11 Marketing Challenges (Solutions Included)
Marketing challenges and issues especially for the technology-based sector and particularly tech entrepreneurs are rising day by day. This can, of course, be attributed to a multitude of factors such as the fast-growing and evolving nature of the industry itself and of course certain environmental factors as well in which pandemic, trend towards work from home technology and financial constraints cannot be ignored. The speed at which the technology sector transforms of course poses challenges for the marketing end of the industry as well. Because not only do they need to adapt as swiftly as with the changes but, they need to be a step ahead because as we know that marketing is detrimental to demand, and lead generation ends eventually the success of the customer sales journey.
The challenges of global marketing especially for the tech industry and of course when it comes to entrepreneurs’; small business marketing challenges have taken on a new face and form that is the top concern of marketers today. Today we will not only reflect on some of the most common and impactful marketing challenges, the risk inherent for technology-based products, but we would also provide possible solutions considering the experience of industry experts and their guidance.
What are Marketing Challenges, and What Risk Do They Pose for Technology Products?
To put it simply and straight, marketing challenges refer to the hurdles and difficulties that marketers, especially about the tech industry and tech entrepreneurs, will face and are anticipating facing especially in the context of the upcoming year 2022. These marketing issues and marketing problems take on a different meaning and a certain level of difficulty as well when we talk in terms of online marketing. In the last two years, the world has seen an overall transformation that is not limited to the tech sector, the challenges of global marketing have become so paramount that the survival of small businesses at tech entrepreneurs has become critical and can only be done so by overcoming these marketing challenges.
The challenges of international marketing as well as modern marketing, have a direct impact on the technology industry especially marketing for tech entrepreneurs. They pose not only a risk but a threat for technology products because as we know but in the case of technology-based products online marketing plays a major role. And with the onset of the COVID-19 pandemic, the online marketing realm itself has transformed overnight. If we as tech-based business owners and marketers operating in the industry do not tackle these challenges head-on and be prepared to counter these marketing problems then not will only our businesses suffer and fail to succeed and grow despite being well-positioned with an exceptional value proposition, but we’ll also lose market repute and brand awareness such an extent rising back may not be an option.
The industry experts at Chasm who specialize in handling marketing challenges, especially for technology-based products and entrepreneurs and have helped numerous businesses in getting out of this whirlpool of marketing challenges and being prepared for the upcoming years and success, have presented the top marketing challenges that you might face as a tech-based business owner in 2022 being operative in this global industry alongside their expert opinion on how you should tackle it head-on and solve he hurdle even before it becomes applicable on you.
How to Overcome Marketing Challenges Globally in 2022
Let us now look at the top marketing challenges to be faced globally in 2022, especially by technology products and tech-based entrepreneurs. For further tailor-made and specialized solutions to problems specifically relevant to your niche business, you can contact the marketing gurus at Chasm directly.
Challenge 1: Finding the Right Product-Market Fit
The first and foremost challenge that tech-based companies will face in the year 2022 is finding the right product-market fit. As the markets have evolved and so has the industry, the current product-market fit is not suitable for sustaining growth and further expansion. Alongside other marketing problems another thing that we need to highlight under the right product-market fit umbrella, is the realization that the target customer of businesses, especially tech-based entrepreneurial ventures, has also evolved in the last two years. Their pain points and needs have changed and therefore the right product-market fit is increasingly becoming a fluid concept.
Solution: As suggested by the experts at Chasm, the best solution for this marketing challenge is adopting a proactive and flexible approach towards the development of the product-market fit. Not only do you need to start working in advance to develop the product marketing fit for the future keeping in view how the industry is projecting is changing trends, but you have to ensure that the framework that you’re developing is flexible in the sense that in case of an abrupt or disruptive change in the dynamic of the market, you can adapt your product-market fit to the new characteristics right away.
Challenge 2: Understanding the Market Dynamics
With evolving times, of course, the market dynamics have also changed. It has become increasingly difficult for marketers to understand the evolving market dynamics in relevance to their products especially when it comes to tech-based small businesses and entrepreneurs who are just starting in the industry. The market itself has made itself complex in a sense that market segments are becoming increasingly overlapping hence it is becoming difficult for marketers to identify the right market segment in relevance to the market environment and their product’s value proposition.
Solution: For this challenge, it is suggested that extensive market research should be conducted before taking any step which should then become an ongoing process and not a one-time effort. Also, experts suggest that you should expand the scope of your market research and intelligence efforts to cover overlapping segments as well which will help you in understanding the market dynamics as well as identifying the segment that you want to target in relevance to the product’s need fulfilling properties.
Challenge 3: Identifying the Right Channels to Use for Your Product
Many marketing professionals have said on public record that they have been facing issues in identifying the most appropriate channels for marketing and advertising in relevance to their product. The reason that this challenge has come up, especially when we foresee the trends of 2022 is because of the presence of a multitude of platforms and a plethora of options for the target segment to be available on and to choose for their daily interactions. This of course has immensely impacted online marketing with nearly every day a new platform is popping up and gaining popularity.
Solution: To counter this challenge, the first and foremost thing that you need to do as a marketer, or a tech business owner is to identify the platform where your target segment has not only the most presence in terms of subscriptions but is also most active. Secondly, you need to determine your cost per acquisition (CPA) for that platform and then work to optimize that CPA to make the choice of the channel more effective in terms of cost as well.
Challenge 4: New Data Retention Laws and Bills That Bans the Use of Personal Data
The new data retention laws and bills that not only ban but also prevent access to target segments’ data or information have become a bane for the marketing industry. As we know, marketers, especially digital marketers, analyzed personal information, shopping trends, likes, and dislikes of customers based on their online presence and helped in targeted marketing efforts. Now with access to such important information and market insight restricted and punishable under law, marketers are facing a huge dilemma.
