a precarious balance between profit, innovation to meet current circumstances, engagement and showing care. This in the midst of reduced spending budgets for most organizations.
Rapid changes in technology
In order to meet requirements for physical distancing, technology has been adopted across. Previously, the speed of technological change was already quite fast and the pandemic has been a catalyst to its speed. It requires time and effort to keep up with the automation that runs companies of all types, and now time is a prized commodity that few can afford. The expectation is that companies adopt and adjust fast or be left out. Today, marketers are required to have a working knowledge of the plethora of technology that’ s used to stay connected 24 / 7. Examples include CRM software, design programs and data analytics. The sheer volume of information and technology available impacts and the need to keep abreast will certainly make it hard to be at ease.
Increased competition
Barriers to entry for most businesses have been reduced thanks to advances in technology. We live in a hyper-competitive world which may be advantageous for customers as they have the options of
For most people, FOMO is real; it’ s not nice to be left out. In the case of marketing professionals, not being onboard the latest trend could mean missing out on opportunities for greater profitability. It’ s tough deciding which trend to follow and which to leave out. choosing the best products that suit them. However, for businesses, this means having antenna erect at all times lest they’ re passed by. As the competition grows, marketing professionals worry about how to secure their fair share of the marketplace. Marketing professionals are finding it difficult to create and maintain the corporate distinction and unique selling proposition they need to thrive.
Proliferation of communication channels
The increase in communication channels such as social media, search, email, etc. means that marketing professionals face three significant problems. The first is assigning revenue to each of these channels. That is, what percentage of the budget should be given to search, social media, etc. This means that they have to have a consistently updated knowledge of which channels customers spend most time on.
The second challenge is maintaining consistency across these different platforms. How a message is presented on a company’ s website cannot be exactly replicated on an email newsletter and so on. Without consistency a brand risks losing credibility.
The third challenge is whether communication efforts are resonating with customers. With so many options to communicate, it may be hard to effectively reach the hearts and minds of customers.
Missing out on upcoming trends
For most people, FOMO is real; it’ s not nice to be left out. In the case of marketing professionals, not being onboard the latest trend could mean missing out on opportunities for greater profitability. It’ s tough deciding which trend to follow and which to leave out.
Measuring efforts
Business seniors rightfully expect to see returns on marketing efforts. This may not be so easy to demonstrate in spite of the fact that there are increased ways to measure the effectiveness of campaigns. Choosing particular metrics to focus on for the short and long-term is not very easy.
Working in teams
The marketing profession is dependent on team contributions vertically and horizontally. This just means that marketing professionals have to work well with others in their own department and in other departments in order to make informed decisions. Now, in addition, there’ s an increased need to work with remote teams.
Maintaining proficiency
Understanding the marketing discipline is not enough for today’ s marketing professional. They have to have a wide and deep understanding of other business functions and draw correlations to see how the pieces fit together in broader contexts.
Linked to the above point of working in cross-functional teams, marketing professionals need a working knowledge of how the organizations they work for operate. This in addition to keeping abreast through constant reading, studying, etc. in a bid to remain relevant not just for the organizations they work for but the industry as a whole.
There’ s a verse in the Bible that I turn to although it’ s easier said than done.“ Do not be anxious about anything, but in everything, by prayer and petition, with thanksgiving, present your requests to God. And the peace of God, which transcends all understanding, will guard your hearts and your minds in Christ Jesus”( Philippians 4:6-7). I find some peace knowing that God( the Higher Power I serve) has my back. Admittedly, I’ m yet to learn to fully rest in Him. I’ m now going to include a good night’ s sleep in my prayer list.
Marion Wakahe is a marketing professional who is passionate about business growth and sustainability and its role in peoples’ empowerment. She is of the opinion that the marketing function is the primary driver of business growth. You can engage with her via email: MWakahe @ gmail. com.