Marketing is one of the most dynamic business functions since different people adopt different approaches to it and the function itself is susceptible to technological advancement, changing lifestyle and other external factors.
The dynamic nature of marketing means, some of the rules of marketing no longer hold good and entrepreneurs need to bid goodbye to. These obsolete rules are nothing but myths that have turned into preconceived notions and could limit your thinking when it comes to marketing.
Here’s busting these myths, so that you can break free and get savvy about marketing for your small business.
Myth #1 Advertising and promotions are the same:
Often misconstrued as the same, advertising and promotions are different activities all together. Advertising is an aspect of marketing, while promotions the other. Marketing has long transformed into an integrated function, where multiple processes may overlap and do complement each other.
Myth #2 The more you market, the better:
The trick to effective marketing is smart marketing. Over marketing could lead to affecting the goodwill of your company. Be clear and concise of your target audience rather than targeting everyone. The focus should be quality over quantity. If you keep marketing your products and services, it may result in viewer/ audience fatigue and your customers may just turn to a competitor for a change of scene!
Myth #3 Marketing is an expensive process:
Many look at marketing as a major expense. Today with technology and innovation, marketing may not necessarily burn a hole in your wallet. Entrepreneurs need to understand that they can market their business even on a shoestring budget thanks to the rise of social media and digital marketing.
Myth #4 Sales and marketing are not interdependent:
Marketing and sales go hand in hand. Both the activities have the same focus and perspective: reaching the consumer and promoting sales. With potential markets going global and many avenues of promotion available, marketing and sales divisions can provide important feedback and support to reach their common goals of making money for the company.
Myth #5 Traditional marketing is dead:
The emergence of digital marketing and social media has not yet replaced traditional media marketing. Social media is a new channel to communicate with customers. While social media could be a primary channel, traditional media channels like billboards, commercials, and print advertisements, still remain an integral part of marketing activities.
Myth #6 Social media marketing may not be audience effective:
Today, almost everyone is on at least one social media network. Social media marketing can possibly be the quickest way to reach out to people. One can find the target audience quickly and address everyone simultaneously.
Myth #7 Social media is only for young people:
Social media has nothing to do with age. Though young people constitute of a large amount of the target audience, if channeled well, age is merely yet another aspect to factor-in, to reach out to the right audience.
Myth #8 Social media marketing has no ROI:
If you combine social media marketing with your business objectives and other online marketing strategies, you can and will be able to measure the ROI for your business. Web analytics, CRM systems, HTTP cookies, social media promotions are some ways by which you can increase the viewership of your marketing activities.
Marketing remains an important aspect to every business. The essence of marketing is to ensure that activities reach the right audience. No two organizations can have the same marketing strategy, as every organization has different needs and requirements. Rather than believing the myths and refraining from new alternatives, try different techniques – you never know which strategy would work wonders for your business!