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January 10, 2022

Misconceptions About Marketing

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Marketing isn’t always as cut-and-dry as you might think. There are several misconceptions about marketing swirling around today, including the idea that small businesses don’t need marketing and that you’ll see quick results when you do start marketing. Read on to learn about some common misconceptions surrounding marketing and why they’re not to be trusted.

Misconception #1: Small Businesses Don’t Need Marketing

Small businesses do, in fact, need marketing. You just need to be more strategic about it in order to make the most of your limited funds. Put together a detailed marketing plan and monitor your campaigns to make sure they’re reaching your desired goals. The more you monitor and audit your marketing campaigns, the more quickly you can step in when changes need to be made. 

Taking time to invest in marketing now will result in steady growth over time, and as your business grows, you can allocate more time and money toward your marketing efforts. It has a snowball effect that will be rewarding in the long run. 

Misconception #2: The Point of Marketing Is To Acquire New Customers

Some people mistakenly believe that marketing is only meant to attract potential customers, but your marketing goals should also involve the other crucial side of marketing: retaining customers. Otherwise, they may decide to go elsewhere. 

It’s extremely important to convince your customers of the lifetime value you can provide them through your products and services. 

Misconception #3: Quality Products and Services Will Sell Themselves

Before anyone can enjoy your product or service, they have to first know it exists. In 2010, there were 27.9 million small businesses in the US, and that’s not even counting larger corporations. This number has undoubtedly increased in the past decade. The bottom line is that you’ve got plenty of competition, and you need a way to stand out.

Advertising is still important after you establish yourself as a well-known company. For example, Disney spent 4.7 billion U.S. dollars worldwide in 2020 to market their products despite their essential monopoly on the children's movie and entertainment market. Consistent and successful marketing campaigns keep your business in the minds of customers, which is vital to sustaining revenue and growth. Marketing is just as important in the long-term as it is in the short-term. 

Misconception #4: Good Marketing Delivers Fast Results

Although you’ll probably see a higher payoff from your digital marketing efforts before you’d see one from traditional marketing efforts, it still takes time. Even if the results take months, that doesn’t mean you’re doing it wrong. For example, you'll be able to see right away if someone clicks on your ad, but it will probably take several clicks and website visits before someone decides to take action and make a purchase.

You’re going up against already-established competitors, and it takes time to make a name for yourself. Even the most effective organic marketing techniques (like search engine optimization) are known for taking months before you see positive results. Just stay consistent!

Misconception #5: Old-School Marketing Tools are Dead

In the digital age, some may assume that old-school marketing tools are no longer necessary. On the contrary一with everyone marketing in the digital space, sometimes traditional media can help you make a bigger impact on potential customers. Here are four old-school marketing tools that are far from being obsolete: 

  • Business cards. Passing out business cards can make an impact and reinforce peoples’ memories of you and your business at a later time. Make your card unique and elegant and leave people with a lasting impression when you give it to them. The recipient will be reminded of you whenever they see your card in their wallet and can pass it along to friends and family.
  • Print advertisements. Once you know the geographic location of your audience (and what they read), you can run print advertisements. Investing in print advertisements through a magazine or newspaper can help you reach a niche target audience or market to older generations.
  • Flyers. If you have a brick-and-mortar business and want people to know about a special discount or offer, flyers are a great way of promoting this. People will remember face-to-face encounters more than they will a digital encounter with a pop-up ad. Traditional media often sparks a stronger response than digital media.
  • Billboards. Billboards can help with one of the most important aspects of marketing—being in the back of people’s minds so they think of you when they need you. For example, if a daily commuter passes by your Auto Shop billboard every day, your business is likely the first to pop into their head when their car breaks down.

The Bottom Line...

Good marketing takes time, money, research, and dedication. You won’t instantly see rewards for your efforts, but marketing is just as much about playing the long game as it is about getting instant revenue. Marketing is a tool that does more than attract new customers: it helps you retain old ones. Print advertisements and other traditional marketing media can help you stand out from your competition. 

Not sure what marketing techniques are relevant in today’s world? Partner with Madak and we’ll do the marketing for you!