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Apr 18, 2019

3 Marketing Myths that are Stopping Your Success

These 3 marketing myths can cause you to lose sales if you base your marketing decisions on them. We’ve given you some marketing tips to blast each myth and boost your sales.

Myth 1: People buy a product at the cheapest price they can find.

That is not true - if it was then companies like Rolex and would not exist - Timex would have put them out of business a long time ago.  Despite the ease of research that the internet affords - buyers are generally lazy and don't undertake full research.  Even on eBay where it is far easier to check the relative prices of a product - people often buy a product at a higher price than they could.  So what causes people to buy?  These are called buying triggers - the most common are:

Confidence in the seller

A high perceived value
Ease of purchase

Blasting Myth 1:

Establish your credentials - for example, we have over 20 years of business consultancy experience - so we know what works and what does not work in a business.

Find ways of enhancing the perceived value of your product or service by adding extras or clearly demonstrating the value of its purchase.

Ensure that you include some actual recommendations within your sales letter.

Make it easy to purchase and receive your product by not introducing any barriers to purchase such as extra forms, obscure or complex payment methods.

Myth 2: Offering your customers numerous different options will boost your sales 

When confronted with several options, most customers have difficulty making a decision. They often react by procrastinating - and going to a seller who offers a clearer product.  Now by this we don't say add extras or upsells, just clearly state what is included in the product and don't offer options that not only confuse but making your selling and processing more difficult.

The human mind works better when offered the two options "buy", "don't buy".

Blasting Myth 2:

Only offer one product - or product package per page.  You can have a clear (and short) menu on each page to encourage multiple purchases.
If you have more than one option for a product or service - then give them different names and present them each separately.  For example, you can call them "silver service", "gold service", "opal service" etc.  This is what we did with our various marketing services and it works quite well.

You should always aim at a small, easily understood product or service range.  You should be able to explain each of your products in one or two sentences.  If you can't do this - how do you expect your potential buyers to understand what they are buying?

Myth 3: Everybody Needs My Product or Service 

Unfortunately, most people don't believe that they do need a particular service of a product.  Obviously, with items such as iPods - your teenager will try and tell you they really, really, really need one, but this is peer pressure that has been built up with millions of dollars.  Much of this was spent on research into what there market wanted - and they got it right!

If you believe this myth then you also believe that you can succeed without doing much marketing or selling.  Unfortunately, despite what some marketers tell you - it does not happen that way.  Undoubtedly there some very successful marketers around, but they will all admit that a great deal of market research, testing and reviewing of their offerings - happened before they became successful.

Building a successful business is hard work - most of it devoted to finding potential customers and then matching them with your products and services.  Even if most people can use your product or service, you still need a marketing strategy to reach them and a persuasive sales message to close sales - because you can bet your last dollar - that were there a lot of potential customers – there are just as many sellers.

Blasting Myth 3:

Do your homework - find out where your potential customers are, what particular needs and desires they have and what they are seeking to solve these.
Look for a narrowly defined niche market where your product or service will solve a unique need of the customers.
Design your product or service to meet these needs.
Test, Change, Test, Refine, Test and obtain customer feedback.

Unless you are one of the millionaire marketers around - you will find many myths that you follow and potentially lose money on.  Hopefully, the ones above have helped you. 

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