If fifty marketing directors and two kegs of cheap lager were placed in a locked room, I would probably stay out of that room for a while. But when I did finally go back in, maybe after an hour or two of them drinking (and yelling at each other), I would ask them what are some of their biggest marketing challenges they face these days. After enough sauce, I think they would be honest with me, and tell me the truth, which follows.
Experimentation
Sometimes, businesses get into a groove and sort of run themselves for a while. This can be great — you figured out the secret sauce, you’re raking in the dough, it’s time to kick back and maybe take a vacation, right?
Well, sure, go ahead and give yourself a break. But remember, the marketplace changes rapidly, and now more than ever. So a “groove” can quickly become a “rut,” and if you’re unable to experiment with new technologies and marketing strategies, you might find yourself left behind by the competition before you even realize it.
Make sure you take the time to test out new opportunities every so often — and don’t rely too much on the tried and true.
Not Enough Research
You don’t want to go into the marketing minefield blind, so it’s best to have a healthy amount of research to back up why you’re spending good money and energy on whatever tactic you’re trying out. But how to stay on top of the constantly-changing marketing landscape? Today’s technological breakthrough is tomorrow’s MySpace. Google keeps changing the damn algorithm. Millenials and Gen Z are doing what, now?
It’s always going to be an uphill battle to stay on top of the mercurial marketplace, and getting the right research is paramount to staying competitive.
Too Much Research
Also known as “analysis paralysis,” the challenge of having “too much research” is a strange situation where you are unable to make good decisions because you’re drowning in data. Maybe the data conflicts and so you can’t be sure which to trust, or maybe the stats are so abstruse and confusing that you can’t make sense of it.
Remember that although good research is vital to developing a competent marketing strategy, you can have too much of a good thing.
Bottom Line
At Mandel Marketing, we take a “holistic” and “360 degree” “approach” — sorry, too many buzzwords, I’m getting faint, and slightly disgusted. The truth is, marketing is not easy, no matter where you are in the process. Top CMOs and small business owners, they face the same challenges but in different orders of magnitude. The list above is just scratching the surface, and what we do in our first consultations with our clients is try to uncover what else might be going on. If you’re having trouble succeeding, give Mandel Marketing a call and let’s talk about how we can help you achieve your business goals.