Marketing is one of the most essential yet sometimes misunderstood aspects of running a business. To have a successful business, you must not only stay up to date on the latest marketing trends and best practices, but you must also be able to differentiate between best marketing practices and marketing myths.
In this blog post, we’ll explore some of the most common marketing myths and dispel them once and for all. Continue reading to learn the ugly truth about marketing!
Marketing Myths #1: Marketing results can happen overnight
One of the biggest marketing myths is that you can see results overnight with the proper strategy. The truth is that marketing is a marathon, not a sprint. It can take months or even years to see significant results from your marketing efforts.
While it’s important to have realistic expectations about the timeline for seeing results, staying consistent with your marketing efforts is also essential. Marketing is an ongoing process, not a one-time campaign.
Marketing Myths #2: Niche marketing is unnecessary
Do you have a service or product you believe everyone will like? Unfortunately, that’s nearly impossible. And even if you do have a golden nugget that could appeal to a wide range of people, it’s still best to focus your marketing efforts on a specific niche.
Trying to appeal to everyone will only result in your marketing message getting lost in the noise. But if you focus on a specific niche, you can better target your marketing efforts and see improved results.
Marketing Myths #3: You don’t need to pay for marketing
We’ve all heard success stories of organic reach going viral. But in today’s digital landscape, it’s becoming increasingly difficult to reach your target audience organically.
Organic reach on social media is declining. Google is constantly changing its algorithm, making it harder for businesses to appear in search results without paying for ads or sponsors. Paid advertising isn’t the only way to market your business, but it’s become increasingly necessary to supplement your organic marketing efforts.
And you can’t just throw money at the problem either! You need to have a strategic plan for your paid marketing efforts or risk losing money on ads that don’t perform.
Marketing Myths #4: You don’t need a website
In today’s digital world, having a website is essential for businesses of all sizes. If you don’t have a website, you’re missing out on a valuable opportunity to reach and engage with your target audience.
Some business models work well on social media alone, but a website is necessary for most businesses to provide valuable information about their products and instill trust in their brand. Still not convinced you need a website? At least consider using LinkedIn as a mini-website.
Marketing Myths #5: Good marketing can sell a bad product or service
If you have an unsatisfactory product or service, no amount of marketing will be able to save it. In fact, marketing can even make a lousy product or service worse. Before you start investing in marketing efforts, make sure your product or service is the best. If it’s not, you’re better off putting your money into improving your product or service rather than trying to sell it.
Bottom Line
Marketing is an essential part of running a successful business, but it’s important to separate fact from fiction. There are plenty of ‘gurus’ out there who will try to sell you the latest and greatest marketing strategies, but not all of them are worth your time or money.
Marketing is an art and a science. It takes time, effort, and consistency to see results, and there’s no real way around the process. At Strategic Advisor Network, we’ve helped many financial services firms and other businesses build a sound marketing strategy that increased their client retention and acquisition for their defined niche. Schedule a call or contact us today to learn how we may be of service.
