When it comes to marketing, you can’t believe everything that you read online – or hear from others. If you base your marketing decisions on hearsay rather than doing your own research, it could end up costing you customers and sales. A better approach is to handle everything with care. If you’re not sure something is going to work, start small and test and measure your results. It’s important to know the impact that a particular marketing tactic has for your business.
In the meantime, let’s take a look at four marketing myths that could cost you if you’re not careful.
Myth 1. Everyone can benefit from my products and services.
There’s no denying that your product or service is beneficial for some people. But it’s not a solution for everyone. It’s important to realize this for a couple of reasons. First, if you anticipate that people will spend the money because you tell them to, you’re going to be disappointed with the results. Rather, you must market your product in a smart and savvy way. Second, the better you can define your ideal customer, the more you can target your marketing campaigns to interest this group.
Myth 2. Keep changing your marketing strategies to bring in new customers.
Though it’s important to refresh your strategies and take advantage of new concepts, you don’t need to scrap the things that are working. Here’s why. There is a large number of people who haven’t yet responded to your initial message – only some have. If that advertising technique worked, you can continue bringing in new customers with the same strategy. You can then use a different type of advertising to retain customers.
Myth 3. People always choose the cheapest option.
Price is a major issue for customers, but it’s not everything. Consumers have learned that buying the cheapest priced item isn’t always the most cost effective. Many will do their research and find the best value for their dollar, which usually ends up being a middle-of-the-road priced product – not the cheapest, not the most expensive. Use custom branded merchandise to enhance the perceived value of your products.
Myth 4. Offering multiple options will boost sales.
Sales generally increase when customers are presented with fewer options. When given several options, customers have a harder time making a decision. And if they get confused or start second guessing their decision, they will probably not buy your product or service – at least right then. Try to limit your customers’ decisions to a specific product or service package.
Remember – don’t believe everything you hear when it comes to marketing! Just because it worked for someone else doesn’t mean it will for you. The best way to keep your sales up is to define your target audience, market to this select group and pull in additional support from your influencers.