Marketing Challenges – Link marketing with corporate strategies and Challenges of 2020
Marketing Challenges are the challenges for business organizations to make quick and sound decisions and facing various marketing challenges.
Today, we will let you know what marketing challenges business organizations face and how to overcome these challenges.
Customer needs want, expectations are changing more rapidly; customers are increasingly demanding better quality and reliability in products and services.
New products and services are coming to the market more quickly; competition is getting intense and global rather than domestic.
Technology is changing rapidly, and e-commerce and the Internet are having a significant impact on marketing practices.
Top Marketing Challenges in This New Era
- We live in times of more significant uncertainty, where changes are increasingly frequent, and technology is increasingly important.
- Marketing departments today are hybrids between marketing and technology. They need to have widespread knowledge of many tools daily.
- All this makes us ask ourselves the ten main marketing challenges that we will face from now on.
- Marketing has evolved along with society, but above all, with technology.
- Just ten years ago, companies’ obsession was the advertising impact of the messages they launched.
- Technological advancement brought new and more successful tracking and greater capacities for storing that information and analyzing it.
- It helps companies know much better who is related to the company and how it is.
- In this way, companies have built more personalized messages, totally changing how they communicate with their customers.
Link Marketing with the corporate strategy of the company
- Marketing has close relations with the strategic aspects at the corporate level.
- The company’s global objectives and the product portfolio description have always involved the marketing department in some way.
- Today, most companies are redesigning their corporate strategy to sell more products or services and also creating brand positioning in mind. of your target audience.
- For this, marketing must be at the service of those corporate objectives and maintain that coherence.
1. Make the correct Bench marking
- Bench marking is a continuous process by which a company investigates other companies’ products, services, and work processes.
- They compare them with its own and adapting that in what that surpasses it, and improve it.
- The amount of information available at any company’s fingertips is almost infinite. Instead of helping us better understand the situation, they achieve the opposite by paralyzing us or take wrong insights.
- The new marketing must consider the competition’s possible reaction, which will act soon since it has technology that monitors our real-time movements.
- That is why, in addition to having the best analysts, we must have the best strategists.
- They know how to read the information they have between the lines and know-how to anticipate the competition’s movements, taking these strategies into action before the rest.
2. Predict trends in the environment and turn them into opportunities
- Today’s world is going at a speed which decades ago we could not have imagined. That is why knowing how to take advantage of it to obtain a profit for the company can be decisive.
- The PEST analysis (analysis of Political, Economic, Social, cultural, and Technological factors) has always been used to predict trends.
- This analysis is not outdated. We could also include the Environmental and Demographic factors, which are fundamental today.
- It is included firstly because of the importance of society’s environment and current companies and the migratory crisis that we are experiencing in many countries.
- A marketer must be very aware of these factors and trends and developments in robotics, 3D printers, and autonomous vehicles.
- He must also be aware of any innovation that may have the ability to change the market.
3. Understand communication
- The way of making a communication plan has not changed. The channels through which to transfer your communication are changed.
- Today the consumer is multichannel, making this even more complicated considering that these channels have increased considerably.
- Before with television, you assured yourself a large number of impacts on a broad mass of society.
- Due to the consumer’s high knowledge, we can launch more personalized messages through social networks, email marketing, and content online or offline.
- Different Startups are becoming known without using traditional media, which is working very well for them.
4. Multichannel in sales
- The consumer can access your product or service through multiple channels. Their customer journey and contact with the brand are constant jumps from one medium to another, buying indifferently through one or the other.
- The marketing department’s objective is to create an ecosystem and a homogeneous customer experience for all.
- It is created to obtain the same emotions and sensations when buying through any of them, resulting in a positive shopping experience and brand satisfaction.
5. To improve, you have to measure
- Today’s marketer has to measure every single action he takes. Never before have we had so many tools that allow it. Therefore, we must take advantage of them.
- However, many companies do not measure their actions, mainly because their KPIs and metrics are not well defined.
6. Good marketing methods
- Marketing is one of the main challenges that we are going to face is going to continue to be how to do good marketing, and we will do it, either through new technologies or not.
- It requires consistency and putting the customer and the company’s objectives before the means to be used, just because they are novel and innovative.
7. Ensure sufficient budget
- Having more budget is the second most significant challenge for marketers, even if they have years of experience.
- And they know that having more budget is often more accessible, especially for those who work in small companies, whose expenses are not flexible.
- Of course, a budget increase is significant. HubSpot data indicates that the more budget the marketing department receives to start one marketing and advertising campaign, the more budget they will receive in the next.
- The key is to be able to demonstrate ROI from marketing efforts.
Marketing Challenges of 2020
1. Know E-commerce
- You will need to stay well-informed of the latest trends and the most potent and effective marketing strategies of e-commerce to accelerate business growth in the virtual world.
- An in-depth analysis of your digital marketing strategy and its current performance will help you discover what your most significant marketing opportunity is.
- Besides, it will allow you to improve the areas that need more attention to start by making your strategies more effective.
2. Promote e-commerce
- Suppose your optician did not have a website or social network. In that case, this is an ideal time to create them.
- In this way, you can encourage the purchase of different products online. You could also schedule consultations without the need for the patient to go to the office.
3. Implement new but necessary products
- We can create solutions to the discomfort that many people face. It could be a differentiating factor against the market.
- If you’re currently facing one of these challenges and want ideas on how to overcome them, you can always consider getting outside help.
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