Phone: 770-887-1462 Free Newsletter Signup

Rob Eagar

Marketing expertise to spread your message like wildfire.

  • Start Here
  • About
  • Books
    • The Author’s Guide to Marketing Books on Amazon
    • The Author’s Guide to Email Marketing
    • The Author’s Guide to Media Interviews
    • The Author’s Guide to Write Text That Sells Books
  • Coaching
    • Book Marketing Master Class
    • Private Author Coaching Sessions
    • Amazon Book Description Service
    • Media Interview Training
    • Concierge Book Launch Consulting
  • Clients
    • Testimonials
    • Bestseller Case Studies
    • Client List
  • e-Courses
    • Mastering Amazon for Authors
    • Sell Books on a Shoestring Budget
  • Free Tips
    • Articles and Hot Tips for Authors
    • Blog
    • Newsletter Archive
  • Contact

Feb 16 2016

Top 10 Myths Marketing Executives Believe

Marketing-MythsThe business world is full of myths, untested theories, fads, and outdated ideas. Below are 10 common marketing misconceptions. If you believe any of these myths, they could hold back the sales growth of your company:

1. Myth: Heavy buyers are more important for sales growth than light buyers.
Truth: The best way to grow sales is to attract more light buyers.

2. Myth: Clever advertising is the best advertising.
Truth: Effective ads always show a brand’s distinctive assets. Cleverness is a bonus.

3. Myth: Social media marketing trumps email marketing.
Truth: Email is 40X better at acquiring customers than all social media combined.

4. Myth: TV advertising is dead and too expensive.
Truth: TV still draws the widest audience and ads only cost around $.02 per person.

5. Myth: Social media is great because it’s free.
Truth: Facebook users must pay money to reach 80% of their own audience.

6. Myth: Cross-selling to current customers is the fastest way to grow revenue.
Truth: Cross-selling is hard because customer loyalty is lower than marketers think.

7. Myth: Giving away free content will cannibalize sales.
Truth: Offering free content is a low-cost effective way to gain new customers.

8. Myth: It costs 5X more to acquire new customers than selling to existing customers.
Truth: Focusing on customer retention over acquisition will destroy a brand’s growth.

9. Myth: Heavy buyers spread the more word-of-mouth than light buyers.
Truth: More of word-of-mouth comes from enthusiastic new buyers, not old buyers.

10. Myth: Wildfire Marketing only works with authors.
Truth: Wildfire Marketing currently consults with $100+ million corporations, large non-profits, major publishing houses, and top-tier authors to help grow their revenue.

May the truth set you free!

 

For research and further reading:
Myths 1,2,4,6,8,9 – How Brands Grow by Dr. Byron Sharp
Myth 3 – McKinsey Consulting
Myth 5 – Facebook
Myth 7 – O’Reilly Media

 

Myth image courtesy of Stuart Miles at FreeDigitalPhotos.net

 

Written by Rob Eagar · Categorized: Marketing Tips, Monday Morning Marketing Tips

About Rob Eagar

Rob Eagar is the founder of WildFire Marketing, a consulting practice that helps authors and publishers sell more books and spread their message like wildfire. He is one of the rare consultants to help both fiction and nonfiction books hit The New York Times bestsellers list. Rob has consulted with numerous publishers and trained over 1,000 authors. He is the creator of The Author's Guide Series, a comprehensive collection of resources that teaches authors how to sell more books. Find out more at: WildFire Marketing and follow Rob on Twitter.

Comments

  1. Ron Tracy says

    February 17, 2016 at 11:36 am

    Nice list Rob. However, I believe that Myth #8 is actually true – it is more expensive to acquire new customers. While you are correct in saying that acquisition is essential to growth, it’s an expensive alternative to ignoring customer retention. Balancing the two – retention and acquisition – is what separates the pros from the amateurs.

    • Rob Eagar says

      February 17, 2016 at 11:50 am

      Hi Ron,

      Thanks for your comment. Based on recent research I’ve seen from the Ehrenberg-Bass Institute (the world’s largest marketing science center), #8 is actually a myth. On the surface, it may seem more expensive to acquire new customers versus selling to existing customers. However, that mindset leads companies and marketers to focus on customer retention, rather than new customer acquisition. When companies prioritize retention over acquisition, sales growth has been proven to decline, which costs the company more money long-term. Therefore, the belief that it’s cheaper to focus on existing customers is a myth.

      For a detailed explanation on this issue, read Chapter 3 in “How Brands Grow” by Dr. Byron Sharp.

      Best,

      Rob

Publishing Predictions for 2023

January 1, 2023 Posted by Rob Eagar

As we enter 2023, let’s look ahead to the major issues that will affect authors and publishers. Here are five predictions that deserve your attention…

Continue Reading »

Book Marketing Master Class
  • About
  • Books
  • Consulting
  • Free Tips
  • Blog
  • Newsletter Signup
  • Contact
  • Privacy Policy
  • Site Map

© 2023 WildFire Marketing

Website by Wildfire Marketing