Marketing your small business is an ongoing process every company should undergo. As more and more of your competitors pop up, effective marketing and continuous funding through instant business loans have never been more crucial. Most entrepreneurs think they know all there is to know about marketing. However, the concept of marketing is riddled with misconceptions many entrepreneurs believe to be true.
For starters, here are the five most common marketing misconceptions among small business owners:
Misconception #1: You don’t need to market to your existing customers.
Marketing your business to your existing customers is as important as marketing it to potential customers. Customer retention is the key to growing and expanding your small business. Keeping your customers from leaving and maintaining a positive relationship with them enables you to create a solid foundation of loyal customers. Furthermore, marketing to existing customers costs less than trying to marketing to potential clients. Studies show that it costs five times more to attract new customers than to keep the existing ones.
Keep in mind that your customers do more than just generating sales – they’re also a part of your brand. Strategies for your existing customers should differ from the strategies for your potential leads.
Misconception #2: Cutting the budget when sales are down.
Business owners often trim their expenses when business is slow. Unfortunately, they often cut down marketing budgets. It’s important to know that marketing is an essential resource that can significantly help improve your business. With that said, cutting down the marketing budget when sales are low is counterproductive.
While it’s important for small business owners to be frugal with their spending, failing to market their business can speed up the decline. If you notice that your sales are dipping, reevaluate your strategies. How do you communicate your message? Do you use too much jargon? Does your audience receive your message well? Cutting down your marketing is not the ideal solution; instead, you can focus on improving your marketing strategies in order to boost sales.
Misconception #3: You don’t need to market your business online because you don’t sell it online.
We live in a technologically advanced world. People go online to look for information, recommendations, and more. For this reason, marketing your business online isn’t just for online companies. If you want to grow your business and keep up with your competitors, you need to invest in digital marketing.
In the past, people used to sift through the Yellow Pages to find the products and/or services they’re looking for. Today, it’s as simple as typing a few keyword terms on your phone. Effective digital sales strategies put your business in front of your competitors’ so your target market can find you first if they’re searching for your products and services. Search engine optimization is a form of digital marketing strategy that can help you with this.
Misconception #4: Marketing strategies are not necessary since you’re already running ads.
Many entrepreneurs use the terms marketing and advertising interchangeably. However, these two are different from one another. Advertising is a part of marketing and it can go hand in hand with different strategies. Advertisements can be an easy way to measure and test how your audience receives your products or services.
If you’re running ads left and right without proper consolidation, it’s going to be a waste of time and effort. You can combine your advertisements with different types of marketing strategies such as SEO optimization, social media marketing, and more.
Misconception #5: Video is optional.
The demand for video content is rising and entrepreneurs need to keep up. According to a study conducted by HubSpot in 2018, 54% of consumers want to see more video content from brands they patronize. Your audience can digest information faster through videos than written content. In addition, videos are more engaging and they fit on all platforms and devices your audience use.
However, many people think that video content is costly. There are different and affordable ways to create videos for your business, such as Adobe Spark or Videoblocks, or you can hire freelancers to do it for you. Make sure that the message you convey is informative and creative and it should be directed to your target audience.
Discover Instant Business Loans to Improve Your Business’ Strategies
While there are many cost-effective ways to market your business, additional financial assistance is very much welcome. You can apply for instant business loans to help kick-start your marketing.
Mathew Gillman is the CEO of SMB Compass. He is a trusted business financing expert with $150 Million+ in direct lending experience. He enjoys spending most of his time with family and close friends. Whether it be on the beach surfing, or in the mountains skiing.