People involved in business all know how important marketing is to the success of their business, and we all have at least a general idea of what is involved in marketing. We know how important it is to have a marketing strategy planned out. But unless you’re directly involved with marketing, you’re prone to holding misconceptions regarding marketing.
There is no shortage of misconceptions about marketing out there, and they can seriously hinder and threaten all forms of marketing, no matter the methods being used or the products or services being offered by a business, and could also hurt the business in the long run. Here is a look at a few common misconceptions.
Misreading the market is one of the most common misconceptions. Many small business owners and entrepreneurs will read the market in a given area and determine what type of product will succeed and what area of the market to target to. And many times they end up misreading the market, and their product doesn’t do as well as they’d thought. This market misconception will leave them having to try a new marketing angle or going out of business. Targeting the wrong customer can also fall under this category.
2. “Spend money to make money”
Most people realise they need marketing but they don’t know much about it, especially online marketing. So they end up throwing money at anything that sounds good without making a budget or strategy. Marketing should be looked at more as an investment. If done right, a marketing strategy can be twice as effective with half the cost of time and money.
3. A small company doesn’t need a marketing plan
Marketing is important for all companies, and a marketing plan is essential as it’s the blueprint for how you will represent yourself in your marketing. It outlines your target audience, your message, the channels you will use, your tactics, your offers, and your budget.
4. Running ads alone
Advertising campaigns are a great marketing tactic, but they are just one of many effective tactics that can be used to deliver your message to your target audience. Your plan should incorporate a variety of tactics and how they will work together to reach your marketing goals.
5. Don’t need social media
No matter what your business is selling, you can be sure that your customers, prospective customers and competitors will be active on social media. By not being on social media, you will effectively be out of the loop with what’s going on with them and your marketplace, and also lose out on a great way to keep engaged with your customers and reach out to prospects, as well as increased brand recognition through social media shares.
6. Casting a wide advertising net
Sure, you’d like to believe that everyone in the world will want your product, and are tempted to advertise your product all over the internet. But the more successful companies have narrowed their target audience to specific types of people, and advertised where these niche customers are most likely to be.
What are the most common misconceptions that you’ve heard? Are there any we have missed off our list? Please let us know in our comment box below!