Marketing Misconceptions That You Might Want to Know
Alright – we all know that marketing is an important aspect of business. However, not every piece of information that we’ve read from marketing books or from the web are necessarily applicable to our particular endeavours or businesses.
Yes, it doesn’t mean that since a particular marketing strategy worked for a specific company, that it will likewise turn your business into a million-dollar venture as well (of course, it doesn’t mean that it won’t).
Being so, it is important that you do a bit of analysis and some “measuring” to make sure that each aspect of your business is taken care of and will likewise produce the results that you want.
Now that we’ve gotten that out-of-the-way – let’s discuss some of the marketing concepts that you might have heard of before – and find out if such principles will actually work on your campaigns:
Misconception #1: Using the Marketing Strategies of Bigger Companies Will Help My Business Reach the Same Level of Success
First things first: it’s not really bad to imitate and follow the steps of bigger and more established companies, considering the level of success that they have achieved. Marketing-wise however, it would be advisable to do some digging first before actually using their strategies.
If you’re a start-up company, the best route is to follow how successful companies marketed their businesses when they were still starting out – and not the strategies they’re using after they’ve already reached success.
Companies who are already on the top use marketing strategies to remain on the top.
If you’re still a starting entrepreneur, then chances are – you are still trying to attract your target audience and connect with them. Successful companies on the other hand, have already established a solid fan base, and their only goal is to make sure that no one else takes the top spot from them.
Of course, I am not saying that it would be wrong to follow what the “big boys” are doing. But to be sure, always analyze the steps that you are planning to take. This is where Web Analytics and measurement comes into play.
Misconception #2: The Higher My Marketing Expenses/Budget – the Better It Is
Admittedly, businesses will need to spend money for marketing campaigns. However, it doesn’t mean that higher expenses will mean better results – most especially in the digital age we are living in now.
If possible, try to reach your target market via social media, websites and other online platforms. After all (and you may have already heard about this), online marketing is not only effective – but it’s actually getting even bigger every day.
To reap the best results, however, it would be advisable to use Web Analytics.
This is essential in any online campaign, as it allows you to have a clear picture as to how your business is really doing. It will give you a glimpse as to who your visitors are, who your intended market is, your website’s bounce rate and many other details that will ultimately give you what you’re looking for – which is greater profitability.
Misconception #3: I Shouldn’t Rest Until I Reach My Goals
This is one of the most common mistakes that start-up business people (and even established ones) usually commit.
Yes – we need to work to reach our goals. But it should never be at the expense of our health or welfare. The key here is to maintain work and rest balance.
Remember: a well-rested mind is a more effective one. Being so, it is important to get some much-needed R&R to replenish lost energy. Get some sleep, do some exercises and go on vacation once in a while. This will help you become more effective at what you do – and will likewise help reduce stress as well.
Note: did you know that some of the most effective business concepts came out during family vacations or during rest periods? Yes – you might be surprised, but some of the most groundbreaking innovations of our day did not come after a 20 hour day at the office. Some actually came into mind while lounging at the pool!
What do you think? Do you have these marketing misconceptions as well? Tell me about them – and I’ll be glad to discuss it with you.