The term marketing has different meanings to different people. With so many different activities falling under one umbrella term, it’s no wonder business owners have misconceptions about what marketing is and what it isn’t. Far beyond posting to social media once a day, it is a vital business function that creates return on investment, and isn’t just another cost for a business.
We’re going to help clear this up and alleviate your concerns by tackling common marketing misconceptions many business owners have.
Marketing is Diverse and Complex
All about creativity – Creativity is just one aspect of marketing. Marketing is very strategic; a marketing plan is a key component in a business plan. Market analysis helps to see the big picture and set the corporate vision. Marketing sets pricing and distribution strategies, and so much more. A common misconception about marketing is that it is solely the work of creative individuals and not a combined effort of strategic and creative thinkers.
Not critical for a business – The one thing all successful businesses have in common is great marketing. If marketing was not critical, why does every large corporation have an entire marketing department led by an executive? Too many business owners look at marketing as a cost. Instead, look at it as an investment that increases profits.
Marketing is the same as Advertising – Advertising is just one function of marketing. Effective advertising is driven by strategies that align the audience, message, channel, and timing.
Marketing is driven by 4 P’s: Promotion, Price, Product, and Placement. Advertising is an activity that is a part of Promotion.
Can’t afford it – Now that you know marketing isn’t advertising, you need to realize, you don’t have to spend a ton of money to market effectively. There are numerous other factors besides money that determine the success of your marketing. Analytics are now a key part of any marketing strategy, and they can help determine the Return on Marketing Investment (RoMI) in your marketing strategy.
Results should be instantaneous – Have you ever gotten real results from anything instantaneous? Building a brand and gaining recognition takes time. Once the ball gets rolling, expect the snowball effect. It’s a common marketing misconception that a stellar ad will immediately go “viral.” That is the outlier. More likely to happen is that over time and with steady investment, your marketing strategy will increase brand awareness and lead to a larger customer base.
It’s a lot of “fluff” – Real marketing is analytical, driven by data and focused on Key Performance Indicators (KPI’s). Modern technology has made it much easier to track and measure progress of most marketing activities. Want to know if a mailer is generating opportunities? Use a phone service that gives you a separate phone number just for the mailer. They will provide valuable data about the calls.
It’s easy to do – “Cookie Cutter” services promote quick and easy ways to market your business. What’s quick and easy for you, is quick and easy for your competitors. Ads, emails, social media, funnels and other activities have become a nuisance to most people. It takes the right strategy and tactics to get real results.
Only for new customers – Generating new leads is a primary goal of marketing. However, so is retaining existing customers and building loyalty. Keep in mind, your existing customers are new customers to your competitors, and that’s who their marketing is targeting.
If you were guilty of some, or all of these marketing misconceptions, don’t feel bad. Marketing isn’t your expertise. Luckily for you, it’s ours! Schedule a free consultation today to learn how to achieve full potential.