Do You Believe in These 7 Marketing Myths?

In this article we are going to highlight some concepts that may endanger your business. These marketing myths are so prevalent among many business owners and are limiting their performance.

Let us mention those myths and discuss each one briefly:

1) It's all about price. If my price is lower than anyone else's, I'll sell more.

Not all products are purchased based on price alone, many people are attracted to your product or service because of its value. When pricing your product or service, you need to also know who your target customer is.

2) My logo is my brand.

A logo is certainly part of a brand but it's not the whole brand. A good brand communicates clearly, who you are and the 'personality' of your business. While we envy the instant recognition, are we likely to have our businesses achieve the same global awareness? Perhaps not, but that doesn't mean your brand should be used any less consistently used wherever your marketing strategy takes it: your website, social media channels, email marketing, advertising and so on.

3) Marketing requires a huge budget.

There is no need to spend a fortune on marketing your business. The most important thing is that you must have a marketing strategy; you must know what you are doing.

Plan out your activities based on your budget. A well-executed strategy can certainly bring rewards.

4) Social Media marketing is more important than E-mail marketing

Actually, there's a place for both in a good marketing strategy. Most marketers agree e-newsletters are the top resource which helps to achieve their business goals.

Regular and consistent email letters will help reinforce your marketing campaign and can reach a different audience than social media.

5) I'm sticking to Social Media Marketing because it's free.

We've all heard the expression that there's no such thing as a free lunch. While on the surface it might seem that all you have to do is sign up and you're good to go, if you think about it, that's not quite true. Something that small business owners in particular often overlook is that time is money. To create social media campaigns requires a commitment of time, to say nothing of expertise in monitoring different channels, blogging, sharing posts, commenting on other's posts, responding to queries, and so on. That's why there are services that can do all that for you. You need to weigh up the value of your time.

6) My business is small. I don't need a website.

In real world, people searching for a service want to check you out on the internet. Even if you come highly recommended, if the potential customer cannot find a web presence, their trust goes down.

7) New customers are more important to business than old ones.

While it's true that new customers are great, there's the "80/20 Rule". It basically says that 80% of your sales or income derives from 20% of your customers. So while you are striving to get new customers, never neglect your old or repeat ones. They are the backbone of your business.