Myth #1: “We Don’t Need to Advertise Because Everyone Already Knows Our Company”
While having a good reputation is helpful, it’s important not to rely too heavily on it. The marketplace is constantly changing and while you may be one of the best now, there’s no telling what will happen in six months. It’s important to advertise in order to stay relevant. People forget things fast, don’t let them forget you.
Take Kmart, for example, remember them? They used to be on every corner, but have seemingly fallen off the map. There are many reasons for this and among them is their poor advertising. Kmart did not advertise nearly as much as their competitors and the advertisements they put out were not very good ones. They failed to anticipate marketplace changes and adjust with the needs of their consumers, which unfortunately lead to their demise. Don’t be Kmart.
It’s also good to constantly have your name out there. Let’s say you own an air conditioning company. You most likely don’t have repeat customers. It’s still good to advertise because it will create brand recognition. John Smith will see your ad and then six month later when his AC unit breaks, he’ll search for an AC repair company, see your add, and remember your name from six months back. Let’s not hope that John Smith will remember your company because it has a good reputation, but use marketing to ensure he knows about you, and then your reputable reputation can be a factor that helps solidify the deal.
Your competitors are probably also already advertising. Even if their reputation isn’t as solid as yours, they’re most likely getting new clients from their marketing efforts. Don’t lose out to them! Get in the game and stay there. Speaking of competitors, that brings us to our next topic.
Myth #2: “If I Copy My Competitor, I Will Be Successful”
It can be very tempting to want to imitate other successful campaigns, especially if they’re your competitors, but this is actually a very bad idea. Marketing is not a one size fits all deal, so just because it works for one person, doesn’t mean it will work for you.
Conversion XL says that your competition most likely doesn’t know what they’re doing either. They probably built their website based off opinions or things they think look good. So, if you copy them, you’re essentially just copying their guesses.
Copying your competitor also conveys laziness. Are you really not creative enough to think of something on your own? Or do you not believe in your own ideas and/or your business that you have to steal from your competition? Put in the extra work and think of something original. Being unique and standing out is a great thing. You should want to separate yourself from your competition and advertise on your distinguishing factors. Showcase your strengths. Does your product have an extended warranty that your competitor doesn’t offer? Do you have excellent customer service? Whatever it is that sets you a part from the others, market it.
Also, this blog by Aggressive Growth Marketing makes a great point. If you copy your competitors, your success is limited to theirs. You could miss out on bigger and better opportunities because you’re only showcasing what they’re doing. They also point out that you really don’t know how well your competitor is doing. They could be struggling, doing something customers don’t like, etc and if you copy their strategy you could in turn inherit their failures.
Myth #3: “That One Big Customer is All You Need to Make It”
Landing a major client is one of the best feelings. Relish in it, but don’t remain there. Growth is essential to stay afloat, so it’s important to continue to network and grow your clientele for several reasons.
Focusing on bread and butter accounts will help keep you motivated and sharpen your skills. Staying hungry is the best way to keep your business alive. Having several smaller accounts can also lead to referrals of other smaller accounts, which could generate even more business than that one big client did!
Also, if your big fish of a client goes away and they’re all you have in your net, you could shortly disappear too. Don’t drown in the sea of business. Aim for catching a whale, but don’t forget about the smaller fish too.
This wraps up our 3 part series on Common Marketing & Advertising Myths. Can’t get enough? Check out our Facebook Live Video that covers these three myths.
Have a myth that we didn’t cover? Leave us a comment!
Written by: Amy Pope