4 Marketing Myths Threaten Your Sales
These 4 marketing myths can cause you to lose sales if you
base your marketing decisions on them. But the related
marketing tips I included with each myth will boost your
sales if you act on them instead.
Myth 1: People Always Buy Where They Get the Cheapest Price
If this was true, only businesses that charge cheap prices
would exist. Some people buy where they get the cheapest
price. But most people are more interested in getting value
for their money than in getting a bargain.
Tip: Look for some low-cost ways you can enhance the
perceived value of your product or service. Then test
raising your price. Don’t be surprised if both your sales
and your profit margin go up.
Myth 2: Offering Your Customers Many Options Will Boost Your Sales
Presenting your customers with options usually reduces your
sales. Here’s why…
When confronted with several options, most customers have
difficulty making a clear decision. They often react by
procrastinating – and never making a decision. When this
happens, you lose a sale you already had.
Tip: Try to limit your customer’s decision making to either
“Yes. I’ll buy.” or “No. I won’t buy”. Don’t risk losing
them by including “which one” decisions.
Myth 3: Everybody Needs My Product/Service
That’s what YOU think. Most of them don’t think they need it
…and most aren’t ready to spend their money for it.
The hazard of this myth is that it causes many marketers to
believe they can succeed without doing much marketing or
selling. They think their product or service is so special
that it should automatically generate hordes of paying
customers. Unfortunately, it doesn’t happen that way.
Building a successful business is hard work – most of it
devoted to finding customers. Even if most people can use
your product or service, you still need a marketing strategy
to reach them and a persuasive sales message to close sales.
Tip: Look for narrowly defined niche markets where your
product or service solves a unique need of the customers.
Focus your marketing on them instead of trying to reach a
broadly defined general market. You’ll generate more sales
and enjoy a better return on your advertising expense.
Myth 4: Keep Changing Your Advertising or Your Sales Will Decline
This sounds logical but it’s not true. Never abandon
advertising that’s working. I know many businesses that have
been using the same advertising for years and they’re still
growing. Here’s why…
The goal of most advertising is to attract new customers.
Once someone becomes a customer, they won’t respond to that
advertising again. But you can use different (and cheaper)
advertising to generate additional sales from them.
But there’s still a large population of non-customers who
didn’t respond to your regular advertising. Most have not
seen it yet …and those who have usually need to see it
numerous times before they will respond.
Don’t abandon advertising that’s working – but keep trying
to improve it. And regularly test new things to see how they
work for you. If you never make any changes in your
advertising, your sales will eventually decline.
Tip: You can automatically keep your advertising up to date
by allocating 80 percent of your budget to proven promotions
and 20 percent to testing new things. When something new
works better than your proven promotions, move it to the 80
percent group and start testing something else in the 20
Don’t believe these 4 marketing myths. They’re not true.
Marketing based on them will cause you to lose sales.
Instead, apply the related marketing tips I included after
each myth to boost your sales.
Bob Leduc spent 20 years helping businesses like yours find new customers and increase sales. He just released a New Edition of his manual, How To Build Your Small Business Fast With Simple Postcards …and launched *BizTips from Bob*, a newsletter to help small businesses grow and prosper. You’ll find his low-cost marketing methods at: http://bobleduc.com/ or call: 702-658-1707 After 10 AM Pacific Time/Las Vegas, NV