible method. But it is always best not to put all of your eggs in one basket. In fact, a complete marketing plan is known as the “Marketing Trifecta”. The trifecta incorporates PAID MEDIA (ads, etc.), OWNED MEDIA (mostly online assets such as social media and websites) and EARNED MEDIA (word of mouth, reviews, etc.). Both online and offline methods are needed to reach this marketing trifecta.
Bonus Myth: All content should center around my business
When the only message you put out there is to promote and buy, consumers are likely to disengage with your brand. People desire a connection and the same is true with consumers. Content marketing helps to engage your audience. This may mean putting out content that doesn’t always center around your products or services. Be relatable, be the answer to someone’s question, provide tips and free resources etc.