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Marketing Myths – Top 5 Misconceptions Holding Your Business Back

Marketing is a broad sphere and a key element behind the success of every business. Still, there are some prevailing myths that the word ‘marketing’ still encompasses in the industry. So, much so that professionals in the same business use the word marketing and sales interchangeably sometimes. To debunk such myths, this article explores the top 5 myths that are overtaken by every industry at some point or the other. 

Myth 1: If the Product or Service is Good Enough, I Don’t Need to Market it — It Will Sell Itself. 

If that is the case, brands with established names like Apple, Starbucks, and Zara don’t need to launch any new marketing campaigns. 

Until people know about your brand, they are never going to pick it in place of some older brand that has a renowned name and existence in the market. According to a recent report, the top way Gen Z typically finds out about new products is through ads on social media (28% say this) followed by search engines (27%), and ads seen on TV (27%). So, if you are not marketing your product well, it is hard that it may crack the success gateways. 

Myth 2: Good Marketing will Give you Immediate Results

Most businesses think that if they are not getting immediate results out of their marketing efforts, there must be something wrong. In some cases, there might be but it’s not true in all cases. 

Organic techniques like SEO (Search Engine Optimization) also take a lot of clicks and redirection to lead the customer to the right page and right time to convert them as a customer. So, patience and consistency are the key. 

Myth 3: Marketing is About Selling

Ah! It isn’t. Marketing is about lead generation that can lead to conversation – Sales, but in a broader picture, marketing focuses on more brand awareness, visibility and instigates excitement in your target market about your product or solution. According to Statista, in 2019, companies in the U.S. spent $2.6 billion on digital lead-generation advertising spending and lead generation is not possible without marketing. 

Myth 4: Traditional Marketing is Dead

It’s not! With the evolving times, everyone has shifted their channel of marketing to digital but traditional marketing like print ads, TV commercials, or direct mail still does wonders in terms of targeting a larger customer base. 

In terms of performance analysis of your campaigns, digital marketing is much more appropriate to measure the real-time performance of campaigns and there is also a scope for adjusting the strategy. 

Myth 5: Marketing is Only to Acquire New Customers

Acquiring new customers is one of the goals but customer retention is another goal that is achieved through marketing. The cost of acquiring new customers vs retaining previous ones is 5 times more. Increasing customer retention by 5% can increase revenue by 25-95%. The probability of selling to existing customers and new customers is 60-70% and 5-20%.

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