Wednesday, September 21, 2011
5 Marketing Myths That Are Killing Business
In this post I want to present you five most common misconceptions about marketing contagion. Many people waste tons of money and pretty much time on their marketing, without taking into consideration these simple facts about marketing, that is sometimes really harmful for a business, especially the one with a good potential.
Myth 1: Marketing is advertising
Marketing is educating your potential customers or your target group about your products and services. Whether you are doing it through advertising, direct marketing, social media, strategic partnership or whatever it is, the key is to reach your target audience. Likewise, advertising can be important to marketing, or unsuitable with it, depending on your company, its goals and its budget actually.
Myth 2: Internet marketing is what I need for a good marketing plan
Internet marketing is a wonderful tool for all companies today. The ability to market your services for a free or low-cost, sell anything online and provide a clear cut communication for your customers is a great way to get your message out. Anyway, the internet marketing is not the only trick to be succeeded, or at least it is very weak. In case of integrated marketing, when marketers create an integrated communicated strategy involving television, radio, print advertising, public relations, events, and PR, is what that makes internet marketing outstanding. All these activities make a big sense to your customers when they visit your website, like your Facebook pages and etc., so it’s worth not to overlook them.
Myth 4: Pricing our products to cover full costs will make us profitable
This is probably one the most myths about marketing I have meet, which is very important to overcome. One of my favorite pricing and marketing professors Gorge Cressman says, "When we price to cover costs, there is an underlying assumption that customers value us for our costs. Then the logical conclusions would be that we should increase costs so we can increase price, and customers will love us even more!"
Marketers should instead determine how many customers will ascribe how much value to their offerings, then ask, "Given our cost structure, what volume changes are necessary to make price changes profitable?"
Myth 4: The media and advertising are needed to create buzz.
Well buddy, you are right, media and advertising are important to create a buzz, unless you are using them in time. When used either too early or too much, the media and advertising can squelch buzz before it ignites. Don’t forget to take this into consideration!
Myth 5: Partnerships and alliances work only for big companies
The last myth about marketing: partnerships and alliances work only for big companies. As a rule, these are extremely important relationships for all companies to pursue a set of goals or to meet a critical business needs while keeping the status of independent organizations. In other words strategic alliances and partnerships, most time competitors, are designed for growing product and service offerings, gaining access to new markets, and working together on new product developments. Another good point with partnerships and alliances is to deliver your customers the products and services of your partners when you can’t do it all. All in all, it is bad to lose the trust of your customer, right?
Conclusion: Marketing is the management process that identifies, anticipates and supplies customer requirements efficiently and profitably. All the ways you can think of to execute these for your company are marketing activities, which require enough investment in time, creativity, resources, and energy. The more you are eager to invest, the more your business is successful.