According to the Bureau of Labor Statistics, 20% of startups fail within the first two years, and 45% within the first five.
Essentially, running a business in the current highly dynamic world is challenging. To survive, you must use every tool available. This includes updating your marketing strategy.
You can do that by refreshing your logo, website, brochures, or upping your social media presence, etc. to gain a competitive advantage.
Here are some of the reasons why you need an updated marketing strategy.
Marketing trends constantly change. For instance, less than a decade ago, just a small percentage of businesses used video material in their marketing. Today, video consumption on websites and social media has skyrocketed.
Video is now the most popular online content, in 2022, it accounts 82% of all internet traffic.New marketing sectors may seem difficult to launch into, but they can lead to major growth in a short period of time. You need to make sure to follow trends, without only relying on them. Traditional marketing strategies may not provide as rapid of growth but will be a stable option for maintaining your progress.
And so, if you don’t keep up with the current trends, you’ll be left behind. For instance, if you started with Facebook, you might want to shift to Instagram or Tik Tok. Since other businesses are migrating to newer apps and interactive media, failure to do so, and your marketing campaign will look obsolete in comparison. Or worse, you might lose your cherished clients.
If you haven’t changed your marketing program in years, it may not be fully portraying your products and services.
Since creating your first marketing campaign, you’ve most likely expanded your product line—new versions of old products are released all the time. This should be reflected in your marketing plan.
Note that new offerings are a wonderful spot to start a new marketing campaign because your buyers don’t know them.
You can create a product launch marketing plan to have a clear blueprint of where to start and focus your campaign efforts. It’s important when releasing a new product to make sure it receives a good amount of initial buzz to boost sales and interest in the product. This can be done by adding to current marketing plans or creating an additional plan for the launch itself. It will depend on your company and the needs of the product.
If you implemented your marketing strategy more than two years ago, it’s time to refresh it. Consider the time when you first devised your marketing strategy. You’ll discover that your company has changed—perhaps you’ve changed your workers, goals, and technologies. All these indicate that it is time to revise your plan.
Change with your products’ life cycles
You must also modify your marketing techniques at various stages of the product’s life cycle. Once a commodity hits the market, it goes through four stages: introduction, growth, maturity, and decline.
During the initial phases, sales are frequently high. However, as your products reach certain levels of maturity, their sales tend to slow. And so, maintaining sales growth becomes more challenging.
As your products matures, you may have to cut your prices as consumers grow more price-conscious. You might also have to differentiate yourself to carve out your niche.
Your marketing budget is unlikely to remain constant from year to year. Sales, churn, capital investment, labor, and bills impact how much money you spend on marketing. Marketing strategies’ costs fluctuate as well.
It’s possible that when you established your marketing budget, you didn’t have a lot of money. However, if your company has grown, you may now have additional resources to devote to a marketing strategy.
External forces may also compel you to revise your marketing approach. They can include government, new regulations, resource scarcity, and evolving technologies.
For instance, if you’re a supplier of frozen food, an innovative packaging law may compel you to update your packaging. Similarly, because of technological innovations, some of your offerings may become obsolete.
And so, if you’re affected by any external, you may need to change your product line, or any other relevant issue.
Changing your marketing strategy shouldn’t be a daunting task. See it as an opportunity to grow and expand your business. It can open new doors, allowing you to witness the benefits of doing business in the present world of immense opportunities. Nevertheless, be sure to have a suitable plan in place to guide you through.