5 Costly misconceptions about marketing
Having consulted on numerous marketing projects we regularly uncover common beliefs which sabotage marketing efforts, and suppress business profitability and sustainability. This blog breaks down the thought processes keeping us from moving forward and seizing opportunities when it comes to our business and marketing.
In an environment where:
- • past marketing experience has yielded almost nothing
- • you’re confronted with conflicting advice
- • and don’t understand what is happening or why
Its understandable business owners/managers justify the predicament they are in, and are hesitant in addressing business issues.
Common to every initial conversation with business owners/managers in regards to marketing is at least one or more of these phrases. They all seem like sound logic until you unpack each one and see what it really means for your business.
1. “You have to be willing to spend money to make money…”
This phrase really should be: “In order to make money, you need to invest.” The idea you need to be “spending money” to “make money” is an attitude we see a lot when it comes to people making poor marketing decisions. The problem is, most people understand they need marketing, but know little about it – consequently the remedy is to throw money at something with almost no accountability or strategy for how it is spent.
Marketing should be managed like any other investment, some initiatives are higher risk short term strategies and some are lower risk long term strategies, and you should be doing some of both. At a foundational level you should know where you are investing your money with your business, what the strategy is and what is working. If a marketing strategy is done right, you can be twice as effective with half the time and money.
2. “I’m just waiting for…”
I once read “it is harder to steer a boat sitting still in a lake than one which is moving …. even in the wrong direction”. Sometimes as business owners, we have a tendency to want to wait before making our next move. We’re compelled to get all our ducks in a row first, but this can be paralysing and keeping you from valuable opportunities.
Make a plan, get your boat moving and then adjust your direction. Momentum is everything …. Do something …. Anything.
3. “I have a nephew who can…”
I’m a firm believer everything which represents your business is important and should be connected to a larger strategy. This means your business cards, your website, your office space, your brochures, your email marketing, and your flyers should all be cohesively branded and strategically aligned.
Not investing in getting something done professionally leads to a temporary solution, which is a waste of both your money and precious time. Invest into doing the small things right, because it makes a big difference in the long run.
4. “I’ll get to it when I have time…”
Neglecting to keep your marketing efforts consistent creates a “feast or famine” situation with your business. When we are busy with customers, we aren’t too concerned about maintaining our pipeline of new business. But common sense reminds us your pipeline of potential clients is the most important part of your business …. What happens when current work dries up?
It makes sense to feel overwhelmed with being so busy with work. “A fish will only grow as big as its tank”, the same is true for creating space and opportunity for your business to grow. Prioritize your business and your marketing for growth and sustained viability.
5. “I will invest more into my marketing when…”
This is a classic misconception – the thought process is, “I will invest a little now and as this starts to work I will invest more.” A token gesture in any endeavour always leads to the same outcome …. “Nothing”. Yes, caution is required in any investment (particularly since we’ve all been stung at some stage), but success is determined by due diligence along with adequate investment in time, effort and money.
Marketing is all about taking a good product and amplifying its presence to potential customers …. And can only be as successful as the quality and effort of its marketing. If you know your products and services are great (and needed), then the best investment you can make is in your business.