5 challenges of marketing and how to overcome them
In the words of Heraclitus, ‘the only thing that is constant is change’. Everyone wants change and customers are not left out. They are always in search of quality and reliable products/services. Competition is also changing and so is technology. While competition keeps getting stronger, new technologies are emerging almost every day.
It will not be wrong to state that the marketing environment is rapidly changing making it difficult for most organisations to make quick decisions. The marketing industry is in fact saddled with several challenges.
We would consider five (5) of such challenges and possible ways to overcome them:
Challenge 1: Changes in how buyers buy
In recent times, buying patterns have changed in several ways. Buyers are not interested in just any product. They are rather interested in solutions that have a long lasting effect. Buyers are exposed to a large chunk of information that guides their buying decisions. This overflow of information has given buyers the upper hand in negotiation especially when it comes to comparing products and prices. Today’s buyer has full control of the entire buying process. These changes have affected marketing in one way or other.
One way marketers can overcome this challenge is to communicate with buyers based on their expectations and timing. This is because there are multiple buyers with different expectations. It is thus important for marketers to understand this so as to reach buyers at the right place and time.
Challenge 2: Competition
Competition is another major challenge in marketing. There is an ever-increasing rise in competition in virtually all industries. Competition comes from both established firms as well as new and emerging entrants. Marketing can deal with this challenge by differentiating its offerings. Another way to deal with the challenge of competition is to know what your competitors are doing and what they are likely to do.
Challenge 3: Need for top talent
Every industry, marketing inclusive faces the never-ending challenge of getting new talent. The marketing industry is in fact nothing without the right talent. To ensure success in marketing, it is important to hire people with soft skills as well as hard quantitative and technical skills. The need for top talent remains a challenge to the marketing industry.
One way to curb this challenge is to hire people with a broad range of skills, as this is important for the success. Marketing departments also need to focus on training staff members on different aspects of marketing.
Challenge 4: Competing on price only
Using a low pricing strategy could work for some organisations, marketing cannot afford to depend on only price alone. It is advisable to have a differentiation strategy that is focused on creating a reasonable difference between you and your competitors. This kind of differentiation is valued by prospects.
Challenge 5: Conversion of leads
Most times marketers do not have any issue generating quality leads and large traffic. The major challenge is converting leads into new clients or customers. This could be due to improper hand over of leads to sales team. In some other instances, it could be due to the inadequate handling of the leads by the sales team.
Whichever the case, it is important for clear communication to exist between marketing and sales regarding whether the generated leads are quality or not. An effective feedback system and collaboration between these two teams would go a long way in ensuring success.
Which other challenge of marketing do you know? We’d love to hear from you.