Marketing is one of the most important aspects of running a business. This highly valuable tool can help you create brand recognition, acquire and retain customers, and drive growth, among other benefits.
It is, therefore, disconcerting to learn that many business owners and managers often misunderstand the intricacies of marketing. Granted, numerous misconceptions riddle the promotional world.
These falsehoods can prevent you from reaching your target audience, achieving business objectives, and competing in your sector. This article explores seven common marketing myths to help you navigate their pitfalls.
1) Marketing Equals Sales
Many business owners fall victim to marketing myths, believing that simply putting their promotional message out there will guarantee consumer purchases of their products or services. While effective marketing can indeed help drive sales, there is no direct causative relationship between the two. They occupy different stages of the customer journey.
Marketing involves messaging that creates brand awareness and helps attract leads. Sales are about turning the leads into paying customers. Today, it is easy for even the best messaging to get lost in a sea of other brand messages and priorities. On the other hand, making a sale involves leading customers past typical objections to get them to spend their money.
You must have quality products or services that address your audience’s needs. This is the primary reason why marketing does not always equal sales. You need an integrated approach that encompasses both aspects working jointly to reach common business goals.
2) Marketing Does Not Benefit from the Owner’s Input
As a business owner, you may be tempted to distance yourself from your company’s marketing activities. After all, you have built and grown the business, so you can let your marketers handle promotion, right? This is one of the most insidious marketing myths.
It is crucial to be active and involved in the workings of your marketing department. Your input has a significant impact on the success of your advertising strategies. Most importantly, your brand message is a reflection of you. You provide the strategic vision that guides promotional efforts.
You also offer valuable input on the direction of your offerings. This includes marketing and financial insight to ensure marketing aligns with your overall business strategy for better outcomes.
As such, constant communication with your team helps align your goals and expectations with their approaches. This allows you to stay in the loop regarding campaigns and developing issues.
3) Customer Acquisition is More Important than Retention
Many business owners believe that acquiring new customers generates the most revenue. While new leads are important, nurturing your existing customer relations is more beneficial for long-term growth and profitability. Most importantly, focusing on customer retention helps your bottom line.
Research indicates that existing clients contribute up to 65% of a company’s business. Consumers stay loyal to brands they have strong relationships with and connect to. This is why traditional strategies like commercial printing, which enhance customer engagement, are highly valuable today.
Since current customers are familiar with you, they are more likely to keep buying, try new offerings, and spend more money. This contributes to higher profit margins and customer lifetime value. Retention is also more cost-effective compared to acquisition.
4) Print Has Limited Reach
The proliferation of digital advertising has led many marketers to believe that print media is inferior in terms of customer reach. On the contrary, print offers a unique way to reach your target audience that digital channels cannot replace.
Most importantly, print is tangible. Consumers can engage different senses when interacting with physical media. This helps create personal connections with your message. A survey by International Communications Research found that 73% of consumers prefer printed mail announcements to email ones from their favorite brands.
Print also has a longer lifespan and lasting impact compared to digital avenues. In addition, you can highly customize print media. You can tailor your brand messaging to align with the needs of your target audience.
This is one of the major advantages of direct mail marketing. It enables you to accurately target specific audiences through personalized pieces like brochures, business cards, postcards, and branded giveaways. Incorporating print into your marketing strategy can help you reach more customers and build your brand.
5) Print Doesn’t Provide Measurable Results
This is one of the most wide spread marketing myths. An often-touted drawback of print marketing is its inability to realize measurable results. This couldn’t be further from the truth. A recent report from the Association of National Advertisers provided valuable insight into print marketing ROI. It revealed that direct mail advertising provides a higher ROI than digital channels.
This tried-and-true avenue results in higher response rates since it is trustworthy, less saturated, and highly targeted. Also, technology has made it possible to track the effectiveness of print advertisements. Today, you can evaluate various key metrics to help optimize your print campaigns.
Printing companies offer market-based tracking solutions such as IQ Mail. Such platforms help you measure effectiveness, calculate ROI, improve response rates, and increase campaign exposure. Leveraging these tools can enhance different campaigns, from higher education direct mail to direct mail fundraising for non-profits.
You can also include call-to-actions and interactive elements (QR codes and promo codes) in print materials to measure response rates and conversion rates. This could be website visits, form submissions, purchases, and subscriptions. There is no shortage of ways to get insight into your print campaign’s effectiveness.
6) Print Marketing is Outdated
As a business owner or manager, you may be asking yourself: is print marketing still effective? This question stems from the myth that print advertising is obsolete in the digital age. The truth is that print promotion remains as relevant and useful today as it did in years past.
Most consumers today prefer and trust print advertising more than digital. There are many reasons why you should incorporate print into your overall marketing strategy today. It leaves a tangible and long-lasting impression, enhances engagement, and fosters brand credibility.
Print marketing is also highly targeted, enables customization, and can help capture your audience’s attention in a world of digital overload. Traditional direct mail marketing is more effective than online marketing for these reasons. These and other print channels still hold value for marketers today. An approach that combines print with digital can offer your campaigns optimal reach and effectiveness.
7) Print is Inflexible and Static
The increased focus on digital channels and online platforms is responsible for the misconception that print is an inflexible promotional medium. However, flexibility is among the biggest strengths of print marketing. It offers unrivaled creative versatility, which can be an invaluable asset if you choose to focus on a niche strategy.
There are limitless ways that you can use print to highlight your brand personality and message. From eye-catching visuals and engaging copywriting to iconography and color science, print provides a canvas for creativity that digital channels sometimes lack.
Whether you are experimenting with unique formats, including interactive elements, or incorporating tactile features, print media provides a world of possibilities to create a lasting visual impact. Print allows you to entwine design and storytelling to captivate your audience and leave a lasting impression long after publication.
Facts over Fiction
As a business owner or manager, it’s vital to be aware of these and other marketing myths that can misinform your promotional strategies. The saying “don’t believe everything you hear” rings particularly true here. Advertising falsehoods can negatively affect your bottom line and prevent your business from reaching its true potential.
An effective marketing strategy that encompasses both traditional and digital channels is critical in today’s competitive environment. Collaborating with a reputable marketing partner can help you formulate such an integrated plan.
PDC Graphics is an industry-leading commercial printing company looking to help your business grow through innovative print solutions. Reach out to us today to learn more about our printing capabilities and services.
