4 Marketing Myths Holding Back Your Sales Growth | EP.63 | Business Podcast
Summary
Sometimes we hear a marketing idea or approach so many times that we take it as fact and don’t challenge it.
Then we follow it and in the process miss out on making sales that could be growing our revenue and as importantly our profits.
You’re likely following at least two if not all of these marketing myths and they’re holding back your sales growth. Listen in and get the real story.
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Hello, friends. Welcome to the show. Today we’ve got four marketing Miss that air, threatening your sales. I’ve made all four of these mistakes and we’re gonna talk about it so that you don’t make them and you can increase your sales. Let’s not waste one second. Let’s get to it or marketing Miss that, Threaten your sales.
A light marketings, always. Ah, hot topic. And I think I’ve made about every mistake in the book Wasted tons of money and got a lot of scars on my back. Unfortunately, so I got four miss for marketing this that threatened your sales number one. People always buy where they could get the cheapest price. And when we sell online, there’s always this tendency to think that users or customers are going to go to the lowest price and we lower our price and we wind up in this race to the bottom losing money. And then we wonder what happened. And we get scared because maybe we’re not getting results as fast as we want. Orosz fast. Aziz, we expected I was talking to a student yesterday evening in one of our coaching sessions and he said to me, Well, I tried that 10 times and I just wasn’t getting traction.
And I said 10 times Think about it. 10 times isn’t a lot now that’s a separate topic. But my point is is that we start. We don’t see the attraction, we get scared. And then we alter our strategy. And when we’re pricing things on the Internet, it’s usually we think the first thing lower our price, lower our price, they’ll come. We don’t wanna lower our price if we’re offering a valued product, especially if we’re building a brand, whether that’s a product or service company, whatever that is, we want to build a brand that commands a premium price. One quote that I’ve always kept and I have ah, note that has the top quotes that I always keep in front of me. To think about things is sort of bring me back to the right direction, if you will. And it’s by Frank Price, who was the founder of Birthday University of all Things And, he said, satisfied guests touched by positive emotions who leave with long lasting memories. Never ask how much it costs, and you can replace that with satisfied customers touched by positive emotion or experience who have a memory, what they did with you.
Never asked how much it costs. So you have to remember that. So don’t don’t get caught into this trap of race to the bottom. Myth. Number two. Offering your customers MAWR options will increase your sales. It won’t There’s been many, many studies out there. One that you you may have heard of is the one with pretty famous barbecue sauce experiment where psychologists offered three options in one booth, that was, uh, Sunday or Saturday sale that they have in a local town type thing. And then they had another booth where they offer, like, 12 options. I think it was seven, but it was maybe there was 12 or 15. And and it turns out that having too many choices paralyzes humans. It paralyzes. You have too many choices. You like overwhelmed. But if you have three becomes much easier if you only have to even easier if you have one even easier. But we get scared because we say, Well, we’re not gonna be able to appeal to everybody.
Some people want a green shirt and I’m using that example because that was something that we struggled my brother and I struggle with when we were building our clothing brand for sport fishermen. And ultimately, we only we decided that we’re gonna offer two color shirts, a blue and a light khaki. That was it. And it was because those were the most used colors. No, we didn’t. Some people who said that they only wanted to redshirt. We missed out on, but it was easy. And that’s what you’re trying to do. You’re making it easy. Humans get paralyzed when they have too many options. Not only that, but you also wind up with usually a garage full or a warehouse full of inventory. So while you may have made a profit on the ones that you sold, you actually net net lost because you couldn’t sell all of your inventory. So resist the urge to offer tons of options and just narrow it down to two or three. Now, I know that some of you listening will say, Well, Brandon, my industry doesn’t do that. I sell nuts and bolts and you gotta have okay, but in general, there are more often than not, places where you are offering too many options. So narrow it down, make your life. You make your life easier to manage your business and make the consumers decision easy to buy from you. Number three. Everybody needs your product or service. That’s what all of us as Entrepreneurs Day. But it’s not true.
