If your marketing decisions are based on certain misconceptions
, you are bound to lose sales.
Myth 1: You get more customers if your prices are cheap.
This is not at all true. There are people who buy where they get the cheapest price. However, majority of the people these days prefer cost-effective shopping. Check out some economical ways to boost the value of your product and service. You can then think about test raising your price. This will enhance your sales and profit margin.
Myth 2: If you offer more options to your customers, it will increase your sales.
If your customers have too many options to choose from, it is likely to decrease your sales. Your customers will be confused regarding what to buy and ultimately you lose a sale. As a solution to this, limit your customers decision to whether they will buy or not. Dont give them many varieties which would threaten your sales.
Myth 3: My product/service is needed by everyone.
This is simply what you think. Your customers dont think the same. Majority of them are not willing to spend their hard-earned money on your product. Dont take it for granted that your product/service will be able to attract huge crowds of paying customers. Developing an effective business is sheer hard work most of which should be used in looking for customers. Define your niche markets so that your product/service can serve a unique need of your customers.
Myth 4: Constantly change your advertising so that your sales dont decline.
Keep your advertising updated by spending a specific amount of budget to promoting your products and testing new ventures. If you market according to these four myths, you will surely end up losing sales. Employ the right marketing tips and you will surely see your business soar.