Lights. Camera. Cue the dramatic music. Welcome to Marketing Mythbusters, where we dive headfirst into the murky world of marketing misconceptions, armed with logic, evidence, and just the right amount of cheek. Forget explosions and slow-motion replays – our mission is to blow apart those “truths” that everyone seems to accept without question.
Today, we’re tackling six of the most persistent marketing myths out there. They’re the sneaky villains of branding boardrooms, whispered at networking events, and slapped onto PowerPoint presentations as if they were gospel. But are they really based on fact, or have they just lingered in the zeitgeist for so long that no one dares challenge them?
Put on your metaphorical lab coats and safety goggles (for dramatic effect, of course) – it’s time to sort the reality from the fiction.
Let’s bust some marketing myths.
Myth 1: The Rule of Seven
Ah, the Rule of Seven. It sounds so precise, doesn’t it? Seven exposures, and – bam! – you’ve got a sale. This one comes courtesy of the 1930s movie industry, which believed it took seven viewings of a poster to sell a ticket. Romantic, in a way. But in today’s world of scrolling, swiping, and binge-watching? It’s not that simple.
Some studies suggest that one powerful, well-timed interaction can seal the deal. Others claim you’ll need dozens – or even thousands – of “touches” before someone commits. The truth is, there’s no magic number. Focus less on counting exposures and more on making each interaction memorable, meaningful, and uniquely yours. Quality over quantity wins every time.
Myth 2: Keeping Customers Is 5X Cheaper Than Getting New Ones
This little nugget comes from a 1979 car industry study in the US, and it’s been repeated so often it feels like it’s engraved on the marketing commandments. Sure, customer retention is important, but the “five times cheaper” rule isn’t universal.
Retention and acquisition costs vary wildly depending on your industry, audience, and goals. What might work for a coffee subscription service won’t necessarily apply to, say, a boutique architecture firm. Instead of clinging to ratios, crunch your own numbers. Knowing what works for you is far more valuable than following someone else’s decades-old formula.
Myth 3: Word of Mouth Ratios
Happy customers tell three to five people about their experience, while unhappy ones supposedly vent to nine to 15. Sounds neat and terrifying, right? Coca-Cola came up with these numbers in the ’80s, but as with most myths, the reality is far more complex.
Some customers won’t shut up about their positive experience, while others keep quiet even if they’re delighted. And sure, a scorned customer might take to the streets (or the socials), but not everyone has the energy for a rant. The lesson here? Focus on creating great experiences and preventing disasters, and don’t rely on word of mouth as your sole growth strategy. It’s unpredictable, untrackable, and impossible to control. Great as a cherry on top – not so great as the entire sundae.
Myth 4: The 95:5 Rule
This idea, attributed to John Dawes, suggests that only 5% of your market is ready to buy right now, while the other 95% are happily chilling out of the market. It’s a helpful mental shortcut but not a hard-and-fast rule. Even Dawes himself admitted it’s more of a guide than a law.
What’s the takeaway? Don’t burn all your energy chasing that 5%. A strong marketing strategy builds long-term trust and keeps your brand front of mind so that when people are ready to buy, you’re their first choice. Play the long game – it’s worth it.
Myth 5: People Buy “Why,” Not “What”
Simon Sinek fans, cover your ears. This myth tells us people buy into your “why” (your mission, vision, or purpose) rather than your actual product. It sounds beautiful, doesn’t it? But in reality, most of us buy things because they solve a problem. Plain and simple.
That doesn’t mean your “why” isn’t important – it can differentiate your brand and give customers a warm, fuzzy feeling. But only if it’s authentic and ties back to what people actually need. A purpose for the sake of purpose? That’s just virtue signalling. And nobody’s buying that.
Myth 6: 5% Retention Increase = 75% Profit Boost
Here’s another one that’s been doing the rounds for decades. Improving retention by 5% will boost profits by 75%. Tempting, right? But this stat comes from an old study of credit card customers, and its applicability to modern businesses is, well, questionable.
Retention can absolutely impact profits, but the results depend on your business model, customer base, and starting point. Before you start chasing retention rates, make sure you’ve built a strong foundation for keeping your customers happy. Retention isn’t a magic bullet – it’s part of a broader strategy.
The Wrap-Up: Bust the Myths, Embrace the Unique
Marketing myths can be seductive. They offer easy answers, tidy rules, and comforting predictability. But here’s the truth: great marketing isn’t about one-size-fits-all solutions. It’s about knowing who you are, what makes you special, and how to connect with your audience in a way that matters.
Want to dig deeper? Amplify’s Discovering Opportunity workshop is the perfect way to unearth your brand’s unique essence. Let’s put the cookie-cutter approaches to bed and create something truly yours.
