A marketing strategy is a plan that ensures your product or service reaches your customers.
It sounds simple doesn’t it?
Perhaps that is why there are so many misconceptions surrounding the best marketing strategies for business.
The truth is, consumers no longer respond to advertising as they did in the past and businesses need to recognise exactly how they can reach their audience - today and tomorrow.
The difference between an ineffective and effective marketing strategy could be the deciding factor as to whether your business fails or succeeds.
Read on to discover 10 of the most common misconceptions about marketing strategies for businesses and make sure you don’t fall foul of any of them.
1. I Don’t Need to Do Much - Marketing Is an Organic Process
Some businesses think that since their product or service is so good, marketing will happen naturally.
The reality is, you need to communicate with your target audience to get your product or service out there - or your competitors will get there first.
You need a strategic process to determine how you want your brand to be perceived, recognised, experienced, and shared.
2. My Marketing Department Is Responsible for My Company’s Marketing Campaign
This is incorrect. A marketing strategy needs to come from the top down and it needs input from everybody in the company.
Talk to all the departments in your company and get feedback from those that are customer facing; salesmen, drivers, receptionists, cashiers, and anyone that deals with your customers and identifies leads on a daily basis.
They can give you a valuable insight into the company’s prospects. Tap into these sources for important insights on attracting and capturing new customers.
3. I Know My Business and I Know Where I Need to Target My Marketing
Any strategy should start with an analysis of what has been happening to identify the positives and the negatives, or, what your business does well and what it could do better.
Ideally, analysis should come from a separate department or third party for honest, objective feedback.
Too many companies forget about this all-important analysis or allow departments to analyse themselves; the result is that they fail to identify a baseline, or a starting point, as to where the company needs to improve, grow, or change the most.
4. Marketing Strategies Are Easy to Create
This misconception stems from the fact that the internet is free and pretty much anyone can create a website or social media account.
However, do not underestimate the skill involved in creating the right content and ensuring it reaches your audience in the most appropriate way.
The research and information gathering is a huge process on its own.
Of course, creating a strategy based on assumptions might be slightly easier, but it’s also the quickest way to fail.
A strategy has to be based on evidence in the form of real, tangible, relevant date.
Perform A/B split testing to establish which method performs the best, and then run with the option that provides the best results.
5. The Same Approach Can be Used for Every Company
This could not be further from the truth. Every company will have a different set of challenges, according to which stage of the customer’s experience they are dealing with, even companies within the same industry.
Each set of problems will need a customised approach and solution. You will implement your chosen strategy after careful consideration of the facts in relation to your customer’s persona.
6. A Strategy Can Be Implemented Quicker Than You Think
Once a strategy has been created, the hard work begins.
This will involve optimising your content and website for keywords that are identified as those that are most likely to boost your visibility with search engines.
You will need to create contact forms, landing pages which are engaging and relevant, off-page SEO to generate backlinks and visitors to your site, and automations to ensure you nurture captured leads.
Since content marketing is all about establishing and building relationships with customers and other businesses, it can take time to see results.
7. It Isn’t Possible to Accurately Report the Results of Your Marketing Campaign, and Therefore You Will Never Know your ROI
With the tools marketers have at their fingertips, you are likely to be amazed at what you can see!
Full reporting means you will be able to see which landing pages are performing the best, are receiving the most hits, and converting into leads.
Find out which contact forms are the most effective, which pieces of content are attracting the most visitors to your website and are engaging people for the longest, and which links they are clicking on.
Discover which pages on your website your leads are looking at and which ones they are just clicking through, and which emails are opened or deleted.
8. My Marketing Strategy Is in Place - So I Can Forget About It
Just as the options for reporting are virtually endless, the capabilities for content marketing are always evolving.
Once you have formulated your strategy, reporting will be an ongoing process.
This will enable you to refine your marketing strategies as things change or as you release new products, services and special offers.
Ongoing tweaks and improvements will ensure that you maximise your ROI and stand out as the industry expert in your chosen field.
9. I Don’t Need an Online Marketing Plan
As more and more consumers make purchasing decisions based on what they see on the internet, it is absolutely crucial that your company embraces digital content marketing.
You must stay abreast of the changing trends in the way your customers find you, interact with you, use your product or service, and talk about you afterwards.
An online presence is not just about having a website; you need to produce informative content and bring customers to your site using blogs, social media, ebooks, and other techniques.
10. I Can’t Afford to Have a Marketing Strategy
You can’t afford not to!
You need a marketing strategy that effectively promotes your product or service to your audience to stimulate growth.
Don’t put it off until another day - it needs to be an ongoing process and it needs to be in place as soon as possible.
Download our free guide “Insurance Broker's guide to website enhancement for serious lead generation” for more information.