In 2020, there are a plethora of challenges that marketers face. Economies and markets are more crowded than ever. The low barrier to entry afforded by technological advancements means that you are now in a tooth-and-nail fight with your rivals in order to achieve business success.
In this article, we’ll dissect some of the most common challenges that today’s marketers face. We’ll provide you with solutions as to how you can prevent your company’s marketing department from falling prey to these current marketing issues.
Insufficient Data Analysis
The first issue that plagues many marketers today is insufficient data analysis. Gone are the days when companies had insufficient data.
With the modern data harvesting tools that are available with all digital marketing software suites, the converse has become true. Companies now have too much data and aren’t entirely sure of what all that data means to their business!
The solution is to leverage additional technology like machine learning. Machine learning programs are all about analyzing large amounts of data in order to find regressions. These regressions are patterns that correlate variable inputs with variable outputs.
So, for instance, if you are trying to optimize for conversion rates, use machine learning. It will look at the data your website has collected and apply predictive analysis. This will reveal the leading factors in a customer’s journey that result in conversions. Then, you can capitalize on those strong factors. At the same time, eliminate your weaker marketing strategies.
Getting Lost in the Sea of Competition
Marketing in 2020 is all about trying to stand out. As we discussed above, the Internet has simply made it super easy for entrepreneurs to branch out on their own and start businesses. The result is that just about every market of significance is crowded with many different offerings. How do you convince customers to purchase your product?
The solution is rather simple: humanize your brand. One of the side effects of technology is that brands that build themselves online find it difficult to humanize their brand through the digital interface. By leveraging storytelling and personal social media accounts of your employees, you can bring a human aspect to your company that your market won’t be able to ignore.
Another one of the many problems in marketing is getting into price wars. It’s no secret that economies in the third world are often able to produce similar products at much cheaper prices.
The solution here is simply not to get caught up in price wars. Instead, differentiate your product based on something other than price. Stop targeting the budget-conscious consumer that’s always trying to save every dime. Focus your marketing on the better-heeled customers. These are the ones that can afford the superior quality your product brings.
Fix These Current Marketing Issues Before It’s Too Late
Now that you know these current marketing issues and how to fix them, there’s no excuse for your business to suffer from the negative effects of these challenges.
For more marketing advice, be sure to explore the rest of the website!