Correcting a Failed Marketing Strategy |
|
Around 71 per cent of marketers fall short on revenue targets solely because they have adopted the wrong marketing strategy. However, experts have noticed key areas that are missing a quality mark, which eventually leads to the failure of the strategy. Following are some common reason of the failure: No marketing strategy at all
More than 26 per cent of businesses do not have a complete and clear marketing strategy in place. These companies find satisfaction in the occasional success of their marketing strategy and usually rely on luck more than anything else. This is a common situation with most of the businesses. You will observe that these businesses do not wish to pay for the strategy but wish to pay for the tactics, without having any kind of strategy in place. Relying on tactics instead of strategy As mentioned above, people invest in tactics without having any kind of strategy in place. When various marketing tactics are compiled, it may result in some occasional results for the company. Companies will not have any positive result from the marketing tactics if a systemised integrated marketing strategy is not implemented. And outcomes based on luck are difficult to replicate. Entrepreneurs cannot completely rely on tactics for growing their business. It is even necessary to have a strategy or multiple strategies in place. This way you can connect to various marketing initiatives and power one another if you need them to deliver results. Having the same strategy as the competition You cannot expect to stand out from your competitors if you use the same business tactics as them. It is certainly not a compelling reason for convincing anyone to do business with you. When businesses rely on marketing strategies that are similar to that of their competitors, they are setting themselves up for failure. When people cannot find any difference among the products and campaigns used by the competitor brands, the entire competition relies completely on the price. Living in a consumer driven economy, competing on price alone is not one of the smartest move companies can afford to make. Businesses should look to become a company with
0 Comments
Leave a Reply. |
AuthorJanine ArchivesCategories |