5 myths of marketing
Updated: Nov 4, 2020
In today's continually evolving business world, the term "marketing" means different things to different people, making it harder to distinguish between common marketing misconceptions and what marketing truly is. By holding onto these viewpoints, you can harm your business in the long run. To help you not get lost in the world of facts and fiction of marketing, we will be clearing up the air about some common myths.
Myth 1: "Marketing efforts should focus on sales."
Many believe that marketing teams are primarily a supporting function to help sales teams by creating tools to facilitate an "easy sale." But without customers in the sales funnel, no sales can take place in the first place. The role of the marketing function is to acquire and nurture qualified leads through a variety of tactics to ensure a smooth customer journey. Through effective lead nurturing, prospects become repeat customers and even advocates.
Myth 2: "Marketing is only to acquire new customers."
For companies to continuously expand, it is not only necessary to focus their efforts on acquiring new customers, but also keep up the relations with existing customers. According to Small Business Trends, 80% of a business's profits come via 20% of its existing customers, showing the importance of customer retention for small to corporate sized companies. Contextual marketing, referral, and loyalty programs are essential marketing activities that businesses need to tap into to create some lifetime value for their customers.
Myth 3: "Marketing and advertising are interchangeable."
Even though marketing and advertising are somewhat related, it is imperative to know that they are not the same. Marketing is the end-to-end planning and implementation of a mix of activities, such as market research, public relations, and media planning, to provide services or products to your business' consumers. Advertising, on the other hand, is one component of all marketing activities. It focuses on directly bringing a persuasive message out about your business, products, or services.
Myth 4: "Everyone can be your customer with great marketing."
In an ideal world, your business' offerings would appeal to every single consumer. But by investing all your resources in trying to figure out the perfect marketing strategies to target as many consumers as possible, you lose sight of those who need and want your product or services. Identifying your target audience in the initial stages of your business is essential for your marketing efforts to bring in the wanted return on investment. Creating buyer personas (fictional buyers) who would be the ideal client for your business, for all products or services your business offers, and tailoring marketing efforts accordingly will lead to your future success.
Myth 5: "Content marketing is just designing and posting pictures."
Creating good content alone does not attract consumers and inspires them to take action. Due to the rise of social media platforms and free online services with an endless amount of website templates that businesses can use, people believe that content marketing is simple and does not require much time to execute. This view underestimates the skills and effort it takes to create the right "on brand" content for your business' platforms. You have to understand what platforms your consumers are most active on and what content they are looking for on these platforms to plan an engagement strategy better. Thus, creating the right content, i.e., emails, blogs, videos, or social media posts, requires extensive knowledge of your brand and your customer and the platform you're planning to publish the content.
These are just some of the many misconceptions you might face as you enter the marketing world. Here at 150birds are happy to help guide you through it and find the right solution to your business problem. Our community of marketing freelancers wants to share their skills and expertise with you to grow your business to its full potential. Make sure to check out our services to see how we can improve your business and book a call to get started with your marketing team.