Why Digital Marketing Strategies Fail
In the last 10 years, the process of digital marketing has been refined and is now suited to allow businesses to better interact flawlessly with their prospects without having to sacrifice on quality, that being said, most businesses lack a clear understanding of digital processes and this definitely impacts their opportunity to gain market dominance.
Only few businesses get digital marketing strategies right, and it shows by their clear market dominance. (For example, the dominance of Amazon and Flipkart in the Indian E-commerce space) In today’s digital space, industry lines tend to get blur very quickly and profit pools are more concentrated in certain areas, businesses need to be able implement the right strategies to identify those opportunities and capitalize on them, or else they will tend to miss out.
Here are three reasons as to why your digital marketing strategy might be failing:
Shiny Object Syndrome:
When people tend to invest money into purchasing products or services just by face value and don’t seem to comprehend the true value being derived, it is referred to as a shinny object syndrome.
Most business leaders do not fully understand what type of tools or strategies are necessary in achieving a specific digital marketing goal, and due to this lack of comprehension, they tend to invest in marketing tools and strategies that don’t fully align with their business models and eventually end up spending excessively without understanding the value being derived from said tool or strategy.
The best way to correct this, would be to provide an intensive understanding of digital processes to management and tracing back on how certain systems align with your buyer’s journey and end marketing objective.
Marketing presents businesses with a lot of tools and strategies, but it is up to decision makers to identify and select the right tools and strategies based on how well they align with their business model and market objectives.
In a digital landscape, the digital processes, the economies and the players on the field in any industry keep changing drastically, this means that business leaders will constantly have to reinvent adapt and tap into newer profit pools to stay ahead of the digital curve, but most business tend to get this wrong.
Business leaders tend to be stuck in old ways and are trapped by their own discomfort to adapt to newer digital process, which means that they implement marketing strategies that are outdated or that just lacks the drive to acquire larger newer market share. Leaders have to understand that customer will move to newer technologies and they prefer their brands to move along with them.
Leaders have to adapt to newer technologies and identify profit pools so that they can capitalize on them, this means reinventing your business structure and preparing for future change. For example, in the next five years, AI, VR and IoT will have a great impact on how businesses engage with their prospects, certain businesses have already identified the coming opportunity and have shifted their business models to adapt to those scenarios and have also began to hire talent required to handle such change.
These steps allow businesses to make the first move and lead the market.
Always adapt to newer markets and create strategies that are meant for that time period. Duplicating existing marketing strategies or re implementing past marketing strategies are only going to fail and effect net earnings.
When entering newer markets, always understand the new digital process, think outside the box and focus on how best you can garner your prospects attention and service them.
Lost Sight of Customer Needs
One of the biggest mistakes a marketer or business leader can make is to prepare a marketing strategy based on assumptions.
Certain business leaders or marketers assume the customers behaviour based on their personal experiences, they don’t tend to back their assumption with data or numbers and then proceed to create a marketing strategy. This system of not working with data can severely impact a business road map and can affect the business turnover. These kind of marketing strategies tend to fail most of the times because the assumption does not usually align with customer reality.
It’s very important that business don’t make assumptions. They always have to understand every action of a potential customer through data. As a marketer tracing the customers digital touch points and analyzing their behaviour and needs will provide a good construct for a customer persona and empathy map.
When creating a digital marketing strategy never lose sight of customer needs.
In this digital landscape, your competitors are not taking small steps, and neither can you, getting the digital marketing strategy right is crucial and correcting the above steps will help your business scale.
When the gap between knowledge and market reality is the closest is when a strategy can be considered good, business leaders and marketers have to adapt and work consistently to get this aspect right.
If there are more core reasons you think affect digital marketing strategies, do let us know in the comments below.
If you are interested in knowing about six cost effective strategies to generate leads as a startup then click here