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
![]() |
|
![]() |
|
![]() |
|
![]() |
I don't know about your business but in my experience... Read More
Sales managers are an interesting breed, effective sales managers are... Read More
How well do you know your community? As business owners... Read More
Sales forecasting is the process of organizing and analysing information... Read More
In 2000 a computer distributor hired me to help them... Read More
A Highly Conscious Approach To Business Management. For more on... Read More
The best way to get a new customer is to... Read More
Is lack of sales results, more sales training costs, months... Read More
To put it mildly most companies sales forecasting just isn't... Read More
There are really only two types of competitor:1. Obvious2. HiddenThe... Read More
There's a new year beginning now - the school year.... Read More
Imagine you run a pizza parlour. You have all these... Read More
Microsoft has used this online sales secret to become a... Read More
I recall a heated discussion with a sales director some... Read More
"We're in the relationship business?...airplanes are what we use to... Read More
Many recruiting ads and job descriptions include "knockout factors" that... Read More
The Federal Trade Commission has rule that are supposedly in... Read More
What does it mean to be an "effective executive"? Well... Read More
Budget Guidelines for Trade Show MarketingB'techa didn't know - Trade... Read More
Does the competition drive you crazy? Are they relentless about... Read More
In today's competitive environment, every organization is trying to improve... Read More
How you prioritize your sales territory management activities depends upon... Read More
As spring moves to summer, the forecast should be for... Read More
I don't even like saying the word d---------g. I have... Read More
Maximizing account penetration is one of the most critical functions... Read More
The objective of an incentive is to incite action within... Read More
The elements involved in building a sales force, especially one... Read More
Bill Borders stepped up onto the podium. He had just... Read More
Standard metrics and KPI's (Key Performance Indicators) are created usually... Read More
So you have a boss who dumps all over you... Read More
The Cash to Cash Cycle Part Three of SeriesWe're sprinting... Read More
In a classic business-to-business print ad from the late 50's... Read More
That we live in a time of relentless and pervasive... Read More
This article may be reprinted in its entirety with express... Read More
I recently began doing training in the banking industry. Across... Read More
1. LOOKING for a "quick fix" to close more sales... Read More
If your letter writing and phone calls have all failed... Read More
Generous Donor RefusedPicture this. You are a fund development director... Read More
We all agree one of the most important parts of... Read More
A recent study of 2,663 sales organizations by Think Training,... Read More
I recall a heated discussion with a sales director some... Read More
So you have a boss who dumps all over you... Read More
In today's 24/7 driven business word, accountability is becoming a... Read More
Many people believe that the main reason for representatives leaving... Read More
Things to watch out for when selling your product in... Read More
The elements involved in building a sales force, especially one... Read More
The way we do business has changed dramatically over the... Read More
This week's article is my response to a question by... Read More
Sales forecasting is the process of organizing and analysing information... Read More
Are you involved in projects that seem to go nowhere... Read More
There are several types and sub types of people in... Read More
Small to medium companies that want to increase sales or... Read More
I was in the depths of a major depression. As... Read More
The American Business Journals produces a Book of Lists each... Read More
I have received a number of requests for advice from... Read More
Targeting is the process of selecting high potential customer accounts... Read More
Inspiration and Management from Within ? Part 2.The more you... Read More
These 4 marketing myths can cause you to lose sales... Read More
In the 30-plus years I spent working in advertising and... Read More
How well do you know your community? As business owners... Read More
In 2000 a computer distributor hired me to help them... Read More
The old adage in selling has always been, "Find out... Read More
Maximizing account penetration is one of the most critical functions... Read More
While there's no easy answer to this question, there are... Read More
This month I want to share a success from a... Read More
Do you need help overcoming sales objections? Do you sell... Read More
Sales Management |