Marketing strategy adapted to survive business challenges? A marketing strategy is never supposed to be passive.
Marketing strategies are generally made for the long term. Even though changes in the business environment challenge a marketing strategy. But the ability to change with changing time gives a competitive edge.
The business world is always changing. Nothing is always the same.
Imagine for a minute that you are back in the 90s when there were no social media platforms.
At that time, had you ever thought that there will be social networking platforms like Facebook and Instagram?
And they would be so popular that you have to start including those in your business strategy plans? That you might have to add a social media team in your business?
To put it differently, a marketing strategy that you used ten years ago might not be as effective now as it was at that time. It is time to implement the marketing strategy adapted to survive business challenges.
Let’s discuss the case of Nokia for a minute. They were one of the biggest market players at one point. Actually, they were the market leaders in the business of mobile phones but by 2013 they had to sell that.
Nokia taught us that yesterday’s winners can be today’s losers.
The cause of their failure was their inability to change their marketing strategy according to the changing time.
They failed at turning the business challenges of that time into business opportunities.
You can either create a marketing strategy to avoid the business challenges, to adapt to these challenges or to turn these into business opportunities.
In the last case, you are stepping up the ladder of business success as you are leading the change.
Here are some business challenges of the current time and your marketing strategy should be designed to keep these in consideration.
Increasing Global Competition
In the past, global competition was not so fierce. At that time, the barrier to entry used to be very high.
Not everyone could have thought of opening a store in a foreign country.
Generally speaking, it needed significant investment in terms of money, manpower, and efforts.
But current technology has completely changed the entire scenario. As people started doing business online, the need for a physical store also went down with that.
As you already know that a website does not restrict to a city, it’s available to the worldwide audience.
Now, you can have a fashion clothing store in New York City, but your audience can be even in Europe and Australia.
All you have to do is just ship your products to your customers wherever they are. No need to open a clothing store in every city or country anymore.
As obvious, the internet has given rise to massive global competition and you have to make sure that your business is ready for this. And your marketing strategy is ready for this.
It is time to implement the marketing strategy adapted to survive business challenges.
Decreasing Online Privacy
With so many data breaches in the past few years, including the major one related to Facebook, data and its privacy are becoming very important issues for business survival.
Customers are losing interest in all those businesses that are not trying hard to provide them a safer shopping environment.
Moreover, they want their personal information to be safe when shared with any business and not sold/misused without their permission.
Not to mention, laws are changing for data safety. A recent one was the CCPA (California Consumer Privacy Act) about online data and its privacy.
It’s a law dealing with how consumer’s information is collected, used, bought, or sold.
Now, a business needs to be honest with their customers. They have to tell what information are they collecting and how are they going to use it.
In addition, they have to also provide an opt-out option to the customers.
In the end, your business is required to adapt according to the changing environment and laws.
Ads, Ads Everywhere
The sad truth about the internet is that it is full of ads more than useful information.
Wherever you go, you will find ads.
It’s like these ads are following you and trying to steal your attention. I am not trying to say that ads are bad.
On the contrary, I want to emphasize that good, attention-earning ads are very different from bad, attention-stealing ads. A good ad will not make customers ignore it or feel frustrated because the ad interrupted their flow of activity.
Conversely, a good ad gets award by the attention of the customers because it’s useful to a customer.
A good ad is trying to add value to customers’ lives and make that easier.
A great marketing strategy, instead of focusing on many ineffective ads and frustrating their costumers, will focus on a few highly effective and creative ads.
This is the first way you can help your customers out and save them from unnecessary ads.
In addition to numerous ads, there is another problem in the form of the increasing use of ad blockers by internet users.
To overcome the effects of that, a business needs to get more strategic and creative in its marketing.
It has to focus on genuinely developing its target customers’ interest in it.
Rise Of The Spammers
Who is genuine? Who is not? This is the question every customer is trying to figure out. It is time to implement the marketing strategy adapted to survive business challenges.
In a digital world, the face behind a web address is tough to find. It can be a genuine person, or it can be a person who is pretending to be somebody else. It can be a human or it can even be a bot.
As the number of spammers keeps rising, so does the need for real businesses to prove that they are not spammers and they are here to really help their customers.
Therefore, you should make sure that your marketing strategy has an action plan to differentiate you from the spammers out there.
Millennials: The Shift In Consumer Behaviour
As millennials become an increasing part of the buying population, businesses are required to introduce many changes to their marketing strategy so as to improve the impact of their message on them.
Millennials and Generation Z can’t be targeted the same way you were targeting other customers as they are different and have different needs. Read- Millennial Marketing.
And you have to respect those differences and reflect those in your marketing message.
To start with, millennials are more influenced by values rather than anything else. They want to buy from a company that has similar values as they have.
Moreover, they expect more from a business than just getting a product. They want them to fight for a better world.
Then you can use those changes to form a new marketing strategy more appropriate according to your target audience.
In addition, make sure that your marketing strategy is not product-driven, technology-driven, market-driven but it is customer-driven.
Declining Environment & The Condition Of Earth
People are becoming aware that a business is not just responsible for providing products and services but also for providing a safer and livable environment. Business activities affect the earth.
With that thought in mind, businesses are learning that they are here to serve customers and society both.
More than ever, they have to think about their actions. They have to analyze how their business activities are affecting the environment.
Are they causing the depletion of the ozone layer? Are they polluting the air, water, or land? And are they responsible for deforestation or global warming?
This is the time to introduce a purpose-driven marketing strategy into your business.
You, as a business owner, don’t want to just create a burger, but you want to create that burger in a sustainable way that serves the customers better by leaving a better planet for the future generations to come.
This is an example of purpose-driven marketing.
You can start by taking responsibility for the impact of your actions on society and the environment and then adopting a purpose-driven marketing strategy.
Rapid Technological Changes
Technology is changing so fast. We started with the huge desktops and now we do everything on our phone. It is time to implement the marketing strategy adapted to survive business challenges.
Almost 48% of the world is online now. In 2005, this number was just 16%.
With every technology change, you need to change the marketing strategy as well.
In the current times, mobile marketing strategies form an important part of any business as businesses are realizing that more and more people are switching to mobile phones for shopping.
These phones are the new shopping complexes.
Technology has brought many changes with it, from how can you target your audience better to how can you communicate your messages to them?
Keeping a marketing strategy up-to-date with these kinds of technology changes will save you from suddenly being outdated in the market.
Marketing is all about sensing your customers’ problems and serving them in the most efficient way.
If all your marketing strategy is guided by this thought, you will find plenty of opportunities in every challenge.
Every business challenge will bring with it some new ways of reaching customers and various ways of bridging the gap between their problems and your product.
Before you can do that, you have to reanalyze your marketing strategy and make sure that it is aligned for your business growth and that it is preparing your business to lead any kind of challenge.
You have to think afresh your marketing strategies and their outcomes.
Once you do that, there is nothing that can stop you from achieving long-term business growth.
If you think you need help with your marketing strategy because it’s outdated, you can reach out to us for an expert consultation.