Myth Number 1: Advertising and Marketing are the same things!
Advertising and marketing are unquestionably distinct concepts, kind of likea slice of cake versus the entire cake. Although both share the common goal of attracting business and reaching more buyers, advertising is merely a single strategy under the broader umbrella that is marketing. In essence, if you pay for an ad to target your audience, that’s advertising; if you adopt a more comprehensive approach to reach your audience, that’s marketing. Always remember, MARKETING IS EVERYTHING!
Myth Number 2: You Should Join Every Social Media Platform
It’s not necessary to join every single social media network right away. Whilst there are plenty social networks, it doesn’t imply that setting up a profile on all of them is a wise strategy.
Certainly, explore other social networks by establishing a company profile or page and giving them a fair chance. However, you might discover that some platforms don’t truly justify your investment of time and effort. In such instances, it’s advisable to consider removing your profile and focusing on platforms that best align with your target audience and marketing strategies.
For example, a construction company might not want to use Pinterest marketing, because mainly women use Pinterest, and mainly men interact with a construction company. They instead may want to advertise on social media channels that men use more.
Myth Number 3: Social Media Is Free Marketing.
Contrary to popular belief, social media is far from being free (ever heard of paid ads). While it may seem cost-free because you’re not directly paying platforms like Facebook or Instagram, the time and effort you invest have a tangible cost. If you calculate your hourly worth and consider the time spent on social media marketing, you might find it’s costing your business more than you realise. Time is a valuable resource, and the illusion of free in business can be misleading.
Myth Number 4: People are always looking for the cheapest price.
This is a significant myth. While some individuals may seek the cheapest option, the majority prioritise factors like getting to know, like, and trust the seller, having a positive experience, and valuing benefits over price. Concentrating solely on price may attract price-conscious buyers, but it often results in a price war. Human-to-human marketing, where the focus is on building relationships and offering value, proves more effective than a price-centric approach. Most people actually don’t focus on price, they focus on outcome, results and the culture fit (like how aligned is the agency with their brand).
Myth Number 5: The way to make money is to have more things to sell.
The idea that more choices equal more profit is often untrue. A plethora of choices can overwhelm and confuse buyers, leading to a poor customer experience. Successful businesses often thrive on offering a limited but well-curated selection. Profitability doesn’t necessarily come from having more products; instead, it comes from cultivating repeat customers. Focus on providing a few high-quality offerings that resonate with your audience.
In the world of marketing, myths can often cloud our judgment, leading us down ineffective paths. It’s therefore crucial to dissect these myths and understand the truth behind effective marketing strategies. From realising that marketing is a much broader concept than advertising, to understanding that not all social media platforms may be beneficial for your business, breaking these myths can aid in crafting a more successful marketing strategy. Furthermore, it’s important to remember that price isn’t always the determining factor for consumers, and having more products to sell doesn’t necessarily equate to higher profits.
