What crosses your mind if we ask you what YOUR marketing challenges are?
We are asking this because we know how fast marketing is moving these days and how difficult it is for businesses to decide which areas they should focus on developing to support their growth. Precisely why, it’s crucial to take a minute to stop and consider the challenges that you believe are important to bowl over.
Mentioned Below Are The Top 6 Marketing Challenges Faced Globally:
Developing a Marketing Budget
When setting a marketing budget, many businesses make simple errors that either cost them money or make them lose significant opportunities. By using marketing budgets plans, you can align your marketing strategy with your company’s objectives. In order to develop a marketing budget, first, determine your marketing objectives (both short-term and long-term), define your target audience in terms of location, age, marital status, job title, income, education, sources they visit for information etc., recognize your market and competitors, decide on your marketing platforms and most importantly, keep a track of metrics like conversion rates, website traffic statistics, or lead creation to evaluate the ROI of your expenditure.
Attracting New Customers
The market is now getting more competitive than ever. With the increase in the number of businesses producing and selling the same goods and services, it has started getting difficult to attract new customers. On average, a typical internet user sees up to 10,000 commercials each day(1), making it all the more difficult for businesses to even retain their existing customers, forget acquiring the new ones. Digital Marketing is becoming standard practice for all contemporary businesses trying to trigger client interaction. In order to gain new customers, it is important that you highlight your USPs, incorporate attractive discounts, give out free trial sessions, ask for referrals, leverage networking and keep your website updated.
After the pandemic, almost one-fourth of the companies saw their sales fall 50%. The total rate at which the sales dropped was 27%.(2) With the reduction in the number of existing consumers and failed attempts at not being able to acquire new ones, sales have vigorously started decreasing. To overcome this particular marketing challenge, it is important that you value every feedback and requirement that is put forward by your customers. You must focus on existing customers to keep your business flowing. Apart from this, some little steps can go a long way like offering additional services, promoting video reviews, and using clear CTAs (Call to Action). You can also look for places where your SEO and user experience might be improved. Guess who help you with that!? We!!! In any case, whichever marketing strategies you think are needed for your business, remember to be consistent with them!
Cutting through the Digital Noise
It’s increasingly getting more difficult for businesses to cut through the digital clutter and stand out. The key is to master the art of delivering the right content to the right people at the right time. Talking about the content, audiences are more likely to remember creative information that touches their hearts or challenges their minds. You can go for emotive storytelling, humor, eye-catching infographics, unique videos, and animated gifs. Now if you’re thinking to go on a wild goose chase, just stop!!!! What needs to be highlighted here is that you need to determine the channels where your consumers are spending most of their time, figure out their algorithm and produce valuable content that meets the audience’s requirements.
Staying Updated as per the New Marketing Trends
Being current with the most recent marketing trends is essential because it enables you to make sure that the influence you have on your audience is relevant. If this is something you find as a marketing challenge for your business, we would suggest you to follow the social media accounts of your competitors, keep an eye on trending topics and hashtags on social media, follow thought leaders in your industry, join groups and communities on Facebook or Slack, attend webinars and industry conferences, set up Google Alerts for your business etc.
Not Having Enough Time and Resources
Did you know that according to more than 25%(3) of social media marketers, the lack of resources is what keeps them from developing a successful social media strategy? If you’re like most business managers and owners who feel that they don’t have enough time or resources to accomplish their marketing objectives, don’t worry, you can do something about it. Have a simple efficient plan laid out that has the smallest of tasks assigned to some or the other team member. This way, setting priorities for your tasks will also be easier. Having said this, hiring a professional agency would be the smartest thing to do as you will be able focus on what you’re best at yet remain on top of all marketing trends!
While this list of marketing challenges can be disappointing to go through, there is a bright side: by overcoming these, your company will inevitably produce more leads, visitors, and of course revenue!
The best way to identify your biggest challenges is to do a complete study of your current marketing strategy and its performance. As a result of which, you can figure out the areas that require the most work. Whatever marketing obstacles your business encounters, working on them all by yourself can be demanding.
This is where a professional marketing company can be your savior! Who doesn’t want to have a dedicated bunch of people solely working to make the most of your marketing spend?
At Channel Technologies, we collaborate with businesses to help them understand their challenges and provide the best possible ways to deal with them. If you are looking for a marketing company to take care of all your digital marketing requirements, contact us!