As cliché as it may sound, Old is Gold. Despite the plethora of marketing buzzwords and tactics doing the rounds today, the fundamental marketing processes such as strategy, targeting, positioning and messaging still remain the same. But the reality is whenever a marketing trend is hailed as being highly effective; there is enormous pressure on marketers to adopt it – regardless of whether it is a good fit for their brand or not.
Modern day marketers are constantly monitoring trends and proactively building agility to adapt to an ever changing landscape. Despite this, problems and challenges abound. But challenges are not all bad. They can be opportunities for enhancing creativity, improving processes and driving growth.
If you think the rate of adoption of marketing technology is going to be slow, here is a news flash - CMOs are predicted to invest a massive $32.4 billion in technology by 2018. What does this mean? Marketers looking to bridge gap between consumer experiences and marketing operations must invest in relevant marketing platforms to stay competitive. But investing willy-nilly in marketing technologies is not going to help.
According to Harvard Business Review, connecting with a prospect now takes 18 or more phone calls, callback rates are below 1%, and only 24% of outbound sales emails are ever opened. Meanwhile, 84% of B2B buyers now start the purchasing process with a referral while peer recommendations are influencing more than 90% of all B2B buying decisions.
It’s no secret that most companies aspire to innovate. But only few successfully embrace innovation in its true sense. With competition intensifying in every category, marketers who are willing to take a disruptive approach to solving problems or creating value will easily capture buyer interest. Innovation could mean so many things in today’s business context – from finding innovative ways of doing routine things to breaking away from the routine to create all together new products, services and solutions.
To say that today’s business environment is complex and unpredictable is an understatement. Consumer expectations continue to evolve even as competition tightens. Marketers certainly don’t have it easy. They need to simultaneously keep their pulse on customer preferences as well as competitor strategies. Even though there is an abundance of data today, collecting and collating market intelligence can be a headache, if marketers don’t have the right tools.
What do dominant brands such as Coca-Cola, Nike, McDonald’s, and Dominoes have in common? A great marketing strategy, no doubt. By adapting their strategies to reflect local cultures and languages, these companies have successfully created a strong market presence across the globe.
B2B marketing is reportedly getting simpler as it starts to mirror successful B2C marketing techniques, especially in the realm of social media. At the same time, there’s no denying that it faces added levels of complexity with new technology adoption by customers and a growing focus on marketing ROI.
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