Your marketing strategy is potentially the most essential factor in growing your business. It can help you create products and services that connect to your target market and maintain customer loyalty. So, without one, you may struggle to expand or fail for good.
But having a strategy doesn't always lead to a 100% success. This is because internal and external forces can influence the marketing environment. If you want to beat those odds, you have to know what those forces are.
Here, we highlight the six factors that can affect your marketing strategy.
The internal factors are the only aspects of marketing that you can control. Much of your marketing endeavours will stem from there. So, failure to understand how internal factors can influence your efforts to reach out to your potential and existing customers will hurt your business.
There are many internal influences, but one is your business' financial position. Your profitability, cash flow, and liquidity can all directly affect the scope and scale of your marketing activities.
It will be hard to meet the demand of your target market if you have a limited budget. The good thing is, there are financing options you can tap anytime to fund your marketing plan. You can use websites like creditninja.com to apply for additional business financial resources.
Other internal factors you need to consider include the following:
- Corporate objectives
- Human resources
- Communication tactics
- Operational issues
- Business culture
Your marketing strategy should be prepared for potential changes in the structure and attitudes of society. Social media is one of the best ways to understand and meet the needs and preferences of customers. No matter how good your product and service are, people are unlikely to buy a product or service if they don't resonate with your target market.
Note that people usually follow certain values and norms when making purchasing decisions. The rise in social media usage has affected how people buy things. Bearing this in mind can allow you to make better use of social media when marketing your products and services.
Competition is inevitable in every market sector. If you want to create a winning marketing strategy and stay one step ahead, you need to understand how your competitors are reacting to customer needs and changes in the industry.
Remember that you're selling similar products and services to your competitors. It's always important to adjust your marketing plan to gain a competitive advantage over them. You can introduce new functions and features to your products or use pricing. But whatever you do, make sure that you don't lose sight of your marketing objectives.
Bigger competitors are likely to spend much more marketing their products or services. So be careful when planning your strategy and make sure you don't overstretch your budget. At the end of the day, your customers should still be the main focus of every marketing strategy and your business in general.
Recession (and factors like the ongoing pandemic) can affect your marketing strategy. In that scenario, it's likely you will have a smaller budget and fewer resources. It's also worth noting that consumers are less likely to make purchases if they don't feel confident in the economy or their financial situation.
During an economic downturn, unemployment rates may rise, and consumers may not have a stable income. That could mean their purchasing power is reduced. With less disposable income, consumers tend to reduce expenditure and prioritise their outgoings.
Therefore, it's crucial you consider your target customers' finances in your strategy. Consider marketing your product or service as essential to a consumer's lifestyle and show them how making a purchase will benefit them.
Laws and regulations can influence your marketing strategy at the national or local level. Rules connected to health and safety, product labelling, and consumer rights can all impact your ability to market and sell your goods. Regulatory factors can differ by region, but they're all designed to protect consumers and businesses.
It's extremely important to ensure that your marketing activities don't breach any of them. You need to know what is and isn't legal if you are to market your product or service successfully.
The technological landscape is constantly changing, and it can affect your marketing in many different ways. There are always new ways to produce, distribute, and market your products and services.
Keeping an eye on these trends will give you the opportunities to better communicate with your target market and deliver products that will match their lifestyle and preferences. Remember, people always consider convenience in addition to price.
The bottom line
There are plenty of factors to consider when developing an effective marketing strategy. But focusing on your customers' needs and addressing their pain points should be at the heart of everything you do. Also, make sure your plans are strategic and be careful when spending your money on marketing. You don't want to lose everything on campaigns and tactics that don't work.
Copyright 2022. Article was made possible by site supporter Tiffany Wagner