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:

1. It's too expensive
2. It doesn't work
3. 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