Factors That Can Affect Your Marketing Strategy
Growing your business in a competitive economic landscape can be daunting. The basis of any successful marketing strategy needs to be based on a robust framework, built on the understanding of the distinct forces that drive the market environment.
1. Technology
Technology is moving faster than ever. The advent of AI-driven tools like ChatGTP shows us that marketers really can’t afford to miss a beat. Before you know it, the landscape has changed completely.
In 2024, digital We’re in the age of the influencer, Google ads have made Alphabet richer than most countries, and we’re permanently stuck to our smartphones. Yet it would be a mistake to completely rely on tech for everything.
In the midst of a digital revolution, it’s easy to ignore more traditional methods like print. But while you’re trying to stand out in a saturated market, your savvy competitor is leveraging old school strategies that still very much work.
Effective marketing isn’t about religiously sticking to a single way of doing things. If print marketing still works, why not use it? The stats speak for themselves: according to the Royal Mail, direct mail has a 90% success rate.
2. Legal/Political
The existing regulatory setup will affect how you shape your marketing strategy. Laws are designed to protect both the business and the consumer, and include regulations on health, labeling, and consumer rights, amongst others.
Not having a solid understanding on what is and isn’t allowed can potentially lead to expensive mistakes. You may face legal issues, including fines, and you may have to pull all relevant ads from your marketing campaigns.
This happens to even the biggest and most successful businesses, including juggernauts like Volkswagen. In 2016, the company was hit with a suit by the USA’s Federal Trade Commission, citing false advertising on ‘clean Diesel’.
And in 2010, Danon was fined $45 million for claiming to have scientific proof that their products help the immune system. The popular yogurts jacked up prices based on this clinical ‘evidence’, which was later found to be questionable.
3. Natural/Ecological
Society is far more aware of the implication of our economic activity on the planet. We’re seeing many companies push towards green or sustainable initiatives, improving efficiency and addressing society’s wider environmental concerns.
Your marketing materials should highlight your efforts to be part of the solution, not the problem. Consumers have made it clear that they will pay more to deal with companies that care about the environment, so a race to the bottom in terms of cost is not always a good thing.
In any case, going green is morally the way forward. It tends to also lower costs through improved efficiencies, and consumers will appreciate you for it.
4. Societal/Economic
We’re living in a society that is moving further and further apart from itself. Just a quick read of the headlines will make that very clear indeed. From a marketing perspective, it can be a little tricky to navigate this.
You don’t want to alienate a huge chunk of your potential market, but you also don’t want to sit on the fence simply for the sake of profits. The key is being sensitive to the views of every potential consumer, and not jumping on a bandwagon to insult simply for the sake of joining a trend.
Focus your marketing strategies on what you do best, your bread and butter, the product and service you provide. Get involved in initiatives that are clearly beneficial to all of society, no matter what side of the divide.
5. Demographic
Finally, you need to be aware of your market demographic. In marketing, knowing your customer is the difference between success and failure. If you throw stuff at the wall, sure, some of it may stick, but it’s ultimately an entirely random exercise.
Instead, you need to know your buyer’s persona. Invest time and resources into data collection, building a profile of your target market. You can then fine-tune your marketing approach, improving your ROI for optimal results.
You also want to know how your customer tends to behave across your various channels (e.g. website, app, social media accounts). Fortunately, there are lots of free tools you can use to help you achieve this, like Google Analytics, for example.
Ways To Prepare The Marketing Strategy
There are several ways you can adopt to prepare the marketing strategy for your business. You must be well aware of it while reaching your goals with complete ease. Ensure that you do not make your selection and choices on the incorrect end.
1. Know Your Market Inside Out
You can conduct market research in order to understand the industry landscape, trends, and competitors’ activity. It will help you to identify all the opportunities and position your brand in perfect order.
Once you know the market inside out, things will become easier for you to devise a perfect marketing strategy for your business. Ensure that you do not make your selection and choices in the incorrect end.
2. Set SMART Goals
You must set SMART Goals to build your business in the correct sequence. You should not make things too complex from your end. Define success that looks like your marketing effort. It must be Specific, Measurable, Achievable, Relevant, and Time-Bound.
It clearly ensures that you are focusing on the right things. Thus, it can assist you in reaching your goals with complete ease. Ensure that you do not make your selections and choices in the incorrect end.
3. Identify Your Ideal Customers
You must know who your target audience is; this will help you know your ideal customers. Develop your buyer personas; it offers the details of their target audience. This reflects demographics, behavior, and pain points.
Thus it allows you to tailor your marketing as well as your messaging channels to get active. This will give you a clear vision of how you should work in your way. Thus, it can boost the chances of your brand marketing and value to a greater extent.
4. Making Competitive Analysis
You must know your rivals; this will help you make a detailed competitive analysis of the current scenario. Without knowing the facts, you cannot make your selection and choices on the correct end.
When you make a competitive analysis of your competitors, then you will clearly know the strengths, weaknesses, and pain points of your rival. This will guide you in framing the right marketing tactics for your brand.
5. Develop Your Brand Voice Or Message
You can develop your brand or voice message by crafting clear, consistent content for your brand. This will provide you with a competitive edge in your business. Ensure that you know the scenarios well while reaching your requirements with complete ease.
Once you develop the correct solution, things can become more challenging for you in the long run. Furthermore, your brand message needs to be absolutely clear and precise. This can boost your brand value to a greater extent.
Final Take Away
Hence, if you want to grow your business in the correct direction, then you should follow the right sequences. You need to identify the best solution that can assist you in reaching your goals with absolute ease.
You can share your views and comments in our comment box. This can boost the chances of your brand value to a considerable extent within an estimated time frame.
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