Marketing for small and medium-sized enterprises (SMEs) is an ever-changing industry, with new technology and constantly changing attitudes that often appear to produce various common myths and misconceptions. These myths can mislead business owners and hinder their marketing efforts, even costing them significant sums of money in some cases when they are left astray. I am sure you have heard of many of them yourself and been confused or frustrated by them. Maybe you arent sure what is fact or urban myth from the mist of poor marketing or bad sales techniques!
Five Common Myths about Marketing
Even though there are many myths out there about marketing we thought we would address five of the biggest ones that commonly seem to do the rounds or get used as excuses in some cases to not invest in marketing as much as a business really should in order to grow effectively, efficiently and productively! Of course these top five are by no means exhaustive and it is definitely a topic we will revisit in the future for sure!
Myth: Marketing is Expensive and Only for Big Budgets
Reality: While marketing can require a financial investment (note we say investment and not expense), it doesn’t necessarily have to break the bank. There are numerous cost-effective marketing strategies suitable for SMEs, such as social media marketing, content marketing, and email campaigns. Additionally, focusing on targeted and measurable tactics can maximize the effectiveness of your budget. It is also important to consider things like PPC (Pay Per Click) once it is optimised could do and should actually bring in more leads, and potentially sales (depending upon your sales processes) than it costs!
This doesn’t of course mean you can get away with little or no marketing budget for your business. Organic social media will only take you so far and other consistent activity in a range of areas is required to ensure your attract enquiries and leads regularly. It is generally accepted that a marketing budget should equal approximately 8 to 10% of turnover, however if aggressive growth is desired then a larger budget of closer to 12 to 15% of turnover is recommended. In the longer term this will provide health grow and as already stated is an investment in your business.
Myth: More Traffic Equals More Sales
Reality: While increasing website traffic is essential, the quality of that traffic matters just as much as the quantity, think of the frequently used phrase quality over quantity. It’s crucial to attract visitors who are genuinely interested in your products or services and are more likely to convert into customers. Effective targeting and engagement strategies can help attract the right audience and improve conversion rates.
Also as stated below in our next myth you can have all the quality leads in the world but without a great sales process to follow them up and convert them they will mean nothing. Developing a great sales team and processes is essential with equal investment in both marketing and sales vital for any business.
Myth: Marketing is Only About Sales and Promotion
Reality: Marketing encompasses various activities beyond sales and promotion. It includes market research, branding, customer relationship management, and product development. Building a strong brand identity, understanding customer needs, and fostering relationships are vital aspects of marketing that contribute to long-term success for SMEs. In many businesses sadly it is often a case of marketing vs sales, but in reality, they should be a team and complimentary to each other in their activity.
Sales need the right systems, processes and team to convert leads from marketing and marketing needs sales to convert leads effectively and efficiently. One cant operate without the other and each has their place in a business. These days many progressive businesses are encouraging them to work more closely together and even in some cases merge into a single marketing and sales team.
Another part of this myth is that marketing is only advertising, by now if you have explored any other areas of our website and blog you will know there is so much more to marketing and advertising is only a tiny part of it, of which we rarely speak of.
Myth: Social Media Marketing is Only for B2C Businesses
Reality: While social media platforms are often associated with consumer-focused businesses, they also offer valuable opportunities for B2B companies. Platforms like LinkedIn provide a professional environment for networking, lead generation, and industry thought leadership. SMEs can leverage social media to showcase expertise, engage with their audience, and build credibility regardless of their target market.
The landscape of social media is constantly changing and with it the users, their demographics and their uses. Many small to medium sized businesses will achieve brilliant results from social media both organically and through paid ads. Even businesses with multi million turnovers use social media as part of their B2B strategic marketing plans.
Myth: Marketing Results Are Immediate
Reality: Effective marketing strategies require time to yield significant results. Building brand awareness, establishing credibility, and nurturing customer relationships are processes that take time and consistent effort. It’s essential for SMEs to set realistic expectations and understand that marketing is a long-term investment in the growth and success of their business.
Although optimised PPC campaigns can provide fairly quick results in some cases a SEO campaign is a vital long term activity. It takes time to build a brand, grow a following and develop an email list. Remember patience is a virtue and the greatest rewards come to those that wait!
Your Myths Conclusion
By dispelling these myths and adopting a strategic approach to marketing, SMEs in the UK can better navigate the challenges and opportunities in today’s competitive landscape. Embracing cost-effective tactics, focusing on target audience engagement, and understanding the holistic nature of marketing can help SMEs maximize their resources and achieve sustainable growth. Finally remembering that marketing is an investment, and not a cost is vital. In many cases there are no magic wands or overnight successes, so marketing needs to be a constant activity and a long-term investment rather than a roller coaster stop-and-start, hit-and-miss wishful dream of instant success!
If you still have questions about marketing myths you may have heard or how we can potentially support you and your business to overcome your marketing struggles then reach out to us today and speak to us about our marketing audits, strategic action plans and marketing management services! Marketing doesn’t need to be full of mystery or the unknown, we are happy to explain things, answer your questions and lead you through the maze of myths that can be dispelled!
Over the last thirty years Elizabeth has start up and run a number of successful businesses in a variety of industries including events management, restaurant, webdesign, business training and gardening! This has led to extensive knowledge of business startup, management and marketing.
She is also a qualified and experienced business and life coach with a passion for supporting small business owners. In addition to all of this she is an experienced and qualified further education lecturer, having taught face to face courses and workshops across England, as well as a range of online courses in a range of business and marketing topics .