5 Marketing Myths That Are Costing You Money

Do you ever wonder if you're spending too much on marketing? Marketing can be a huge part of any business's budget, but it doesn't have to be. Today we're going to cover the five marketing myths that may be costing you money where it doesn't have to.

Marketing myth number one: you need a big budget. Not true these days. Sometimes a thousand-dollar marketing budget can be way more effective than a ten-thousand-dollar or even a hundred-thousand-dollar budget. Corporations spend millions on marketing, but their marketing is not as effective anymore because of the trust crisis we find ourselves in. Your customers and prospects trust real and authentic way more than they trust polished, professional, and perfect. If you're spending more money to have perfect ads and perfect videos and perfect everything, you may be wasting a lot of money when all you need is your iPhone and something interesting to say.

Myth number two: you have to be on all the platforms because more is better. Also not true. Being consistent on one platform, maybe two, is far more important than being everywhere and having it be patchy. Your customers today are going to notice consistency. It is better to post once a week on one platform than to post daily on every single platform if the content is meaningless. Better to have a plan and really think through what your customers are wanting and needing — what's keeping them up at night — than to just post for posting's sake.

The tire commercial example: during the 2021 Super Bowl there was a tire commercial boasting about how you could order tires from your phone and get them installed from your couch. The guy on the couch was a regular-looking person, not a model. For 2021, that was pretty good. But today, that falls flat. Corporate is still trying to relate to your prospects in a way you already can — naturally, authentically, for free. Talking to the camera like you're talking to a friend is worth more than a $10,000 ad.

Myth number three: you have to look professional. Professionalism in its truest sense is dead when it comes to marketing, because the polished, the perfect does not work as well. That's big brands' sandbox, and it's all they can do — so they keep throwing money at it. But they can't just be real. They hire influencers to do that, and even the influencers have to say “this is a paid ad,” which creates doubt. You have something they don't: genuine trust that can be built easily, without a lot of money, if you give up the veneer of professionalism. It doesn't mean profanity and cocktails — unless that's your brand. It means letting down your guard.

Myth number four: discounts attract loyal customers. What you're going to attract with discount-first marketing is discount customers — people who will always expect a discount and wait for the next one. CVS has trained its shoppers to never pay full price because deals cycle constantly. Kohl's did the same thing to me. Don't be the discount brand unless you can truly compete with Amazon and Walmart on price. Attract your customers based on trust, integrity, and being real. Then, only after they're your customer, think about discounts — sparingly and with context.

Myth number five: you need an agency to do your marketing. If you are a small business — solopreneur, mom and pop, under 20 employees — you do not need an agency. Instead of paying thousands of dollars a month for them to automate with a little creativity, outsource it to AI. If you're not comfortable with AI yourself, find someone who is and pay them far less than an agency to set it up for you. Once it's set up, it is practically set-it-and-forget-it. Train it once in your business, your voice, your brand, your goals, your exact right customer — then update it if you change your model.

Those are the five marketing myths it's time to reconsider, because they may be costing you thousands of dollars you can repurpose into something far more important. Whether you're trying to save money to help your customers afford your products or services right now, or wanting to cut spend so you can invest more elsewhere — look at how you're overpaying. Consider your comfort level and what you can reach beyond. Thanks for listening.