In the digitalized competitive market, marketing strategists should set the focal points of their plans on the essential foundations of competitive advantage: cost leadership, differentiation, and focus strategy to address complex consumer behavior.
Today, consumers are more rational decision makers; this is a proportional response to inflation, product supply and demand, unemployment, and technology trends. These factors fuel a significant shift in the willingness and ability of consumers to buy.
When developing a marketing strategy, marketers should consider two things:
- Consumers have limited resources and are rational
- Competitors can offer the same product with price lower than the average market price
These factors always play in a competitive market, and marketers should adapt to modern structure of marketing that is more consumer-focused and genuine. They should quit using Middle Age marketing ideas because it will give no results, waste lead generation, or worst: destroy brand integrity.
These are the old marketing techniques you should get rid of:
This is a very effective marketing strategy…ten years ago. Consumers can see through the veils of half truth marketing messages. They can see the difference between what is promised and what is actually offered.
Creating false needs
Consumers nowadays are no longer naïve. Create a need through innovation and not confusion.
Random mass snail mailing
Unless you know everybody on your mailing list, never try to release snail mails. This type of marketing technique is highly unlikely to promote lead generation.
If we could get a cent for every spam message filtered in our email accounts every day, we would be billionaires. Spam emails are unsolicited sent-by-bulk messages that are still used by many advertisers because they can be done with a single click and are economically viable as it is one of the cheapest forms of advertising.
Assumption without hard facts
Just like love, too much assumption will kill you, especially if you are wrong. Go with proper result production by going through streamline processes using logical and realistic data as inputs. Use modern business software that will allow you to gather accurate statistical analytics that can help managers in decision making.
Profit before customer
“Profit before customer” is a concept of corporate greed. No company can ever generate profit without customers. Don’t focus too much on selling; consider more important factors such as customer satisfaction and safety.
Credentials from third party perspectives are important because consumers can gain perspective. But never dare to fake testimonials. Consumers can always detect scripted and illegitimate testimonials.
While it is important to have a marketing strategy, marketers should also consider how appropriate a certain strategy is to the circumstances and, most importantly, its target market.