7 Common: Myths or urban legends sometimes seem to evolve out of thin air. Sometimes you can sort of understand where the myth comes from and other times I find myself giving my head a shake in sheer wonder.
When I speak with my customers or potential customers, inevitably a myth or two surfaces. Here are some that seem to come up more than once.
Myth 1: It’s all about price. If my price is lower than anyone else’s, I’ll sell more.
Not surprisingly, while some products are purchased based on price alone, many people are attracted to your product or service because of its perceived value. When pricing your product or service, you need to also know who your target customer is.
Myth 2: My logo is my brand.
While a logo is certainly part of a brand, it’s not the whole brand. A good brand communicates clearly, who you are and the ‘personality’ of your business. When I say “golden arches”, who doesn’t have an immediate image of that business? While we envy the instant recognition, are we likely to have our businesses achieve the same global awareness? Perhaps not, but that doesn’t mean your brand should be used any less consistently used wherever your marketing strategy takes it: your website, social media channels, email marketing, advertising and so on.
Myth 3: Marketing requires a large budget.
There are a number of ways to successfully market your business without spending a fortune. The most important thing you can do that doesn’t cost a lot is to have a marketing strategy. I’ve talked about that before. Plan out your activities based on your budget. A well-executed strategy can certainly bring rewards.
Myth 4: Email marketing is not as effective as Social Media marketing.
Actually, there’s a place for both in a good marketing strategy. 68% of marketers agree e-newsletters are the top resource which helps to achieve their business goals, up from 45% in 2011. In addition, 49% of email marketers said their E-newsletter routinely justified itself. Regular and consistent email campaigns help reinforce your brand and can reach a different audience than social media.
Myth 5: I’m sticking to Social Media Marketing because it’s free.
We’ve all heard the expression that there’s no such thing as a free lunch. While on the surface it might seem that all you have to do is sign up and you’re good to go, if you think about it, that’s not quite true. Something that small business owners in particular often overlook is that time is money. To create social media campaigns requires a commitment of time, to say nothing of expertise in monitoring different channels, blogging, sharing posts, commenting on other’s posts, responding to queries, and so on. That’s why there are services that can do all that for you. You need to weigh up the value of your time.
Myth 6: My business is small and depends on word of mouth. I don’t need a website.
Someone said this to me just the other day. In reality, people searching for a service want to check you out on the internet. Even if you come highly recommended, if the potential customer cannot find a web presence, their trust goes way down. And just because your business is small now, perhaps it won’t always be so. Don’t limit your future.
Myth 7: To succeed, a business needs a steady stream of new customers.
While it’s true that new customers are great, there’s the “80/20 Rule”. It basically says that 80% of your sales or income derives from 20% of your customers. So while you are striving to get new customers, never neglect your current or repeat ones. They are the backbone of your business.
What are the biggest myths that you have busted?