Marketing – a term that incites a spectrum of emotions among small business owners. Excitement, confusion, perhaps even a dash of dread. The world of marketing is brimming with advice, theories, and strategies. But not all of it is accurate. So, let’s put the fluff to one side and focus on the facts. We’re here to debunk some common marketing myths that could be holding back your small business.
Myth 1: You need a big budget to market your business effectively
Fact: The idea that effective marketing requires deep pockets is simply not true.
As the legendary marketer, David Ogilvy said, “Great marketing only makes a bad product fail faster.”
What matters is the value you provide and how you communicate it, not how much you spend.
Affordable, even free, marketing strategies can yield impressive results. For instance, content marketing costs 62% less than traditional marketing and generates about 3 times as many leads (DemandMetric). That’s a clear testament to the power of cost-effective marketing. We do firmly believe in getting more eyes on your great content using paid ads, but in NZ small budgets can yield big returns. You can get a video seen on Facebook or Instagram for example of between 1-3 cents! Learning how to run optimised paid ads for a few dollars a month gives you a ‘super hero’ skill.
Myth 2: Social media isn’t necessary for every business
Fact: You might think social media is only for the trendy, new-age businesses, but it can be a game-changer for any company. According to a report by Datareportal, New Zealanders spend an average of nearly 2 hours on social media daily. That’s a lot of potential visibility for your business! We used to pay to be in newspapers and magazines because they has the readership, the following. Now your potential customers are on social platforms instead. So your business needs to be where the eyes are. BUT you need to turn up as a welcome friend, not an annoying salesman.
It’s not about being present on all platforms, but choosing the ones that best reach your target audience. Social media can help you connect with your community, showcase your products or services, and build customer loyalty. Community groups are particularly good in NZ at driving referrals.
Myth 3: If you build it, they will come
Fact: This might work in the movies, but it doesn’t in the real world of business. Having a great product or service is just part of the equation. You need to promote it. You need more eyes on your business.
As Bill Gates once said, “If I was down to my last dollar, I would spend it on public relations.”
Marketing is about making your target audience aware of your offering, understanding its value, and being persuaded to purchase. This process requires strategy and effort. No business, no matter how excellent its product, can afford to skip marketing. It’s the lifeblood of your business, and done well can drive the lifestyle you set out to achieve.
Myth 4: You need to reach as many people as possible
Fact: It’s not about reaching more people; it’s about reaching the right people. A shotgun approach to marketing can waste resources and dilute your message. Your focus should be on quality over quantity.
Marketing strategies that target a specific audience are more effective and deliver a higher return on investment.
A survey from Mailchimp found that segmented campaigns had open rates 14.31 percent higher than non-segmented campaigns. They also saw a 101 percent increase in clicks over non-segmented campaigns, while also noting lower bounce rates, unsubscribes, and incidences of spam reporting. That’s the power of precision targeting.
Myth 5: All you need is a good website
Fact: While having a well-designed, user-friendly website is crucial, it’s just one piece of the digital marketing puzzle. SEO, social media, email marketing, and online advertising all play a significant role in driving traffic to your website and converting that traffic into customers.
A website without effective promotion is like a store located on a deserted island.
As SEO expert Rand Fishkin wisely puts it, “The best way to sell something: don’t sell anything. Earn the awareness, respect, and trust of those who might buy.”
Myth 6:More traffic always means more success
Fact: While attracting a lot of traffic to your website might seem like the ultimate goal, it’s not just about the number of visitors you get. What truly matters is the quality of that traffic. It’s far better to attract fewer people who are genuinely interested in what you offer and are likely to become customers than to have thousands of visitors who leave without taking any action.
Conversion is key. It doesn’t matter if your website receives a million visitors if none of them convert into customers. According to a study by WordStream, the average landing page conversion rate across industries is 2.35%. However, the top 25% are converting at 5.31% or higher. Optimising for conversion could mean tweaking your website design, improving your call-to-actions, or enhancing your customer journey to boost your success, not just focusing on driving more traffic.
Think like a customer. If they came to your site would they know (in a few seconds) how you can help them? Do you give them lots of proof, such as testimonials and reviews, that you are the right person, service or product that they need. Is it easy to buy or book? Will they like you and your business? Does your site clearly help them, give them the answers they are looking for, inspire them and make it easy to take the next step with your business?
By debunking these myths, you can set your small business up for marketing success. Remember, effective marketing is less about big budgets and more about understanding your customers, delivering value, and communicating effectively. No fluff, just facts.
If you need a hand reach out.
