4 Marketing Myths Threaten Your Sales

These 4 marketing myths can cause you to lose sales if you base your marketing decisions on them. But the related marketing tips I included with each myth will boost your sales if you act on them instead.

Myth 1:
People Always Buy Where They Get the Cheapest Price

If this was true, only businesses that charge cheap prices would exist. Some people buy where they get the cheapest price. But most people are more interested in getting value for their money than in getting a bargain.

Tip: Look for some low-cost ways you can enhance the perceived value of your product or service. Then test raising your price. Don't be surprised if both your sales and your profit margin go up.

Myth 2: v Offering Your Customers Many Options Will Boost Your Sales

Presenting your customers with options usually reduces your sales. Here's why...

When confronted with several options, most customers have difficulty making a clear decision. They often react by procrastinating - and never making a decision. When this happens, you lose a sale you already had.

Tip: Try to limit your customer's decision making to either "Yes. I'll buy." or "No. I won't buy". Don't risk losing them by including "which one" decisions.

Myth 3:
Everybody Needs My Product/Service

That's what YOU think. Most of them don't think they need it ...and most aren't ready to spend their money for it.

The hazard of this myth is that it causes many marketers to believe they can succeed without doing much marketing or selling. They think their product or service is so special that it should automatically generate hordes of paying customers. Unfortunately, it doesn't happen that way.

Building a successful business is hard work - most of it devoted to finding customers. 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.

Tip: Look for narrowly defined niche markets where your product or service solves a unique need of the customers. Focus your marketing on them instead of trying to reach a broadly defined general market. You'll generate more sales and enjoy a better return on your advertising expense.

Myth 4:
Keep Changing Your Advertising or Your Sales Will Decline

This sounds logical but it's not true. Never abandon advertising that's working. I know many businesses that have been using the same advertising for years and they're still growing. Here's why...

The goal of most advertising is to attract new customers. Once someone becomes a customer, they won't respond to that advertising again. But you can use different (and cheaper) advertising to generate additional sales from them.

But there's still a large population of non-customers who didn't respond to your regular advertising. Most have not seen it yet ...and those who have usually need to see it numerous times before they will respond.

Don't abandon advertising that's working - but keep trying to improve it. And regularly test new things to see how they work for you. If you never make any changes in your advertising, your sales will eventually decline.

Tip: You can automatically keep your advertising up to date by allocating 80 percent of your budget to proven promotions and 20 percent to testing new things. When something new works better than your proven promotions, move it to the 80 percent group and start testing something else in the 20 percent category.

Don't believe these 4 marketing myths. They're not true. Marketing based on them will cause you to lose sales. Instead, apply the related marketing tips I included after each myth to boost your sales.

Copyright 2004 Bob Leduc http://BobLeduc.com

Bob Leduc spent 20 years helping businesses like yours find new customers and increase sales. He just released a New Edition of his manual, How To Build Your Small Business Fast With Simple Postcards... and launched *BizTips from Bob*, a newsletter to help small businesses grow and prosper. You'll find his low-cost marketing methods at: http://BobLeduc.com or call: 702-658-1707 After 10 AM Pacific Time/Las Vegas, NV

In The News:


pen paper and inkwell


cat break through


Moving a Business Relationship from Free to Fee: Turning Strangers to Friends with Power of Freebies

In the last issue I shared with you a technique... Read More

Online Sales: Secret To Increase Your Sales By Bundling Your Products

Microsoft has used this online sales secret to become a... Read More

Increase Your Sales Accept Credit Cards, Part 2

In part two we will discuss overcoming objections, which credit... Read More

It?s Time For A Sales Management Revolution

Are you dog tired because of the way you manage... Read More

The Four ?D?s of Sales Management

Recently I stumbled across some notes that I had kept... Read More

Make Time, Not Excuses

There are four primary activities that successful salespeople engage in... Read More

Seven Deadly Sales Mistakes That Cost Business Owners Big Money - And What To Do About Them

1. LOOKING for a "quick fix" to close more sales... Read More

Keeping Your Sales Team Motivated

Sales managers frequently approach me for advice on how to... Read More

How Exhibitors Can Move More Attendees Closer to Buying

Q. What's the single, biggest change exhibitors can make to... Read More

How to Keep Projects From Spinning Out Of Control

Are you involved in projects that seem to go nowhere... Read More

8 Procedures to Take Control of Sales and Marketing

The Cash to Cash Cycle Part Three of SeriesWe're sprinting... Read More

Sales Coaching... Fact or Fiction?

The old adage in selling has always been, "Find out... Read More

Increasing Sales by Using Coupons - Will it Help Your Business?

Increasing Sales by using Coupons. Will it help your business?... Read More

How to Increase The Sales Of Promotional Products

I have searched for a new way to increase the... Read More

6 Steps to Avoid Losing Summer Sales

It's a fact - the online world dies down in... Read More

Generous Donor Refused (how qualified business slipped away)

Generous Donor RefusedPicture this. You are a fund development director... Read More

Pointless Targets

I recall a heated discussion with a sales director some... Read More

How To Have A Successful Retail Sales Event

In the 30-plus years I spent working in advertising and... Read More

Profitable Relationships: Is It Amateur Hour or King of the Hill?

"We're in the relationship business?...airplanes are what we use to... Read More

We Will Make It Back----- A Fictional Story Based on Fact About Sales Management Success

Bill Borders stepped up onto the podium. He had just... Read More

How to Improve Your Management Procedures Usability

Are your people consistently following your procedures? Each year, organizations... Read More

Do You Really Want Local County Contracts?

If you really want to secure government contacts at the... Read More

Leadership - How To Turn The Vision Into A Reality

Be clear about where you are now. Audit your strengths... Read More

Sex, Drugs, & Rock-n-Roll: Trade Show Traps and Tips

Sex, Drugs & Rock-n-RollHere's the Scenario...You're at a trade show.... Read More

Snuff Out the Competition Without Leaving a Mark!

Does the competition drive you crazy? Are they relentless about... Read More

100% Commission Equals Zero Percent Control

The temptation to use straight (100%) commission plans never goes... Read More

The Effective Executive

What does it mean to be an "effective executive"? Well... Read More

6 Common Mistakes in the Sales Hiring Process

Is lack of sales results, more sales training costs, months... Read More

The Spirit Of Change

A Highly Conscious Approach To Business Management. For more on... Read More

How to Beat the 80/20 Rule in Sales Performance -- Part 1

Business executives and sales managers frequently bemoan "80/20" performance on... Read More

Producing Premium Performance

One of the major issues that arises in managing a... Read More

Beyond the Golden Rule

There are several types and sub types of people in... Read More

Disclosure Laws Favor International Terrorists

The Federal Trade Commission has rule that are supposedly in... Read More