The Importance of Marketing | #005

 


As important as marketing is, it's not given the full credit it
deserves.


A solid marketing strategy should always form the foundation of
any marketing decision, campaign, tactic or idea. 


 


This episode of the Modern Marketing podcast discusses


Why marketing is the single most important element in
business success

3 major marketing myths

The difference between bad marketing and good marketing

How to get incredible results using the right strategies
 



[02:40] Why is marketing so
important?


 


It doesn't matter how good your product or service is if nobody
knows you exist. 


So why do so many businesses write off marketing as a waste of
time and money?


The mistaken belief in 1 of 3 things:


 
It's too expensive It doesn't work It's too complicated

 


[04:04] Marketing Myth #1: It's Too
Expensive


Bad marketing is an expense. 


Good marketing is an investment with a powerful
return-on-investment,


increased market share, improved brand perception, and happier
customers. 


Many online advertising options are currently 99% cheaper than
traditional methods and reach the same number of people or
more. 


 


Decide which resource you have more of to invest: time or
money


Less expensive marketing options entail more of your own time
making them work. 


Investing more money in your marketing saves you the time.


 


"Effectiveness should always take precedence over price.


Look for value and return on investment"


 


[06:38] Marketing Myth #2: It Doesn't Work


People form this impression as a result of a bad experience with
marketing. 


Marketing doesn't work if it's poorly planned or lacks a
strategy.


 


Good marketing works! 


Connects business to customers, and customers to businesses.

Answers: Does everyone who could buy from you know you exist?



 


It's not marketing that doesn't work but rather the
individual tactics or strategies employed that didn't deliver
your desired results.


 


"Marketing overall is really just communicating value to your
customers"


It always works.


 


Create a winning marketing campaign by focusing on
strategy first, tactics second. 


 


[08:18] Marketing Myth #3: It's Too
Complicated 


 


Marketing is seemingly over-complicated largely in part by
excitement over the latest fancy software, programs or
systems. 


Reality:


 "A simple and strategic plan executed regularly will beat a
poorly planned or inconsistently executed strategy all day, every
day."


 


Really stick with the basics and with foundational
marketing strategies and principles.


You can find more information on how to do this in Modern
Marketing’s previous podcast episodes: 



Episode #2 talks about getting to know your target audience by
building a customer avatar. This is the first step
in designing a simple but consistent marketing
strategy.


Episode #1 discusses how respecting the market enables you to
choose the right marketing strategy for you, your business, and
your message. 


 


Start with the basics by 



identifying your customer


finding out where they're spending their time
online


getting your message in front of them