Marketing News: 3 marketing myths to bust for SMEs

So what common myths are rife among SMEs and need to be debunked?

Myth no.1 – I need to reach a large audience
In today’s data-driven environment, prospective customers and clients expect to receive communications that reflect their unique and specific needs, tastes and requirements. They expect brands to understand what makes them tick and engage with them in a very personal way.

This simply isn’t possible if you focus on reaching a mass audience, as this approach demands a more general message. As a result, you might not be able to say much of what could make potential customers take notice. Furthermore, a mass marketing campaign might not necessarily reach the kind of person you’re looking to target, and therefore go to waste.

That’s counterproductive for any business, but especially so for an SME with a limited budget. With that in mind, you need to adopt a more targeted approach, so you can be sure you are putting resources into engaging with the right people via the right channels – and those with specific pain points you are in a position to address.

Myth no.2 – My current marketing strategy is working – why change it?
It’s very easy for organisations to get stuck in a certain way of doing things, particularly if you’re an SME with a modest marketing budget. But as computer programming pioneer Rear Admiral Grace Hopper once said: “The most dangerous phrase in our language is we’ve always done it this way.”

Refusing to adapt means you’ll be standing still at a time when your competitors are pushing ahead. You may have processes in place that have historically worked very well, but are they the best possible approach in the here and now? After all, customer tastes, preferences and priorities are changing all the time, as is technology and the wider operating environment. You therefore need to be outward-looking and open-minded, so you can find out what is going on in your wider industry, learn from it and see what improvements you can make. Otherwise, you risk becoming irrelevant and outdated in the eyes of your target audience.

Myth no.3 – It’s easy to attract customers on social media
In recent years, social media has been hailed as a great leveller for SMEs, as it offers a very affordable way for them to boost their brand visibility and compete with larger rivals. But simply having a pages on Facebook, Twitter and Instagram isn’t enough. As with any marketing platform, you need to be using them effectively and putting the right amount of time and resource into it.

As a result, you need to be selective with what you post, rather than post for the sake of it, or you won’t be seen as a brand that has anything worth saying. Posting regularly might seem a good way to keep your name at the top of people’s timelines, but if you post too much, they might switch off and stop noticing, so be careful to find the right balance.

At the same time, analyse the metrics to establish what kind of posts are getting the best engagement and act on what you learn to drive better performances in the future. And don’t forget that many people follow brands on social media expecting a certain level of interaction, so reply to people’s comments, or even design posts to actively stimulate a conversation that you can be part of. It could be an invaluable way to boost online visibility and learn more about your customers.

Understanding the need to market a venture and not be swayed by common misconceptions could be crucial for future success. So it’s best you don’t let myths and hearsay stop you doing what needs to be done!