Top 5 Online Marketing Myths
Jumping into online marketing with unrealistic expectations or a misunderstanding of what is required to position yourself for success is a surefire way to waste both time and money. So, I put together the top 5 online marketing myths and misconceptions that I’ve heard from friends and clients:
Online Marketing Myth #1:
My product is so good, I don’t need marketing
This is probably the #1 online marketing myth that many business owners and entrepreneurs still believe. “All I need to do is post my idea on social media, and it’s definitely going to go viral!” While the internet offers a great and (sometimes) inexpensive medium to get the word out about your company to a potentially large audience, you’re competing with the millions of other companies and websites all vying for attention, mind-share, and wallet-share. So while it absolutely helps to have an exceptional product/service and can even be critical to the long term success of your business, you still need to get the word out and then convert visitors into customers once they are at your site. Apple spent millions (and later billions) advertising the iPhone even though it was a game-changing product. And while it’s great to have viral, easily share-able elements in your marketing, the expectation of your business going viral, or even a reliance on that happening is simply not a marketing plan.
Online Marketing Myth #2:
People will buy my product because it’s cheaper than the competition
First, people have to actually know you exist. Offering a cheaper price than your big name competition doesn’t do any good if no one knows about you. Some of the products I offered through my sites were cheaper than what Amazon.com sold them for. Yet Amazon probably sold 10 times the amount of that product than my company did, because Amazon has far more customers and greater awareness. Cheap prices don’t automatically translate into massive word of mouth, PR and market share. You still have to create awareness using fundamental online marketing tactics and still have to convey a sense of trust and value that goes beyond just offering similar features to a competitor at a lower price. Incidentally, it’s wise to consider if can you still offer such low pricing once you factor in the time and expense associated with creating awareness for your site.
Second, the problem with focusing on price is that it leads to you getting the type of customer you’re asking for: price shoppers. [Tweet “Focusing on price gets you the type of customer you’re asking for: price shoppers.”] Alex Turbull from Groove (a customer service SAAS product) puts it well:
[Price shoppers are] higher maintenance, far less loyal, and gone at the drop of a hat when a cheaper option comes along. Plus, if you try to compete for customers on price, a bigger player can always lower their prices to bleed you out of business. We learned that we had to compete on other differentiators. Ones that actually made people want to do business with us because we were the best choice for them, not because we were the cheapest. We needed customers who were motivated by more than price.
Tony Hsieh, founder and CEO of Zappos.com has said the same and even stopped offering to price match competitors for these same reasons.
Online Marketing Myth #3:
I want the most traffic possible to my website
There is a big difference between attracting traffic and the right kind of traffic. Getting 100 highly qualified prospects to your website of which 15 become leads or customers is better than 1000 visitors of which 10 become leads or customers. The online marketing myth that says your goal should be to get as many eyeballs as possible on your site is simply not accurate. That’s likely to be expensive and ultimately unproductive. You goal is to create content that has value and appeals to your target audience to attract them to your site and to focus on marketing through channels that you believe will produce relevant prospects.
Online Marketing Myth #4:
I created a great site, so my work is done
You’ve hired great designers to create a beautiful website. Spent hours coming up with the copy for each page. It’s gone live and your friends and employees you showed it to think it looks great. You’re all set, right? Not even close. If you aren’t expecting to have to consistently create great content and find ways to engage your customer through a variety of channels outside of your site to build an audience, your investment in your attractive new site could be for nothing. It’s a lengthy, time consuming process to start generating meaningful traffic. Make sure you have allocated the time and budget to execute an ongoing online marketing plan. Your great new site will hopefully help convert those visitors into leads and customers, but even the site itself is always a work in progress.
Online Marketing Myth #5:
I don’t sell products online, so I don’t really need to do internet marketing
At the very least have a presence on the web so that customers, business partners and even potential employees can quickly and easily find out more about your business and the products or services you offer. Ensuring that your presence accurately and reflects your brand can help your business build a relationship with your customers that extends offline. Furthermore, it makes your brand more memorable next time they are in the market for your product or service or passing by your location. Even using your site for non-transactional purposes such as to generate leads or cultivate a mailing list allows you to locate customers online and drive them to your offline business. Finding new customers and engaging existing customers through online channels even for an offline business is critical to the success and growth of your business.
What others can you think of? Be sure to leave it in the comments!