That’s why when we build our business plan, we don’t say that we’re going to get 1% of the $50 billion sportfishing market, or 1% of the $30 billion automotive park market, or 300.5% of the apparel market. That’s not the way it works. Not everybody wants your product, and that’s okay. What’s important is is that we have segmented down to the niche that we’re going to address, and we’re gonna own that. We’re gonna build a good sized business. And use that as are launching point to either expand our product line and or expand our audience. So not everybody needs your product. And make sure that your customer target is very, very specific. Myth number four. Keep changing your advertising or my sales will decline. I should. We just had this conversation with our build. A business adds that we run on Facebook for our lead magnets. And the common thought is, Hey, you’re gonna get burned out. We’re gonna get burnt out with this ad. We we have a few ads across different platforms Instagram, Facebook and some other places, and we have one that that works. It converts really high. It converts insanely high for a lead magnet. I mean, really, really cheap sense sense for someone to give us their email phone number to get on our email list or our text list, and it’s pretty insane now. Our offer is really good. Our offers really good. But the ad is hooking. People are copy is hooking people and it’s converting, and conventional wisdom out there says, Well, you got to change your AG and we’re having a conversation.
We got into this conversation like We gotta change your head and I stopped for a minute on, and I was like, Why do we need to change an ad that’s working insanely well, We’re using that add to get new customers. New customers aren’t getting burned out if they see it seven times they didn’t click on, it wasn’t for them, but we know it. Z converting the landing page converts it 80% plus once they’ve collect. Like I said, the offer is really good. The offer is a 40 plus page e book. I mean, it’s informative and it’s free. Having said that, the image and the text and the copy works and you’re not going to get burned out on new customers and the customers once they’re in, they’re gonna see different ads because we’re not going to serve that ad. So I don’t know. I can’t explain why that happens.
It must be that we think is humans, that we’ve exhausted the market. And maybe if your market is really that small that initially maybe you do exhaust it, you burn out and add. But I like to think of our marketing in different sections. So we have this acquisition section where they’ve never seen the ad. They don’t know about our brand, they don’t know anything. And if the ad converts, I’m not going to kill it. Because of that, I’m going to keep serving it to new people, and we’re gonna serve ads that to our existing customers that we want to either buy from us again or Upsell into an existing up cell a ad or a additional accessory onto what they already have. We’re going to serve those different ads, and we’re gonna make sure that they don’t see that initial acquisition at.
And if they see the initial acquisition out, of course not gonna. They’ve already converted. So don’t get caught up in this thing where if if you have something that’s working, you feel like you’re gonna burn an audience out, understand what ad is for what segment of your advertising pipeline. And if something’s working, don’t stop using it, I would argue, invest more in it and keep putting more money into it. That’s what we’re doing, and we keep getting more leads, and they actually keep getting cheaper because the algorithms learn and were able to see the audience that’s responding and it becomes a self licking ice cream.
Come for us to do that, and you could do the exact same thing. But again, I don’t get caught up into this. Oh, well, they’re going to get burned out. New customer acquisition to get burned out. What we get burned out is if, in the second stage of your sales process, let’s say you were up selling an accessory onto a telescope. I got that in mind because way my wife and I got me a really cool telescope to look at the sky at night and there’s accessory and they Upsell, you write. It would be crazy if they kept giving me the offer, and I just I didn’t do it and they quit. Then you might change your ad because I’m already a customer and I’m going to try new things. But if you have something that’s working in general, don’t don’t quit using it. Don’t fall into that trap. I’ve fallen into that trap and missed tremendous opportunities that we could have otherwise had so quick. Review of the four Miss that you don’t want to fall for. People always buy where they get the cheapest price. Not true.
With number two offering your customers, many options will boost your sales. Not true. Everybody needs my product or service. Not true. Get your niche and myth. Number four. Keep changing your advertising Sales will decline. Not true. Understand your different stages of your sales and use those ads appropriately, and the ones that working keep investing in. That’s all we got for today, folks. good luck and thank you, friends, for tuning into the show. If you enjoyed this episode, please rate review. We want to hear from you and subscribe. So you don’t miss any of our weekly episodes until the next time. Remember, you are just one business plan away. I’m rooting for your success. We’ll see you soon.
