Top 5 Marketing Challenges Faced by Executives

Introduction

You’ve overcome many obstacles to build your company to where it is today, but being a successful business means there will be additional marketing challenges ahead that you will need to address. Essentially, endless variations on problems you’ve dealt with before combine with unexpected new hurdles to keep you on your toes. With this in mind, what difficulties do you need to be on the lookout for to keep your company running smoothly?

Based on my experience working with different business executives, here’s what I’ve learned about the biggest marketing challenges that stand between you and taking your business to the next level.

1. Staying Up-to-Date with Dynamic Trends in Marketing

Whether you are a budding or an experienced entrepreneur, you will always have a long way to go. Without question, the world of digital marketing is extremely dynamic, and it is important to keep updating yourself on emerging trends. There are several reasons for this, but the main one is to ensure your business, and by extension, your team stays ahead of the competition.

Example Scenario

There is a new automation tool in the market that’s reducing the time invested in creating social media content by 35%. One of your competitors has incorporated this tool into their workflow and is already reaping the benefits. On the other hand, you haven't implemented it yet, or are even unaware of it. In this case, who is likely to achieve better efficiency and performance in terms of numbers? Your guess is as good as mine.

Solution

One of the ways you can stay ahead of the curve is by reading reputable digital marketing blogs and publications, as well as, following top industry professionals and influencers on social media to gain insights and stay informed about the latest trends. You can also consider attending free webinars and online training sessions to expand your skill set and knowledge. Let’s not forget the value of attending marketing conferences or trade fairs. By taking these steps, you can stay competitive and achieve growth without breaking the bank on expensive training programs.

2. Standing Out from the Competition

This is arguably the biggest marketing challenge that Executives face. Without a doubt, the nature of business is that every company, and more so your competitors, is looking to boost their sales as well. On top of that, new companies are constantly emerging, which means standing out from the competition keeps getting harder with each passing day.

The higher the number of competitors in your niche, the more consumers are being flooded with a huge number of advertisements, with most marketing activities now shifting to online channels. This makes it difficult for you to be noticeable and attractive to the audience.

Solution

A product or service that is better than your competitors is great, but a product or service that is different is even more important. That's because of how a consumer’s mind works. If we actually noticed and processed every piece of information we came across, chances are we’d quickly go mad.

Now consider iPhones, for example; they aren't actually better than other smartphones, despite what many Apple devotees believe. They are priced higher than a smartphone with comparable specs, and because they use a different operating system, they can't natively run some apps.

They're not better — just different.

Product Differentiation Strategy Example - Apple

So, while you should strive to provide products or services that are as good or better than what your competitors offer, it's even more important to be different so your brand will stand out and be memorable.

There are two practical ways to achieve this. The first option is to embark on a rebrand. This means you may have to update the name, logo, advertising slogans, or even your website. Essentially, strong identification elements increase brand recognition, which in turn helps attract new customers.

Alternatively, you can consider creating and introducing a new product to the market that will appeal to people and distinguish the company from the competition. This approach is referred to as brand extension. The strategy behind a brand extension is to use your company's already established brand equity and the loyalty of your current customers to help launch your newest product. If successful, a brand extension can help you;

• Reach new demographics

• Expand your client base

• Increase sales

• Boost overall profit margins

Take Amazon, for instance, which is an e-commerce retailer with headquarters in Seattle, USA.

While it originally started as an online book retailer, today, its operations have extended beyond it. Amazon now sells all kinds of products on its e-commerce platform and provides services such as cloud computing, online advertising, video, music streaming, and artificial intelligence.

Brand Extension Example -Amazon

3. Making the Most of Marketing Data

Another common business challenge Executives face is ensuring that data makes sense and it actually works for you. Otherwise, what’s the point of collecting it? However, gathering data and putting it to work are two different things. Furthermore, It’s not enough to be a data-driven company relying on descriptive analytics. To remain competitive, you need to become an insights-driven business.

