Marketing Myths Busted. Marketing is a key business function. It is the way businesses connect with their consumers and forge lasting relationships. It needs to evolve to meet the needs of the market, and in times of crisis, like the COVID-19 pandemic, it becomes the keystone to ensure businesses remain relevant to their customer base. But there are many misconceptions and myths that surround the sector. Here are 8 common marketing myths busted:
A marketing plan and strategy is paramount if an organisation wants to ensure its marketing is effective and relevant. A plan helps a business identify its target market and how their product or service meets their customers’ needs. It helps identify competitors together with their strengths and weaknesses. It sets goals and time frames as well as includes a strategy and the marketing channels to achieve these goals. Marketing without a plan is a waste of time.
Marketing is an ongoing function. Although marketing essentially drives sales, it is also the channel through which a business communicates with its clients. Customers want ongoing communication from business, so marketing needs to be carried out consistently to be effective.
Marketing and sales work hand in hand. While marketing communicates the product and its offering to customers, the sales function gets customers to buy the product, thereby increasing company revenue. If the departments function in silos they become inefficient and this will negatively impact a business’s ability to expand and grow.
A business’s website, its content and design work speak directly to the professionalism of the company. Solid businesses offer the promise of delivering on their promises. Ideally, marketing should make a business look and feel bigger than it is. Bigger businesses reassure their customers that they are sustainable, and customers want to support businesses that they believe will still be operational in the long term.
The marketing function is there to generate leads and increase sales. But marketing costs money, so businesses need to have a good return on investment (ROI) for their marketing spend. In today’s digital world, where data is king, there is no excuse not to be measuring marketing efforts. This also allows a business to see what part of the strategy is working, and what needs tweaking.
While word-of-mouth advertising is considered one of the most effective form of acquiring new customers, gone are the days when you could just rely on it as a business’s sole form of marketing. As markets evolve, so do the channels in which you reach your target market.
A price tag gives your product value and you need to be able to package the value you sell. Don’t assume because it is free that your market will appreciate it. People want value not freebies. There are many other ways to get customers to fall in love with your product, than giving it away for free. Customers are willing to pay for friendly service, ease of purchase, a quality product, easy product maintenance and a brand with a strong reputation in the market.
Henry Ford once said, “Stopping advertising to save money is like stopping your watch to save time.” Marketing is essential during good and bad economic times and should be integrated into the business just like the finance function. Marketing will ensure your business stays relevant in the market. Irrelevant brands have no place in the lives of today’s consumers.
To sum up, marketing is not a nice to have – it is an essential business function. It is a way a business connects with its customers. As customer needs change, so does a business’s marketing strategy. If done correctly, marketing can yield huge positive returns for any business, but it has to be planned, structured, and professional.
Consider these marketing myths BUSTED!