4 Marketing Myths and What You Can Do About Them

Have you ever heard something from a young age and just held on to it? It could have been something a relative mentioned to you, a childhood friend, something from the media, or simply something that you overheard and misheard.

Take sharks for example. Ever since the movie Jaws, sharks have been seen as this horrible, apex predator who lives only to seek out human blood and devour you. While you definitely don’t want to be swimming with a hungry shark, the statistics tell a different story.

On average, there are roughly 16 shark attacks per year in the United States with only one death every two years. You’re more likely to be killed by a cow, coconut, champagne cork, bees, horses, ladders, icicles, lightning, vending machines, and even falling out of your bed. But no one is making a movie about rolling over in your sleep, are they?

When it comes to marketing, there are plenty of myths that may be stuck in your brain for one reason or another. Even though you remember it well, those pieces of information could be complete myths.

Today, we’re going to run through marketing myths and what you should be doing instead. We do not have information on how not to avoid death by cow, however.

Myth #1: Promotions the Best Way to Attract New Customers

For starters, promotions can be a lot of fun. Who doesn’t like to receive something half off or for free?

Even though promotions can attract new customers, they tend to be more like a sideshow than an actual marketing technique. Promotions are more likely to be seen as a short-term option instead of a long-term solution. You’re not going to be generating lasting leads via promotions as much as you would with other solutions.

This isn’t to say promotions aren’t useful. They can be helpful for new businesses to gain some initial attention and news to simply have the word on the street.

The Better Option: Referral Programs

Referral programs are similar to a promotion, but it’s easier to encourage existing customers and help bring in new customers.

Referral programs combine one of the most effective forms of marketing, word of mouth, with actual marketing techniques. By making a referral program campaign, you’re encouraging all sorts of customers to try your service.

Myth #2: More Money Should be Put Into Obtaining New Customers

Business models, at a faraway glance, are all pretty similar:

  • Make product or service
  • Have customers buy product or service
  • Profit!

Many businesses fall into the trap of trying to gain more and more customers through various marketing campaigns. Bringing in more customers will only increase profits and make the business more successful. It’s a lot better to be able to look at the numbers and see 1,000 customers instead of 500, right?

What You Should Do: Focus on Customer Retention

You’re going to have much more success by focusing on customer retention with your business. For starters, it’s much cheaper to focus on customer retention and you’re going to be much more successful.

With a current customer, you have already done all the hard work. Remember, you’re trying to build a solid relationship here. It’s going to take much less effort to bring them back than to convince someone new to give your product or service a try.

Myth #3: All I Need is a Website

Let’s start with the most obvious phrase you’ll read today: the internet is king. You can do just about anything you want with the power of the internet and many businesses fall into the idea that simply being present on the web is enough.

Quickly though, if you don’t have a website, make sure you buy your domain name as fast as possible. Not every domain is going to be available, so if you want your business’s name, you better act quick.

But just having a clean-looking website isn’t enough for customers, you need to be sure and add more.

What You Should Do: Market Through Other Online Mean

In addition to your website, you need to make sure you’re marketing your business through other means. For the basics, you should have a strong social media presence. With the internet being king, social media is a high-ranking noble in the kingdom. Social media is a largely free and highly effective way to market products and promotions.

The second most important facet is registering your business with Google My Business. Google My Business helps you boost your local search rankings, interact with customers, and adjust store information. Consider it a compliment to your website, like a digital business card.

Myth #4: Word of Mouth is Plenty

Word of mouth is one of the most important marketing tools out there. You’re more likely to trust a family member or friend about a restaurant or car mechanic recommendation that some stranger.

Should you be using word of mouth? Of course! Attend conferences, network around town, and host workshops. But word of mouth should be just part of your overall marketing plan.

What You Should Do: Join the Digital Movement

As discussed above, being part of the digital world is key for marketing and businesses. It might be intimidating to jump into a world that is not all too familiar, but there are plenty of ways to break into the digital age.

You simply cannot rely on path methods because “that’s always the way you’ve done it”. Working with experts and developing new ways of marketing current and potential customers is a great way to keep your business relevant and make sure your business can survive and thrive.

Leave a Reply

Your email address will not be published. Required fields are marked *