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WEBSITE MARKETING

4 Marketing Myths Threaten Your Sales
By: Developer Shed
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    2004-08-06

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    4 Marketing Myths Threaten Your Sales
    by Bob Leduc

    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. Don't 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. 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 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. You'll 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 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. But you can use different (and cheaper)
    advertising 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 have not
    seen it yet ...and those who have usually need to see it
    numerous times before they will 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 4 marketing myths. They're 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.

    Bob Leduc spent 20 years helping businesses like yours find
    new customers and increase sales. He just released a New
    Edition of his manual, How To Build Your Small Business Fast
    With Simple Postcards ...and launched *BizTips from Bob*, a
    newsletter to help small businesses grow and prosper. You'll
    find his low-cost marketing methods at: http://BobLeduc.com
    or call: 702-658-1707 After 10 AM Pacific Time/Las Vegas, NV

    DISCLAIMER: The content provided in this article is not warranted or guaranteed by Developer Shed, Inc. The content provided is intended for entertainment and/or educational purposes in order to introduce to the reader key ideas, concepts, and/or product reviews. As such it is incumbent upon the reader to employ real-world tactics for security and implementation of best practices. We are not liable for any negative consequences that may result from implementing any information covered in our articles or tutorials. If this is a hardware review, it is not recommended to open and/or modify your hardware.

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