5 Effective ways to get more out of misconceptions about Marketing
Businesses use marketing as a point of light in the ever-changing era of social trends. However, there are still many misconceptions about marketing, leading to the absence of an effective strategy that impacts the budget.
Marketing is a vital field of business. Source (CongDongDigitalMarketing 2017)
Marketing is a vital field in business that helps companies reach customers and generate profits. However, in reality, there are many misconceptions about the marketing industry that, if not addressed correctly, can pose challenges for businesses in building strategies and implementing marketing plans. Here are some common misconceptions about the marketing industry:
Marketing is more than just PR. Source (Tam Tran n.d)
1. Marketing is only about advertising and selling
This is a common and misguided perspective about the field of Marketing. It’s similar to the story of the blind men and the elephant, where one person perceives the elephant as a trunk, while another perceives it as a pillar. Marketing is difficult to fully explain with a single definition. It is not simply about advertising and selling. Marketing is a broad concept that encompasses various interconnected activities such as market research, product development, brand positioning, pricing, and advertising.
Businesses and budget allocation. Source (Ngoc Nguyen 2019)
2. Small businesses don’t need to spend money and time on marketing
Small businesses may lack the resources to implement comprehensive marketing strategies or already have a stable base of loyal customers. They may also have budget constraints that limit their ability to execute extensive marketing campaigns like larger businesses. However, this doesn’t mean that they do not need marketing.
Marketing plays a crucial role for small businesses in reaching their target customers, building their brand, and generating sales. Marketing for small businesses needs to be implemented wisely and requires a process of careful research and planning to utilize internally available resources. Therefore, a specific plan through market research is essential to optimize budgets.
3. Everybody can do Marketing
According to Brand Camp Asia (n.d), contrary to the belief of some that marketing is an easy field that anyone can do, the reality is that marketing requires time and dedication investment to achieve tangible results.
Market research and customer understanding are vital components of the marketing process. Without dedicating time to prepare the necessary resources, the ability to attract customers and develop products will be limited. Sometimes, choosing inexpensive marketing methods may bring temporary effectiveness, but to achieve sustainable success, investment is inevitable during the implementation process.
Advertising is just one part of various marketing methods. Source (Joe Powers 2021)
4. Advertising is a part of the marketing strategy
Advertising is an important method for capturing customer attention and generating brand awareness, whether they are new customers or in need of re-engagement. However, advertising is just one part of various marketing methods. Tools such as search engine optimization (SEO) and targeted content play a crucial role in maintaining consumer interest after they have been initially attracted by an advertisement.
Advertising helps make the first impression of a business but should not be the sole focus of a marketing campaign. Research has shown that it takes 5 to 12 different touchpoints with a brand to capture customer interests.
Some examples of touchpoints in the customer experience include online advertising, email, product reviews, and the company’s website. This implies using various marketing methods such as creating engaging content, optimizing search engines, and utilizing different forms of customer engagement to maintain interaction and interest.
5. Marketing needs to bring fast results
Marketing is a crucial element for businesses to reach their target customers, build their brand, and generate sales. Nowadays, the pressure to achieve immediate results through marketing has significantly increased. Businesses face competition from traditional competitors, emerging companies and startups.
Moreover, modern consumers tend to change their preferences frequently, place more importance on immediate experiences, and expect prompt interaction and responsiveness from brands. This puts pressure on businesses to adapt and respond quickly to meet customer needs and expectations.
However, can marketing deliver instant results? The answer is yes, but only when the marketing strategy is well-planned and effectively executed.
To achieve quick results in marketing, businesses need to focus on key factors. Firstly, they need to clearly identify their target customers and understand their needs. The next step is to create compelling and innovative messages to capture attention.
Utilizing digital marketing channels helps businesses effectively reach their target customers. Through this, essential needs are gradually formed in customers’ minds through the value and benefits of the product or service. Finally, each campaign should be regularly measured to ensure effectiveness and make timely adjustments.
Marketing needs to bring fast results. Source (Joe Sullivan 2019)
By following these steps, businesses can achieve both great and sustainable results.
With nearly two decades of experience, GAPIT Media provides comprehensive Digital Marketing solutions to clients across various industries, including Finance, Real Estate, FMCG, Agriculture, Healthcare, and more. Among these services are strategic consulting and tailored Marketing communication packages designed for different types and scales of businesses, helping you optimize your budget and achieve effective implementation.