A lot of businesses struggle with marketing, which is often due to the fact that they don’t correctly understand how marketing works. Maybe your business is not an exception. But having a wrong approach to marketing might cost you a lot: it might lead to customer loss, decreased sales, financial loss, etc.
To help you avoid all that, here’s a list of 7 common misconceptions about marketing you should be aware of:
#1 Marketing is just advertising
This is one of the most common beliefs people have about marketing, and it’s completely wrong. Although advertising is a significant part of marketing, they are not the same thing. Advertising is a form of marketing communication, while marketing is a concept covering a wide range of activities. Market research, product development, pricing, distribution, coming up with marketing strategies, creating marketing plans, and other similar activities are all part of marketing.
#2 Small businesses don’t need marketing
People who own small businesses often consider marketing irrelevant for their success. This is the wrong mindset because marketing is essential for the success of any type of business. If, for example, you’re a small business owner who needs to increase brand awareness and customer base–you can’t do it without marketing. Additionally, marketing your products and services will help you increase sales, which will lead to increase in your profits as well.
#3 You can’t invest in marketing if your business is on a tight budget
Although having a small budget will limit how much you can invest in marketing activities, this doesn’t mean you shouldn’t invest at all. Furthermore, not all types of marketing require financial investment. You can always take advantage of free and low-cost marketing options such as social media, email marketing, or telemarketing. At the end of the day, your budget should never stop you from marketing your business.
#4 If you need to make budget-cuts, cut the marketing budget first
When business owners make budget cuts, they first think of the marketing sector because they consider it least important. This is not a clever strategy since good marketing can only increase your earnings and therefore your budget, while total absence of marketing might lead to an even bigger budget loss.
#5 Social media is not a relevant marketing tool
On the contrary, social media has become one of the most important modern marketing tools, and social media marketing is on the rise. Nowadays everybody is on social media, from youngsters to elders. And any successful, famous brand and business owns a social media page. This is because social media is inexpensive, easy to use, great for building brand awareness and engaging with your customers.
#6 You only need to market to new customers
Once you’ve acquired some customers, don’t make the mistake of thinking they’re bound to stay forever. If you never market to your current customers, they might lose interest in your products and services and find whatever they need elsewhere. Obviously, it’s very important to market your business to new people and continuously increase your customer base as well–but don’t direct all your marketing efforts towards that goal.
#7 Traditional marketing is dead
Many modern marketers and business owners now think that traditional marketing is obsolete, and digital marketing is the only type of marketing that gives positive results. Although it’s true that digital marketing works great, that doesn’t mean you should completely erase traditional marketing from the picture. Depending on your goal and budget, traditional marketing can often be the best option for your business. Word of mouth marketing, TV, and radio, for example, are still one of the most effective forms of marketing available, and they’re not going away soon.