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. Dont be surprised if both your sales and your profit margin go up.

Myth 2:

Offering Your Customers Many Options Will Boost Your Sales

Presenting your customers with options usually reduces your sales. Heres 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 customers decision making to either "Yes. Ill buy." or "No. I wont buy". Dont risk losing them by including "which one" decisions.

Myth 3:

Everybody Needs My Product/Service

Thats what YOU think. Most of them dont think they need it ...and most arent 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 doesnt 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. Youll 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 its not true. Never abandon advertising thats working. I know many businesses that have been using the same advertising for years and theyre still growing. Heres why...

The goal of most advertising is to attract new customers. Once someone becomes a customer, they wont respond to that advertising again. But you can use different and cheaper advertising to generate additional sales from them.

But theres still a large population of non-customers who didnt 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.

Dont abandon advertising thats 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.

Dont believe these 4 marketing myths. Theyre 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