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An Introduction to Marketing Misconceptions
Just like any other industry, marketing has created certain postulates over the years. Marketers often believe that if they don’t go by the rulebook, their brand won’t emerge successful.
Honestly speaking, marketing is not mathematics. Nothing is exact or definite because it deals with the human psyche and the target group’s consumption and buying patterns, which are unpredictable.
Despite understanding this fundamental reality, there are many marketers that fall prey to so-called ‘marketing rules’.
While some people confuse marketing with advertising, there are some who believe that marketing is all about handing out free stuff to attract new clients. Some even believe that marketing is pretty simple that requires little or zero effort.
Identifying your marketing misconceptions or myths early in the lifecycle of your business can greatly increase its chances of success. Breaking down false assumptions can put your company on the road to success by creating effective and engaging campaigns that use your marketing bucks to full effectiveness.
4 Popular Marketing Myths that are costing you
#Myth 1: Effective Marketing is Expensive
Most people believe that if you want to get more business, you need to spend more money on marketing. This is absolutely wrong.
Fact: In order to establish good marketing practices for your brand, you do not have to break the bank. If you spend too much money on marketing, you’ll have less money in your bank account, and you don’t want that. Effective advertising is inexpensive. It’s all about delivering the right message to the right people at the right time. If marketing is done right and methodologically, it’s not as expensive as you may think.
Example: International retail fashion giant, ZARA, is a perfect example. They make billions in sales with a minimum ad spend. They abstain from traditional marketing tactics and instead rely on the art of influencer marketing. Their marketing mantra revolves around pulling people in, not pushing the product out. This has also earned them a large fan base on their social media handle.
#Myth 2: The more the Communication, the Better
We have to agree that the digital age has given us unprecedented ways to connect with one another. There are virtually no limits to the amount of content you can publish and share. However, just because you can, doesn’t mean you should. Being on every social media platform and shoving down the same content can be annoying to the person reading it.
Fact: Don’t let your brand be that annoying person that keeps talking. Instead, stick with great content tailored to your target audience. The best kind of communication is that which is delivered in a consistent, non-intrusive way.
Example: Paper cup branding is a subtle and underrated kind of advertising which breaks through the clutter and marketing noise to deliver your message in a concise, clear, and systematic manner.
#Myth 3: Marketing delivers results instantly
Some marketers believe that marketing tactics produce instant results. However, the reality is slightly different.
Fact: Marketing is like an investment, it takes time to deliver great results. You can’t just write a couple of blog posts and expect the traffic to skyrocket. Accumulating traffic and generating leads with marketing can take months. It takes time to get noticed. Instead of feeling discouraged, hang in there and work towards creating great content. It’s a true example of the snowball effect.
Example: “Share a Coke” is one of the best-performing marketing campaigns in Coca-Cola’s history. They leveraged on content marketing personalization to develop an emotional connection and make the audience feel special.
#Myth 4: Everybody is a client
Many marketers don’t know where to start and thus assume everybody can be their client. Look at it this way – in a playground, if you are trying to be everybody’s friend, you won’t be able to make even one friend.
Fact: The same applies to marketing. When you start selling your product or services, you need to be more discerning. You need to understand your niche and identify the demographic who are interested in what you sell. The more you know about your potential clients, the easier it will be to attract them.
Example: Cosmetic retailer, LUSH, manufactures ethical, homemade beauty products. The company’s biggest success is that they know who its core buyers are – those who value social and corporate responsibility and have had enough of unethical, animal-tested products.
These are some of the top marketing myths that are stopping you from being more successful. Falling prey to marketing misconceptions can derail your company’s ability to convey its message to consumers effectively.
Remember, a strong marketing plan is a cornerstone for business growth.