8 Detrimental Marketing Misconceptions Business Owners Have
The term marketing has different meanings to different people. With so many different activities falling under the marketing umbrella, it’s no wonder business owners have misconceptions about what marketing is.
(Suggestion: Take our Marketing Quiz before reading this article. This will provide you with a gauge to measure your marketing knowledge and skills)
We’re going to help clear this up
1. All about creativity – Creativity is just one aspect of marketing. Marketing is very strategic, a marketing plan is a key component in a business plan. A market analysis helps to see the big picture and set the corporate vision. Marketing sets pricing and distribution strategies, and so much more.
2. Not critical for a business - The one thing all successful businesses have in common is great marketing. If marketing was not critical, why does every large corporation have an entire marketing department led by a marketing executive?
3. Marketing is the same as Advertising – Advertising is an area of marketing that focuses on of the 4 P’s of marketing, promotion. There are 3 more P’s Price, Product, and Placement. Effective advertising is driven by a strategy that identifies what message the advertising should promote.
4. Can’t afford it - Now that you know marketing isn’t advertising, you need to realize, you don’t have to spend a ton of money to market effectively. There are numerous other factors besides money that determine the success of your marketing.
5. Results should be instantaneous – Have you ever gotten real results from anything instantaneous? Building a brand and gaining recognition takes time. Once the ball gets rolling, expect the snowball effect.
6. It’s a lot of “fluff” – Real marketing is analytical, driven by data and focused on Key Performance Indicators (KPI’s). Modern technology has made it much easier to track and measure the progress of most marketing activities. Want to know if a mailer is generating opportunities? Use a phone service that gives you a separate phone number just for the mailer. They will provide valuable data about the call.
7. It’s easy to do – “Cookie Cutter” services promote quick and easy ways to market your business. What’s quick and easy for you, is quick and easy for your competitors. Ads, emails, social media, funnels and other activities have become a nuisance to most people. It takes the right strategy and tactics to get real results.
8. Only for new customers – Generating new leads is a primary goal of marketing, so is retaining existing customers and building loyalty. Keep in mind, your existing customers are the new customers your competitors are marketing to.
If you were guilty of having some, or all of the misconceptions, don’t feel bad. Marketing isn’t your expertise, luckily for you, it’s ours! We can help your business with real marketing that generates real results. Get a free online consultation, sign up here.