Solution: The first and foremost solution that marketers that specialize in cookies, as well as personal data for advertising and marketing efforts, are presenting is the increased reliance on the traditional marketing efforts and tools that were utilized before the introduction of personal data-based targeting in terms of advertising. Research has suggested base marketing efforts on firsthand market information and data that is collected through extensive market research and market intelligence efforts.
Challenge 5: Justifying Marketing ROI
Another upcoming challenge that marketers foresee themselves facing in 2022 is justifying the spending on marketing. Decision-makers at the top always require an ROI figure for investments. Unfortunately, with the dynamics of the marketing realm of business providing an ROI on marketing efforts and initiatives is not only a difficult task but is also unrealistic at times because marketing tactics and tools produce results a little lower down the sales funnel and a lot of their outcomes are intangibles such as brand awareness or demand generation, etc.
Solution: Justifying marketing ROI can be done by using projection techniques and using quantifiable metrics, especially in the upper stages of the sales funnel, which will help present figures and numbers to the decision-makers. It is also recommended to use past successes where marketing initiatives helped the business grow and enter newer segments to enhance profitability.
Challenge 6: Onboarding New Customers
As an effect of the pandemic and the increasingly competitive nature of the tech industry especially, gaining new customers, especially for small tech businesses or entrepreneurs is becoming difficult. Not only are the customers becoming more aware and conscious in making purchase choices but the ever-diminishing lines between the segment’s needs and the product’s value proposition are also causing difficulty for marketers to help in the acquisition of new customers. With the cost per acquisition also increasing the situation together seems a bit bleak.
Solution: The ultimate solution to this issue or challenge is reevaluating your buyer/customer personas and going into as much detail as possible. Because once you can do so you’d be able to match it with your product’s offering and with the help of a strong content marketing campaign and even utilization of paid media content that is specifically targeted to the buyer persona you will not only be able to attract new customers, but it will also help in retention of the current ones.
Challenge 7: Differentiating from The Competition
Due to the pandemic and the increasingly competitive nature of the industry where new businesses are coming into the market nearly every day, standing out from the competition and carving a niche for your particular business is becoming challenging. Not only that with the increased number of businesses in the market customers are bombarded with a plethora of media advertisements and content. Which of course adds to the difficulty of standing out from the competition and being chosen amongst the lot.
Solution: For 2022, industry experts suggest that you should adopt a refreshed and more evolved outlook for your brand and product. Not only will it help you stand out, but it will also help you in reflecting on whether the current brand persona aligns with your product-market fit and customer needs or not because in a lot of the cases there’s a mismatch between these three hence differentiation becomes an issue in the first place.
Challenge 8: Competing with Expectations in Covid 19 Pandemic
With the COVID-19 pandemic, the market expectations have not only changed but rather increased. Especially when it comes to digital marketers working on tech-based products, the customer has decided to ask for more in terms of the value proposition as well as in added services. And with these expectations continuing to grow into 2022, marketers need to adopt a solution to resolve this challenge.
Solution: In these times of virtual and online interaction with the customer, the market is constantly demanding transparency and engaging content. Therefore, to compete in the light of the expectations garnered due to the COVID-19 pandemic it is suggested that you focus on an authentic, content-based marketing strategy that is not only true to your customer’s persona but also keeps their expectations in line with your product’s value proposition.
Challenge 9: Budgets and Financial Constraints
Other challenges that the marketers and other segments of a business are facing in today’s times and for 2022 are budget cuts and financial constraints. Due to COVID-19 a lot of industries and sections of the business market had to close or downsize. With the demand for certain services and products tanking, financial constraints and limitations are something nearly all businesses are facing for 2022 especially when it comes to marketing efforts.
Solution: The first and foremost solution to tackle this challenge is to invest in quantifiable metrics and analytics. These quantifiable metrics, analytics followed by their analysis will help you in reflecting which segment of your marketing efforts is worth investing in, and therefore you will be able to optimize your budget spend accordingly specifically in an area that is giving more tangible results.
Challenge 10: Keeping Up with The Trends
With the changing marketing trends, market dynamics, and adding to those new laws and regulations being passed every day in relevance to marketing limitations, today’s marketers especially the ones operating in the tech industry in a more digital role are surrounded by challenges and difficulties for the year 2022 more than ever.
Solution: The experts at Chasm suggest that to keep up with the trends of the industry we should not only stay updated and keep an active role in market research especially when it comes to new laws and regulations but we should also give thought to bringing on a marketing agency that specializes in market trend analysis and latest developments, to help us not only match the marketplace but be a step ahead.
Challenge 11: Social Media Management
Social media has come out to be a double-edged sword for businesses. Initially, its reach and ease of use were very much appreciated by marketers because it helped them in reaching out to the target segments in an easier and more focused manner. But with evolving times and increased customer awareness, social media management has become increasingly important where one slight misstep can fall back with disastrous effect.
Solution: Onboarding of a dedicated social media management team that runs an analysis to project the impact of social media marketing campaigns and advertisements is the need of the hour for any business which is investing heavily and depending on online digital marketing.
With 2022 and the challenges it has brought upon us, especially in terms of marketing, it is high time that all the units within different business functions work together in cohesiveness to achieve sustained growth and success. The Covid 19 pandemic has brought on an overabundance of increased marketing challenges and has put pressure on today’s market but with a proactive approach supported by strong content that is developed keeping well-researched market insights in view, there is no challenge that a seasoned marketer cannot take on, rather an efficient handling of the challenge can present itself as an opportunity to grow and further enhance the business’ profitability.