There are many misconceptions about what marketing is and what it’s supposed to do. This is likely because marketing is so multi-faceted and ever-evolving; plus, non-marketers only see its outputs. Here, we debunk some common marketing myths that will help you understand the topic better.
Marketing Myth #1: Marketing and advertising are the same thing.
According to the American Marketing Association, marketing is “identifying, predicting, and meeting customer needs.” Marketers craft product development strategy, pricing, distribution, and promotion.
On the other hand, advertising (promotion) is a step within the marketing process. Advertising increases product and brand knowledge in the target market. It is how a customer is introduced to and informed about a product. Advertising not only educates but persuades potential customers to spend their hard-earned money on a product or service.
Marketing Myth #2: Marketing should deliver fast results.
Many people expect that marketing will deliver fast results. But marketing is about strategy—communicating with and providing value to your customer throughout the buyer’s journey—so true success can take a lot of time to build. Posting ads or buying billboard space don’t necessarily lead to instant business. The old marketing “Rule of 7” suggests we need to see an ad 7 times before we’ll buy, but this is probably an understatement given the amount of information competing for our attention these days. And an ad won’t have an impact if you don’t have the right combination of content and channel for reaching your customer. Yep, marketing involves thoughtfully-crafted strategy, trial and error, and . . . patience.
Marketing Myth #3: Marketing is always used to bring in new customers.
One of the most important building blocks of a successful business is good customer retention. Customer retention (also known as customer loyalty) is when individuals keep coming back to you. Companies tend to make the most money from loyal customers because they are guaranteed business. If an individual is satisfied with a product or service, they will also tell their friends, family, and coworkers. They’ll be repeat purchasers. They’ll be willing to try new products because they have trust in what the brand offers. For example, many restaurants have regulars that come in two or three times a week. Sometimes they will bring friends or family members that will also come back again.
So, while bringing new customers in is important, a major task of marketing is to ensure existing customers will want to keep coming back.
These are just a few of the marketing myths we encounter out in the world. Are there others you think we should debunk in our next blog? Let us know by submitting a question here.