The 5 Most Common Marketing Misconceptions
Marketing is all about good design.
Even good products need marketing. The creative work is something anybody can see, analyze, judge and comment on. In reality, marketing is one of the most complex functions in any organization. Its impact on business is far reaching: developing new products, performing market research, selecting the appropriate distribution channel, and setting up pricing, to name just a few areas of involvement. Successful marketing is a combination of a great product offering and simple and effective advertising.
Marketing should always target new business.
It is designed to generate new business, but don’t let that be your only focus. Marketing’s role is to also make existing customers come back for more. Brand loyalty is much more profitable in the long term as loyal customers are more cost effective to please and service.
Marketing is too expensive.
Not all marketing channels are expensive and out of reach. Effective marketing is not necessarily about the amount of money you spend, but rather finding unique and innovative ways to get in front of your potential consumers.You should know where you are investing money with your business. If done right, you can be twice as effective with half the time and money. However, once a marketing strategy is in place, you should try not to cut the budget. Effective marketing can help break you out of a sales slump and keep your competitors at bay.
Keep in mind the U.S. Small Business Administration recommends allocating 7-8 percent of your revenue to marketing (for companies at or below $5 million annual revenue).
Marketing is all about search engine rankings.
Not all content needs to be targeted towards search engines, and content that google sees as manipulative will soon be discovered and will cause your position to suffer. “Keyword stuffing,” or the practice of shoving as many SEO keywords onto a page as physically possible, is a surefire way to lose rank on search engines. When creating content, make it search-engine friendly, but focus first on providing content that your targeted audience would find valuable. Distribution, interaction and communication are key. It’s about building a relationship.
Marketing is quick and easy.
The most common misconception is that marketing happens overnight. Promises of increased traffic in a short time can be misleading and might put your business trouble. It is mostly a very data-driven, results-oriented endeavor that requires significant planning and forethought. Marketing takes time.
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