For starters, to get a clear picture of what’s happening and measure the success of your marketing efforts, you need to align all the pieces of the puzzle:

• Define the customer journey and user touchpoints

• Define data sources (website, advertising services, email, CRM system, etc.)

• Collect data in one place (for example, Google BigQuery)

• Process and normalize data (single format, single structure, etc.)

• Blend data to be ready for reporting

• Build reports and gather insights

Impact of Poor Data Quality on Marketing Activities

Solution

As you can see, a lot is needed to make every piece of data work together. However, one approach you can employ to overcome this digital marketing challenge is to incorporate the services of a Data Analyst who not only has the expertise to understand the data you collect but is also able to transform it into actionable insights.

Alternatively, there is a plethora of tools that can help you generate ready-made marketing reports without the help of an Analyst or professionals with SQL knowledge.

All in all, it depends on your company structure and the budget outlay you are willing to invest in to ensure the data you collect works for your business.

4. Choosing the Right Marketing Channels

Without a doubt, there are several marketing channels and platforms available today, which makes it extremely vital to focus on the ones that best connect you with your buyers. Failure to do this often leads to a scenario where you are ‘fishing in the wrong pond,’ and your target audiences will never get to enjoy your carefully crafted marketing content.

Solution

To solve this marketing challenge, you need to understand your buyer personas. Buyer personas help you to define your potential customers, which in turn will give you insight into which platforms you are likely to reach them more effectively. Here’s how you can build your buyer persona if you haven't done so yet: https://www.hubspot.com/make-my-persona

Essentially, knowing your buyer persona allows you to:

• Be more assertive when targeting your ads

• Improve your copy

• Target organic content that creates interest

• Improve the nurturing of your leads in email marketing campaigns.

5. Picking the Right Content Marketing Assets

When it comes to dealing with this digital marketing challenge, it is important to note that you are not short of potential ways to market products. Just think about the options. From in-depth technical white papers or blogs stressing case studies to Snapchat memes, YouTube how-tos, and Instagram or TikTok branded videos, there are plenty of ways to reach customers.

Choosing the correct content type matters, especially when marketing budgets are scarce. But by keeping this factor in mind, you should be able to focus on formats that get the job done and really connect with potential buyers.

Above all else, the correct content format is the one that suits your audience best. Essentially, content marketing is all about reaching out to specific types of people - the people who are likely to buy particular products. That's why targeting teens with 2,000-word explainers about how clothing is produced will do less well than eye-catching stories from Instagram influencers. And it's why technically proficient white papers may sway executives seeking a secure networking solution, while hilarious Twitter memes will fail.

Solution

In solving this marketing challenge, I prefer to design for customer intention as early as possible in the content creation process. For instance, for a B2B client, I segment my content marketing into intention “eye levels.” These include:

• Inspiration – Content, such as a white paper or e-book, meant to inspire change. It might be industry research or an excellent view of the future based on interviews with subject matter experts.

• Implication – Content to help the audience understand what deciding to make that change entails. It might be content about how to acquire a type of product or a comparison of solutions in an industry. Alternatively, it might be a client story.

• Initiation – Content that is all about how to implement the change. The buyer recognizes a change is needed and is considering the solutions. This content explains how that change will be successfully made. It can include detailed documentation or how-to videos. The content answers every question a new customer might have, from procurement to onboarding the new solution.

Conclusion

While it may not always be easy to overcome some of these marketing challenges, the effort is more than worth it for any brand or organization. Primarily, solving marketing challenges and executing successful marketing programs requires the right strategy, skills, and budget. While limited resources can be a significant obstacle for many businesses, there are solutions.

By prioritizing your marketing efforts and allocating enough budget to support them, you can create an effective marketing plan to help you reach your goals. Additionally, outsourcing specific marketing tasks can provide access to specialized skills and expertise while freeing up valuable time for your internal team.

If you are looking for a digital marketing consultant and would like bespoke, high-quality content marketing services, I will be happy to offer my expertise to facilitate your growth efforts. Let's discuss your project today: https://cal.com/raymond-osero/30min