Marketing is a very important aspect of all businesses and as digital transformation is changing everything at a very fast pace, thus a consumer behavior to buy.
First, let us know what are the ways you can use to market your product or service.
There are various processes to engage and interact with your audience. It can be:
- Content Marketing
- Story Writing and showing the emotional side to your audience
- Social Media
- Video Marketing
- Lead Magnets
- Email Marketing
- Cold Calling
Most of the small or medium-size organization having limited budget thinks that having a marketer in your team will do the job, promoting the website on live can give you instant result.
No, it’s absolutely wrong. You must analyze the best marketer who belongs to your niche, who understands your product or service, who can co-ordinate with the team for the strategic planning to carry it further.
There is difference between doing the marketing and doing the strategic marketing after planning.
Here are the 5 common belief’s and why they are wrong.
- Targeting Millennials – Marketers love millennials and are obsessed with them. In my opinion millennials contribute to 10-12% or the population and have even lower proportion of income. I would like to ask all the marketers; do you really think that targeting them will do your job? No- it is not it’s just lazy marketing.
- Brand Valuation is Useful – If we check in 2021, apple valued at $263.38bn, amazon at $254.19bn, Google at $191.22bn. Now, there is no point in comparing these firms as to who is more accurate as there is no Archimedean point of comparison. When digging further, I found that they have been valued using purchase price allocation approach which in simple terms mean they have been valued based on the firm’s estimate of brand equity V/s the actual price paid for the brand and the difference was whooping 254%. If the bigger companies cannot keep it with, I believe Brand valuation is pointless.
So let’s keep this debate for another time, accuracy and value of brand valuations.
- Digital Marketing is everything – Yes, we are listening this every single day, marketers are so obsessed with this that they have jumped to do the digital marketing, but the secret still lies in the strategy.Digital marketing is just a tactic, a part of marketing which we can use to promote our products and services, but the main thing is tactic and the tools to define the conversions.
- Marketing is easy and can be done by anyone – Marketing is not just about gaining new customers, it’s about keeping up with your brand, retaining the existing customer which definitely is not a joke. Some marketers think that running the ads, getting few enquiry and daily posting will do the magic. I cannot make enough stress that Research and planning does matter like I mentioned in the previous point and ofcourse, this cannot be done by anyone. You can give your time, money, modify the strategy, take the opinion, you have to give yourself and then the hard work will start pay you soon.
- Having Quality Services and Products – It will sell themselves – Sorry to burst your bubble but no, it will not. There are massive number of companies running businesses and claiming to have best of the best products or services which you cannot even imagine. Even if you are targeting 1 niche, there will again be more than 30 million competitors who are claiming they are best.Why do you think the companies like Apple, Disney, Facebook, or Amazon are doing their marketing so aggressively?
Marketing is critical for any business to succeed. Analyze and dig into the problems and create your strategy.
Stopping advertising to save money is like stopping your watch to save time.– Henry Ford