Marketing to Stay Competitive in a Rapidly Changing Marketplace

The world of business has always been characterized by change… but it’s no secret that these days it seems like all that you learn today, and know tomorrow, will be outdated as quickly as the day thereafter. The world of business is changing more rapidly than ever before, and keeping abreast of the latest and most innovative marketing methods that offer a high return on investment is key not just for business growth, but business survival.

It’s true that some tried and trusted ‘old gold’ methods, like celebrity associations and television advertising still work, but it’s imperative that you’re on a par with current marketing trends like the host of social media options, and have a watchful eye for any market shifts. If you’re an internet marketer, then SEO will undoubtedly be one of your main considerations, and as this is your industry, you will know that you need to update your knowledge of indexing algorithms constantly. If you own a business and are trying to do your SEO yourself, then I implore you to do a little research on search engine indexing algorithms. They become outdated so quickly, and it becomes necessary to fulfill different criteria to increase your rankings. Keeping your knowledge current is essential if you want to keep ahead of the rest and get higher rankings.

You should also be on a constant lookout for new and creative ways to market and increase brand awareness. You need to consider that methods that might work for some businesses, may not work for others. Continually assess and re-assess your target market; look at what their interests are, what activities they engage in, and where they spend their time. This knowledge will give you solid pointers as to where you should be directing some of your time and energy.

Wherever possible, don’t become too heavily invested in any particular method until you’ve tested the waters and have done some pilot runs. Have a strategy to assess the results of your efforts or you could just end up throwing money away based on an impression of how well your marketing avenues are doing. If a specific strategy works for you, don’t just continue with it as is indefinitely. Explore all options, and look at how you can expand by building on the methods that work, and be sure to revisit previous marketing methods as well.

When working on your marketing plan of action, try to allocate approximately 20% of the time you have for marketing, and include research and testing of new strategies as a means to increase profits. Also take the time to review your products and/or services. It’s not enough to find the best marketing methods, you have to assess how your offer can be ‘spruced up.’

Another useful practice is to brainstorm all the ways in which you can diversify, and thoroughly research additional profit lines to make sure there’s a market for them. Think about added value that you can offer, re-makes, new-and-improved options etc. Even if what you offer is of excellent quality, it doesn’t hurt to add a bit of frosting, but be careful to consider options that complement and build on your brand, not that which will take a great deal of time and effort to gain brand traction in their own right. Ask questions like: what would attract new customers, retain old customers, and get you repeat business? If correctly implemented, a few strategic changes can go a long way.

It really is essential that you not fall behind on the latest techniques, that you keep up-to-date with your target market, be creative, continually assess your product lines and the return on investment of your marketing efforts, and you’ll be on your way to staying competitive in the shifting consumer landscape.

(c) 2015, Noleen Mariapppen

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