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10 Common Marketing Myths
04-Jun-2009
This Growth tip was inspired by the book “Ready, Blame, Fire!” by Ira Blumenthal, a branding expert who has worked with Coca-Cola, Adidas, Nestlé, McDonald’s, Disney, Exxon, and Wal-Mart.
Here is a summary of 10 common marketing myths dispelled in the book, with our comments:
Myth 1: The future is out of our control.
Peter Drucker, the father of modern management stated, “The best way to predict the future is to create it.”
Myth 2: Follow the leader.
Learn from others, but don’t be a “me too” company or you are destined for mediocrity. Become a leader yourself by creating and owning your own category within your industry.
Myth 3: Bigger means better.
Big often beats little. But big companies can also be inflexible, clumsy, and short sighted - as we have seen with recent big company failures. The only place where “big” matters is in customer satisfaction and referral.
Myth 4: Good fences make good neighbors.
Only if you view the world around you as an enemy. Tear down fences by forming strategic alliances that benefit all parties – suppliers, customers, and even other competitors.
Myth 5: When in doubt, go back to basics.
Doing more of the same, can mean doing more of what got you into this mess in the first place. All strategies and innovations have a finite life span. Continuous innovation is the best option.
Myth 6: Business is complex; therefore solutions are never easy.
There are only two activities in business - selling what customers really value, and supporting the selling.
Myth 7: Having the lowest price is the way to win.
A price war with your competitors is a brain dead race to the bottom. Be innovative and create more value in the customer’s eyes in order to justify higher prices.
Myth 8: Watch the competition closely.
Monitor the moves of your competitors, but if you’re always watching your back, you’re not looking forward. Focus on your winning strategy, and force the competition to watch your back as you speed ahead.
Myth 9: The best offense is a good defense.
You will never win any game unless you focus on scoring. As General George Patton stated, “Fixed fortifications are a monument to the stupidity of man. Nobody ever defended anything successfully, there is only attack and attack and attack some more.”
Myth 10: Play it safe.
Doing nothing has its own risks. Innovation and action require courage, but hold the greatest potential for rewards. “You can’t steal second base with your foot stuck on first”
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