There's a TON of information available these days on how to best market your brand. The internet provides us with plenty of great opportunities for growing and operating your business, but it also offers a lot of misinformation - especially when it comes to marketing.
We're going to take a quick look at some common marketing myths and do our best to dispel them for you!
How do you define a "marketing myth?"
We define a marketing myth as a statement that claims to be 100% true but isn't necessarily true for all or most businesses. Plenty of marketers throw blanket statements at you with a high level of confidence.
The problem here is that the marketing world is a vast realm of possibility and what might be true for one type of business won't necessarily hold up for a brand in a different industry.
Alright, let's take a look at these marketing myths!
Myth #1- "Your business needs to be on every social media platform."
Truth - Every business has its own unique needs. Each social media platform offers specific opportunities for your brand, but that doesn't mean you need to be on all of them. You would be much better off implementing a high-quality social strategy across two platforms than doing a mediocre job across five.
Not every platform offers an equal amount of value for every industry either. We don't expect a road construction company to be on Pinterest or a private mental health therapist to have a constantly updated Snapchat story.
That being said, if your company can make use of each platform and has the time to dedicate to each one then we encourage you to use as many as you see fit!
Myth #2 - "Email marketing is outdated."
Truth - This couldn't be further from the truth. The total amount of email users is estimated to top 3 billion by 2020. That's a staggering number! When used correctly, email can be an extremely valuable weapon in your marketing arsenal.
Oh, and we certainly can't forget to mention the ROI capabilities that email marketing brings to the table. As you can see in Neil Patel's photo below, the average ROI for email marketing is 4000%, which is significantly higher than other marketing strategies.
Myth #3 - "Inbound marketing is only for large companies."
Truth - While it might be true that larger companies have more time and resources to dedicate towards an inbound marketing strategy, that doesn't mean they're the only ones who can reap its benefits. Small businesses can enjoy plenty of value by creating a quality website, writing compelling blog articles, implementing SEO best practices, and creating email nurturing campaigns.
Myth #4 - "You don't need outbound marketing if you have an inbound strategy."
Truth - There are plenty of marketers and businesses jumping aboard the inbound train every day and for a good reason! Inbound marketing is effective for many brands and creates mutual benefit for both companies and consumers.
However, outbound marketing still has plenty of value to offer. The best companies combine their inbound AND outbound strategies to implement a comprehensive marketing plan firing on all cylinders.
Myth #5 - "The primary goal of marketing is to generate as many leads as possible."
Truth - This attitude is typical in environments where sales and marketing are trying to work hand in hand - this statement is the sales manager's viewpoint. While generating a high volume of leads is ONE function of a marketing team, there are plenty of others.
Building brand awareness, building trust with your audience, customer retention, market research, and positioning are all ways that marketing efforts can provide value to a company.
Also, don't forget that not all leads are equally valuable to your company. Creating a smaller volume of quality leads is much more ideal than generating hundreds of irrelevant leads. Highly segmented leads make life much easier for your sales department and should lead to an increased ROI.
What's the moral of this story? Don't trust everything you read on the internet (or everything you hear people say)! We encourage you to do your own research and decide what's true for YOUR business. Are there any other marketing myths you've heard?
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