FOUR MARKETING MYTHS THREATEN YOUR SALES
Don't Lose Sales By Basing Decisions on These Myths
c2006 by Bob Leduc
These four marketing myths can cause you to lose sales if you base your marketing decisions on them. But the related marketing tips I've 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 to 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--Offering 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 ti 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 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. You can use different (and cheaper) ads 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 haven't seen it yet...and those who have usually need to see it numerous times before they'll 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 four marketing myths. They're not true. Marketing based on them will cause you to lose sales. Instead, apply the related marketing tips I include after each myth to boost your sales.
Bob Leduc spent 20 years helping businesses like yours find new customers and increase sales. He just released a totally new edition of his best-selling manual, HOW TO BUILD YOUR SMALL BUSINESS FAST WITH SIMPLE POSTCARDS and several other publications to help small businesses grow and prosper.
For more information, contact Bob at:
Bob Leduc 7575 Rome Blvd. Las Vegas, NV 89131 Email: BobLeduc@SierraNV.net Phone: (702) 658-1707 after 10 AM Pacific Time Website: http://BobLeduc.com
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