Marketing is such a vast concept and contains many different avenues. With being such a large and important field, there are many different myths that arise involving this industry. Sometimes it might be hard to differentiate fact versus myths with there being so many sources of information. Here we will break down some common marketing myths that you may encounter while running your business!
1. Marketing Has to Deliver Fast Results to Be Successful
Even in the cases of overnight success, there is often a lot of back work put into such traction. From planning to consistent postings, overnight success isn’t as overnight as some people might think.
The idea that results either have to happen right away or not at all is a very common misconception in the marketing industry. Some of the most effective and best-producing marketing strategies will have long-acting approaches and fast-acting approaches.
While it is true that online marketing can produce faster results than other mediums, it doesn’t mean these results have paid off. Traction and views are important things; however, it doesn’t mean that you will have an increase in sales or customers.
2. Social Media is Only for Younger Generations
While it is true that some social media platforms are dominated by younger generations, there are definitely some platforms that contain more of an older demographic. People of all ages use social media and this can often impact their purchasing decisions.
There is one thing to note! Just because there are so many different social media platforms doesn’t mean that you have to be on all of them. If your target audience isn’t on that platform as much, it isn’t worth wasting your time and effort there. Find out what site your audience is most active on and direct your efforts there!
3. Marketing Can Be Done By Anyone
Marketing often has much more details than most people realize. There is more to it than just posting on social media pages and paying them to promote a post. It often takes a lot of dedication and effort if you want to see a positive end result.
If you want to be successful in marketing, you have to have quality in your work and content. You might be able to produce a lot of content but as the saying goes, “quality over quantity.”
Investing in professional marketing is something that can reach more of an audience on a professional level and help increase your sales. Plus, having professionals handle your marketing plans allows you to direct your time into other aspects of your company!
4. If I Have A Popular Social Media Account, I Don’t Need A Website
While social media is a great way to reach your audience, it doesn’t mean that you shouldn’t have a website! Many social media platforms have some sort of limitation to them that doesn’t allow your consumer to get a lot of information in one place.
Think of time constraints, character limits, etc. that come with certain platforms. With a website all of your information can be organized and easily navigated.
Social media platforms are constantly changing and algorithms are being adjusted. Just because you have a popular account now doesn’t mean that it will remain popular forever. Having a website provides stability where you can control your marketing and messaging.
5. Small Businesses Shouldn’t Spend Money on Marketing
Just because you are a small business or a business that is just starting out, that doesn’t mean that marketing isn’t important! Don’t fall into the thought that only bigger companies participate in online marketing or that your products will market themselves. Even the best of products have been marketed and even the biggest of companies were once small businesses that took time to market their products.
While small businesses might not have as big of a marketing budget as other companies, it doesn’t mean that marketing is a waste. It just means that a bit more planning and thought is needed so that you get the best use of your marketing budget.
When looking at setting up your marketing budget, it is important to figure out what will work for you. The U.S. Small Business Association recommends spending anywhere from about 5% to 12% of their budget on marketing. The SBA also recommends that B2C businesses spend slightly more on average than B2B businesses.
6. I Should Just Market to Everyone!
Your products and services might not benefit everyone so why waste time and money pushing it towards someone who has no use for it? It should be noted that some of the best marketing efforts don’t just target everyone. Think about finding your target audience and making plans to connect with them.
Understanding your target audience is an excellent way to know your consumers a little bit better. This goes deeper than just knowing basic demographic information about them and instead knows more about who they are and what they do. Knowing this information can help you develop a marketing plan that effectively answers questions, problems, or concerns they may have.
7. My Best Marketing Plan is Word of Mouth
Relying on referrals and word of mouth isn’t the best marketing plan. While it might help bring in customers currently, there runs the risk of the referrals simply not coming in. If you are relying only on the people that already buy from you, what are you going to do if they stop buying from you and stop promoting your company?
See, word of mouth limits your exposure and the number of people that know of your company. Referrals only inform a small circle of people about your business. It does nothing to help secure outside clients and doesn’t allow your business to grow to its full potential. But a marketing plan that includes digital marketing, brand marketing, and product marketing can help expand that circle.