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Marketing has a marketing problem.
Perhaps even a crisis of confidence.
To a lot of marketing newbies, Marketing=Promotion.
In the minds of many business people, marketing is just selling on a greater scale. But in reality, what is marketing, anyway?
Marketing is like fishing. The more lines you have in the water (with good bait) the higher your chances of success.
Because the term "marketing" has such a wide range of meanings, false information can appear to be true.
I've tried to define marketing many times before. I've attempted to dispel the notion that marketing is about promoting and selling.
A few of your long-held ideas could be incorrect. Find out if they have duped you, and prevent it from holding back your marketing initiatives!
4 Marketing Misconceptions That Prevent Early-Stage Tech Entrepreneurs From Getting the Sales and Profits They Deserve
Misconception #1: Because my consumers are local, I don't need to market my business online.
You'll be missing out on a lot of sales and income if you don't promote your business online. Look at the image below. You will see something interesting.
You must be thinking, "But quality products and services sell themselves?"
I'm sorry to burst your bubble, but actually, they don't. Every business needs marketing to be successful. What good are your products and services if no one knows about them?
If you still rely on traditional marketing tactics to create leads, you are missing out.
Your potential customers are looking for products online. That tells you that if you are not marketing online, you are missing out on many sales.
Online marketing is an effective way to gain worldwide exposure at a low cost.
Misconception #2: Marketing takes a lot of time.
Fact: Half of SMBs dedicate less than two hours per week to marketing. This equates to approximately 17 minutes every day.
The biggest reason for new business failure is a lack of market demand. In fact, 42 percent of small firms fail because of this factor.
I'm sure you recognize the importance of marketing regularly. You're trying your hardest, but the phone keeps ringing, emails are piling up, you have bills to pay, clients to assist, voicemails to respond, and paper spills out of your desk.
Do you go through the challenges highlighted in the graph below as well?
Finding time for marketing has been the biggest challenge for small business owners.
The number of founders who consider this a challenge has increased over the last four years.
So, what does a busy person gotta do?
You are busy without a doubt, but keep in mind the staggering facts presented at the start of this piece. The astounding results you want will depend on your marketing efforts.
Misconception #3: Marketing is an out-of-pocket investment that my company cannot afford.
Fact: According to Google, for every $1 spent on Google advertising, the average firm earns $2 in sales.
You can expect a $42 return on investment for every $1 you spend on email marketing.
Marketing generates revenue. It's not an expense but an investment in your company's sales and earnings. Are you focused on the expense? It doesn't have to be. Trust me!
So, how can you ensure you maximize your marketing funds? By putting relevant ads in front of your ideal customers as they look for what you offer.
You may create a self-funding system by marketing. You could have a reliable procedure that pays for itself. So it's FREE? You must be asking. Yes, when you have a self-funding marketing system.
Allow yourself to see marketing as an excellent investment with positive returns.
Misconception #4: We can handle our own marketing.
FACT: 47% of small business owners handle marketing efforts on their own.
As a business owner, I know you desire to do some things independently, which is understandable. But sometimes you accept some things that are beyond your control, such as marketing. I'm sorry if this is hard to hear.
But hey, I'm one of you! I also want to be a part of great, meaningful work that contributes to the success of a business.
Marketing specialists can help you maximize your profits from various marketing campaigns. But I know it isn't easy to find marketers you can trust. Remind them how to prove their worth.
How can marketers prove their worth to founders?
1. Project Management
Even if your results are unpredictable, it is still your responsibility as a marketer to do the best work possible.
It's a good idea to take a step back and consider the level of effort (LOE) vs. payoff for each endeavor. The Eisenhower Decision Matrix is an excellent decision-making tool to help you sift through what you must do instantly, assigned, delayed, or removed as part of your data-driven plan.
B2B marketing is a very different game than B2C marketing, and targeting businesses can feel like a completely different sport. It would help if you learned how to stand out as a marketing professional. Always ask yourself:
- What value I'm I providing?
- What kinds of aches and pains I'm I easing?
- How can I build trust from the start?
The more you can highlight the value you bring, the more appealing your offer will be.
3. Show concrete marketing results.
Be as specific as you can in describing the marketing's impact. In this way, the founders will see the influence of marketing more tangibly.
4. Build your marketing presence.
You should be able to demonstrate that you are conversant with these marketing techniques as a marketer. This entails creating your own marketing presence, which includes a blog and active social media profiles.
Even if there are many other marketing misconceptions around tech startups, I'd say that these are the ones that marketers are most familiar with. The more you disprove these myths as an entrepreneur, the more doors will open to the tremendous prospects that marketing provides for your company's future success.