6 Marketing Myths Holding Back Your Digital Growth
October 28, 2021
Do you feel like your business has hit a digital slump? Maybe you’ve watched countless tutorials and followed dozens of how-to blogs, but you aren’t getting the conversions you expected. It’s also easy to fall into the traps of marketing myths that steer you off-course and stunt your online growth.
But as with most things, effective marketing doesn't come at the snap of a finger. It requires careful research, strategy, and purposeful execution to deliver results that will benefit your business and ensure positive ROI.
Here are six marketing myths that may be hindering your business’s growth on digital, and what you can do to avoid them:
6 Marketing Myths Slowing Down Your Digital Progress
Myth 1: Advertising is the Same as Marketing
Many make the mistake of using the terms “advertising” and “marketing” interchangeably, but they mean different things. According to the American Marketing Association, marketing pertains to the process of pinpointing what your customers need and how you can best address them, while advertising is the method of promoting a business or company, and its corresponding products and services, through paid channels. Advertising falls under the larger umbrella of marketing.
Why is it important to understand the difference? Because a misguided understanding of marketing and advertising might just be the root cause of why your promotional efforts are not working. If you’ve been operating under the wrong definitions of marketing and advertising, you might be missing key opportunities in identifying what your target consumers are looking for and, ultimately, failing to resonate with them.
Myth 2: Marketing is All About Getting New Consumers
Brands are often obsessed with growing their consumer base. It’s understandable to focus on acquiring new customers, but once your company has gained traction and stabilized its following, you must carefully foster relationships with previous and existing customers. It’s easier to talk to them because you've already got their initial buy-in. They know your brand and have bought your product or tried your service, so you have less explaining to do.
In contrast, with new customers, you start from square one and try to squeeze in the door hoping they give you a shot.
By investing in relevant forms of customer retention, you can get more value out of your existing customer base. Loyal customers are more likely to repurchase, spend more with your brand, and recommend your brand to their friends and family.
They can also act as your focus group to refine your understanding of your customer base so that you can serve them better.
Myth 3: Online Marketing Should Achieve Quick Results
There’s this expectation that anything and everything to do with digital or online platforms is instantaneous. Perhaps this is because the user-friendly design and real-time functionality of apps and social media platforms have conditioned people to expect instant gratification.
But while most online marketing channels track metrics as they happen, sustainably effective digital marketing takes time, flexibility, and agility to see real results.
Take brand blogging, for example. It’s a popular and effective way of boosting your website’s keyword rankings, which leads to improved website traffic. But blogging is a long-term play that takes place over months and years. You're building up your reputation with both Google and the reader.
However, it's the gift that keeps on giving: Your blogs can bring you traffic indefinitely.
Another reason why you won’t see results immediately is that, more often than not, customers don’t buy at first click. You're probably experienced this yourself. You see an ad for the first time, for a brand you don’t know. You don’t click. Then you see it again, and again, and again. So, you click and maybe browse their social media accounts or website.
But you don’t buy.
You keep seeing their ads and over time, you remember the brand name, remember what they offer, and eventually, you feel like trying them out because you see them everywhere.
Retargeting is a powerful tool that lets you tap your intended consumers over and over again. But this takes time and experimentation. Review what works and what didn’t — what ad formats your target market have been more inclined to click on, what types of content they engage with more, and what products resonate with specific segments.
Furthermore, it’s easy to fall into the misconception that viral ads or branded posts with a lot of likes are successful. That’s not necessarily true. While online engagement is certainly crucial in building relationships with your consumers, you must not lose track of your objectives. A quirky post might get tons of likes, but if it doesn’t entice your followers to purchase, then something is off.
It might be tempting to copy what other brands are doing, but approach with caution and purpose. Online marketing is not a one-size-fits-all deal.
Myth 4: Mass Reach is Best
No matter how universal you believe your product or service might be, chances are that some market segments are more likely to purchase than others. You're just wasting resources by pushing ads at uninterested eyeballs and talking to a wall.
Audience targeting involves using data to segment your consumer base by demographics (like age, gender, location, etc.) or psychographics (affinities, motivations, and interests). Doing this will enable you to tailor-fit your content and messaging according to what’s relevant for that market segment.
This is a more effective and efficient way of communicating with your intended consumers, instead of creating one generic message that resonates with no one.
Myth 5: Marketing is About Sell, Sell, Sell!
Some marketers are inclined to believe that if a piece of content does not strongly promote your products or services, then those are dollars wasted. But this couldn't be further from the truth! Just as in real life, you don’t want to be trailed by a chatty salesperson trying to hard-sell you on a snazzy new product before they even introduce themselves. It can make customers feel like you’re only after their wallet instead of genuinely trying to help them.
Most of the time, consumers set out to find solutions to their problems. They'll search for the “best earbuds for working out” or “top restaurants near me” instead of going straight to specific brands. So, instead of trying to sell all the time, craft a content marketing plan that shows how you are the solution to a problem. If you prove your authority and authenticity, you are more likely to gain their trust.
For example, the 70:20:10 model is a flexible guideline to follow when crafting your content marketing and social media marketing plans. The model suggests that 70% of your messaging is allocated for brand building and credibility, 20% goes to sharing third-party content, and 10% is saved for promotional ads or experimental content. It’s not a hard rule, but it’s a good starting point when adjusting your content plans to suit your target market.
Myth 6: Social Media is Enough; You Don’t Need a Website
From special features for business profiles to beginner-friendly advertising dashboards, most social media platforms have made it easy for businesses to promote their products and services. Establishing a strong social media presence is a good starting point for new businesses because you’re building awareness in a space where your consumers already are.
But with social media, you're restricted by the various factors outside your control, such as the features available on the platform and how users consume information and content on the platform.
Building a custom website enables you to have more flexibility and functionality because it can be designed in whatever way serves you best. It also allows you to incorporate powerful SEO tools, like search geo-targeting and Google My Business, so that potential consumers are more likely to find you.
Having your own business website lends a sense of credibility and lets you establish your unique brand identity. It also helps you manage leads, address consumer concerns, and complete transactions in one seamless hub.
Take your business to the next level by unlocking your potential for digital growth. Whether you need help building a website, designing custom applications, planning effective content, crafting a digital marketing strategy, or nailing your brand identity, LSM has you covered! Book a free consultation today, and let’s talk about how we can help you.