When organisations invest in a marketing strategy, it can be easy to adopt the ‘rinse and repeat’ mentality of continually doing what worked in the past. Today, this approach is a failing one. There is no guarantee that a marketing strategy an organisation could once rely upon will continue to be relevant. Failing to consider the changing landscape could leave an organisation lagging behind competitors and investing money in marketing efforts that no longer offer the healthy returns they once did.
Leaders must periodically review their organisation’s marketing strategy to ensure it remains relevant and effective by considering different dynamics.
Changing dynamics to consider:
Has the market that you operate in fundamentally changed?
Are there new entrants into the market that have surfaced as overt competitors?
Have disruptions surfaced in the form of subtle competition and hacking away at wallet share?
Are new technologies shaping your buyer’s needs or expectations?
Has remote work changed your buyer’s preferences?
Are your competitors evolving their marketing strategies and offers?
Shaping your marketing strategy to a changing landscape
We no longer operate in a world where a ‘set and forget’ approach is viable in any area of business operations. Your marketing strategy is no exception; it must be robust, but not rigid. Organisations must become nimble in their approach to marketing. Marketing leaders need to execute strategic shifts and pivots in symphony with the relevant market and buyer changes. The marketing strategy must cater to this. Open and collaborative communication between the C-Suite and marketing leaders is now more vital than ever. Market share loss and low yield returns from campaigns are the prices of bureaucracy getting in the way of marketing strategy revision and execution progress.
Marketing innovation at pace
Marketers must exhibit high degrees of innovation to ensure that individual campaign strategies are aligned to the changing landscape while also keeping ahead of competitors’ strategies. The faster the pace of marketing team operations, the higher the likelihood of the organisation’s overall success. Marketing teams with a sophisticated and systematic approach to competitor analysis, novel ideation, gaining C-Suite approvals, execution and delivery will play a sizable role in which organisations win.
Leaders must be keenly aware of the impact a changing landscape has on their marketing strategies’ relevance and subsequent success. Change occurs rapidly and frequently in today’s climate. That which was strategically relevant yesterday can be completely irrelevant today. An approach to marketing strategy and execution that is both nimble and novel is the new benchmark for success in marketing. The C-Suite must adopt a collaborative response to their marketing function’s needs to realise the optimal returns from their marketing spend.
If your organisation could benefit from a marketing overhaul or you would like to discuss the evolving dynamics of your market and how you could respond, the team at Resonate can help.