Common misconceptions and misunderstandings about marketing can often lead companies astray when it comes to making decisions on how to increase business and successfully market their brand, products, and services. In order to create a strategic marketing plan, it is important to be informed! Here are some of the top marketing myths explained.
Having a marketing plan isn’t necessary
One common misconception around marketing is that quality products and services will sell themselves and that having a strategic marketing plan isn’t necessary. While having top-notch products and services is a must for attracting and retaining customers, quality alone isn’t enough. No matter how great your product is, someone else is likely selling exactly what you are, and competition is likely greater than you would expect. Having a consistent marketing strategy is key.
Effective marketing will generate results right away
Even in the digital age of marketing, results take time. While online marketing does generally generate quicker and more measurable results than traditional marketing, a good marketing strategy takes time to pay off. A customer may see and interact with your brand several times before they ever call or make a purchase. This is why it is so important to be consistent in your marketing strategy and stick to a plan. Many changes, like SEO updates, can take several months to show results, but are essential for positioning your brand above competitors.
If it is working for them, it will work for us
Many believe that if a marketing strategy is working effectively for another company or competitor, it will work for them as well. However, every business is different. The approach most likely to generate success is to focus time and resources on the platforms that make the most sense for your business. While a small, local restaurant may generate a lot of engagement using Instagram, a large consulting firm would probably find more success on LinkedIn. Even if the company achieving success is in your same industry, it is important to differentiate your company form competitors by developing strategies that help your company stand out.
You should target everyone as a potential customer
Focusing your marketing efforts on anyone and everyone will be a drain on your time, resources, and budget. You may think that the broader your target, the higher potential you will have for attracting customers, but not everyone will be interested in your product or service and not every lead is a qualified lead. Targeted marketing and focusing on qualified leads that generate conversions will give you a much better return on your marketing efforts, while being cost-effective.
Having a website is enough: I don’t need social media and no one reads marketing emails
Having a well designed and informative website is essential, but it is not enough. Relying on customers to stumble across your product or service through Google search will not get you very far. To attract and retain customers, it is necessary to actively promote your brand. While you may think your target customer isn’t using social media, think again! In 2019, 79% of the U.S. population used some form of social media (Statista). Additionally, there are 3.9 billion daily email users, and studies have shown than for every $1 spent on email marketing, companies can expect an average return of $42 (DMA, 2019). Social media and email marketing allow brands to tell a story, connect with consumers, and build trust, which leads to higher conversions.
A consistent, targeted, and multi-touch marketing strategy is essential to any brand’s success and longevity. Staying informed and knowing what strategies will be most effective for your company are key to promoting business while optimizing your company’s use of time and resources!