Recently, we began discussing the major marketing myths that are simply killing your business. There are a few that I hear ALL. THE. TIME.
Last week, I shared four of those myths with you, and today I’m going to add five more to the list!
Here are Five More Marketing Myths that are Killing Your Business!
Marketing Myth #5 – Email Marketing Isn’t Effective Anymore
One of the most common marketing myths is that email marketing is dead. With the rise of social media there came a thought process that people were less likely to open emails.
This, my friends, could not be further from the truth.
To this day email marketing is still one of the most effective ways to market your business to your audience.
Here’s why: Marketing just on social media means that you are relying on that platform to share your message to your audience on time. Email marketing however is something that you control. AND, even better these are people that have specifically asked to get more information from you.
When done well email marketing is a method that will help nudge prospects towards conversion. The big bonus here, unless the internet goes down, you pretty much always have access to your audience.
Marketing Myth #6 – The More Types of Customers You Target, the More You’ll Sell
Marketing to a wide customer base may work for big companies with huge budgets. But even for these giants, it’s not as effective as it used to be.
The more narrowly your small business can target its market, the better your results will be and the more customer loyalty you’ll build. There is a reason people say the riches are in the niches. The more specific you can be about what you do and who you work with the better your marketing message will be, which brings in more leads, better sales, and more revenue… you get the idea
Marketing Myth #7 – Pricing Is Not Part of Marketing
Pricing should be an essential part of any marketing strategy. Whether pricing products to remain competitive or pricing products to generate an aura of exclusivity, pricing decisions play an important role in how products are bought, sold, and promoted.
Marketing Myth #8 – Marketing is a Waste of Money
Marketing is only a waste of money if you don’t do it wisely. Create a marketing plan and marketing budget to control your spending. Then, monitor which marketing tactics get the best results. Once you know what’s working, you can dedicate more of your budget to the marketing methods that pay off, and reduce spending on the rest.
Marketing Myth #9 – Marketing Doesn’t Need to Be a Priority
There seems to be this belief that if your product or service is good enough, you don’t need to market it, it will sell itself. This is a myth.
There are thousands of coaches in the US alone. This means that you have competition out there whether or not you want to admit it or recognize it. Even if you are highly niched down, you are going to have competition. Marketing is CRITICAL to the success of your business.
Marketing isn’t NICE to Have, It’s a MUST Have.
I was recently asked how to help people understand that marketing isn’t nice to have, it’s a MUST have. My answer stemmed from a very simple concept…
Think about where you shop, who you buy from, and who you follow. How did you find those places? Odds are you didn’t just stumble into a store or sign up for coaching by accident. The people you buy from MARKET themselves to grow their customer base.
Seriously, just look at Amazon. Jeff Bezos didn’t just throw his site up on the internet and hope people found it. He marketed the hell out of Amazon (and still does.) He didn’t reach billions of people on a hope and a prayer. He did it by using marketing (especially digital marketing) to his advantage.
So many coaches and entrepreneurs don’t prioritize marketing because they think it’s something that’s “nice to have” or “a bonus.”
I had a client come to us 2 months ago, 2021 had been a bit of a struggle for him. In the past he would average 30-50K months, however, since Covid, he’s been lucky to make about 15K a month.
In the past, his business had grown solely by word-of-mouth, however, when Covid hit, he lost many of his clients. While he was able to get by on what he was bringing in he wasn’t happy with where his business was and he could no longer rely solely on word-of-mouth, anymore.
In August he reached out to see if we could help. We created a multi-tiered marketing strategy for him and all the assets for that strategy. We began implementing the multi-phase strategy in October. This included paid traffic, however, it went beyond just ads. He closed out November at 34K.
The simple process of marketing helped his business double in revenue in less than 60 days. This is the power of marketing.