The top 5 B2B marketing myths you shouldn't buy into
If you listen to the experts, there are a lot of rules in marketing that should never be broken; however, the traditional marketing environment of yesteryear is no longer. The industry has changed and its time to debunk some of these long-standing marketing myths.
Myth #1: You need a big budget to make a big impact.
Some of the most outstanding marketing examples originate from small companies with even smaller marketing budgets. Look at Dollar Shave Club, for example, a California razor delivery startup that was able to successfully rival Gillette by leveraging their shoestring marketing budget into a viral video. The video was a hit with their predominately male target audience and netted the company more than 12,000 orders within just 48 hours of the video being posted online.
Truth: Budgetary limitations can be stressful, but they force marketing professionals to be more resourceful, strategic and imaginative. A large marketing budget isn't necessarily a requirement for a high-impact marketing campaign.
Myth #2: The bigger the agency, the better the support.
OK sure, smaller agencies are, yes, small. But thanks to a unique combination of culture and flexibility, they can respond to market demands and client needs in a nimble manner. With a smaller agency, you can expect a faster turnaround, deeper insights and a greater willingness to take risks. There are fewer internal hoops to jump through and more opportunities to work in a collaborative manner. Oftentimes, bigger agencies can equate to more account managers and more inefficiencies costing the client both time and money.
Truth: Smaller agencies can provide deep insights, close collaboration and budget advantages.
Myth #3: Never violate brand standards.
Face it, at some point a brand can get stale, and sometimes the best way to freshen things up is by being a bit rebellious. Consider BMW's groundbreaking short film "The Hire" and the ensuing series. The campaign deviated greatly from typical automotive commercials, featuring action star Clive Owen and forcing the actual BMW to take a backseat. The car was shown being trashed and destroyed – a bold choice for a luxury car brand like BMW; however, the video series brought BMW critical acclaim and still stands in our book as one of the greatest advertising campaigns of all time.
Truth: Bending brand standards from time to time can create a little buzz around your brand – just don't make it the norm.
Myth #4: Universal marketing metrics are always insightful
The internet is a great resource for finding benchmark metrics for marketing activities, but it can also get you into a lot of trouble. Arbitrary industry performance standards can be very one-sided when not breaking down performance goals by campaign or content types. For example, if the goal of a campaign is lead generation, click-through rate (CTR) is not terribly helpful. Rather, conversion rates (CVR) – also called form fill completions – is the metric that should be valued here. By comparison, if the goal of a campaign is brand awareness, total reach (or impressions) would likely be the most telling metric of the campaign's success.
Truth: Take a deep dive into your own operations and figure out what customer actions help reach your goals and how to analyze these factors with corresponding metrics.
Myth #5: Work-life balance does not exist for agencies.
Work-life balance – is that even a thing for creatives? No one wants to regularly log 60 hours a week, especially considering that the average worker is productive for only about 3 hours of the workday anyways! But as with any job, there are times when you'll have to stay late and put in a few more hours than usual. Scheduling and prioritizing are your best friends. Not everything on your plate is urgent; set clear and manageable deadlines so you don't find yourself burnt out by the end of the workweek.
Truth: Your work-life balance is what you make of it. Know your limits from both a productivity and mental health standpoint and stick to them.