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Challenges for marketing

Are you new to the company or is your marketing no longer working smoothly? You should ask yourself three questions:

• Do you or your team know your unique selling point (USP), i.e., your unique selling proposition?
• Do you or your team know your target group and its customer demographics?
• Are you or your team using the right marketing strategies for this?

The two main causes of failed and resulting negative marketing are a marketing strategy that is not aligned with the company's unique selling proposition and target audience. Recurring reasons for this include frequent staff turnover, which leads to a loss of background knowledge, and insufficient or nonexistent communication between sales, distribution, and marketing.

A random survey of several companies, involving sales, distribution, and marketing departments, revealed only a few instances of agreement regarding the USP, customer demographics, and strategy. Within some departments themselves, no shared understanding of the work, its nature, and scope could be established.

Effectiveness means doing the right things. Efficiency means doing things right.

This trend continues with external service providers and marketing agencies. Typically, specific requirements are met in a targeted manner. The effectiveness and efficiency of these services are usually reflected in rather uninformative impression metrics, and leads are categorized generally, but not into different development phases that require appropriate and differentiated processing and support (lead nurturing).

In no case was a person responsible from sales, distribution or marketing involved in the process (customer journey) from beginning to end.

It often happens that marketing technologies are used incorrectly or not at all. Sales frequently questions the performance of marketing, often as a way to cut the budget. This leads marketing to focus on tangible results to justify its actions. Thus, marketing, which should be the driving force behind marketing efforts, becomes the driven force. The company's organizational structure and internationalization present two further challenges.

More precisely, marketing technologies are often used in ways that are either over- or under-dimensioned. A general assessment is not possible. From an initial 150 marketing technologies (in 2011), this number has grown to over 8,000 (in 2020). This multitude of options is both a Segen and a curse. Therefore, marketing is like a living organism that, at its various stages of development, constantly requires new processes, content, and technological adjustments.

Digital business development

The use of digital business development between the individual departments of sales, distribution and marketing can solve this problem and put developments that have gone awry back on track.

• Public Relations ➡️ The company is the focus
• Marketing ➡️ The customer is the focus
• Sales ➡️ The process is the focus
• Sales ➡️ Sales are the focus

Task Force

Another possibility would be the use of an internal task force with comprehensive decision-making powers, which in turn would need to be provided with the necessary tools.

Global distribution of marketing budgets by CMO in selected economies

Global marketing budget breakdown by segment. 432 respondents in companies with annual revenues between $500 million and $20 billion.

Based on the results of a survey of CMOs in North America, the UK, France, and Germany, it was found that 26.2 percent of marketing budgets were spent on technology in 2020. Almost a quarter of marketing expenditures that year went to paid media.

• 24.5% – Marketing work
• 26.2% – Marketing Technologies
• 23.7% – Agency services
• 24.8% – Paid media / Ads
• 0.9% – Other

Number of marketing technology solutions available worldwide from 2011 to 2020

An annual study assessing the state of marketing technology worldwide found that in 2020, 8,000 martech solutions were available to industry professionals. The number of these tools has grown steadily over the past decade, starting from just 150 in 2011.

New marketing tactics and channels of B2B companies in the United States

At the end of 2020, B2B marketers in the US were surveyed about the new tactics, strategies, and channels they planned to implement in 2021. According to 46 percent of respondents, account-based marketing topped the list of measures they intended to include in their 2021 marketing efforts, and 41 percent said the same about video marketing.

• 46% – Account Based Marketing
• 41% – Video Marketing
• 38% – Influencer Marketing
• 38% – Artificial Intelligence
• 33% – Retargeting
• 32% – Personalization
• 29% – Inbound Marketing
• 27% – Podcast & Livestreaming
• 24% – Conversational Marketing
• 22% – Mobile-first strategy
• 11% – Programmatic Advertising
• 11% – Voice Optimization
• 5% – Other

Changes in investment in emerging marketing technologies, according to retail marketers

A shift in investment in emerging marketing technologies, according to retail marketers in North America. 65 percent stated they would increase their spending on customer data platforms, and another 52 percent said the same about investments in personalization technologies.

The most trusted data sources according to marketing experts worldwide

In a survey of global marketing professionals conducted in August 2019, 80 percent of respondents stated that they trust data research results from third-party providers or partners. Internal data was the second most trusted source among the marketers surveyed.

• 80% – Third-party data from providers or partners
• 75% – Own data
• 50% – Data agencies (media and/or creative)
• 44% – Data from technology companies
• 41% – Data from publishers and media partners

Current PDF libraries to support your marketing planning and activities

We provide you with numerous further insights into figures, data and facts that can help you optimize and expand your marketing:

• Customer Demographics Library – Demographics Knowledge Database (PDF)
• Online Marketing Library (PDF)
• E-Commerce Library – Knowledge Base (PDF)
• Social Media Marketing Library – Knowledge Base (PDF)
• SEO Library – SEM Knowledge Base (PDF)
• Search Engine Advertising / SEA Library – Search Engine Advertising Knowledge Base (PDF)
• Extended Reality (XR) Library (PDF)

Do you need more input on the topic of marketing?

• Content marketing: The ultimate discipline with obstacles and the most valuable types of content marketing
• The most effective marketing channels for leads, the most effective tactics, the most effective early-stage engagements, and the most effective channels for increasing conversions
• Marketing strategies and trends
• Personalized customer communication is gold

More topics on SEO

• The ultimate discipline for search engine optimization and search engine marketing: Mobile SEO
• SEO focus: Mobile-friendly for local information searches
• Local search optimization: "Nearby" search in Google Maps
• Search Engine Advertising
• How your target audience interacts is crucial for SEO, SEA and SEM
• Business Research: Keeping an eye on things

That's why Xpert.Digital is for Ulm and Augsburg!

I would be happy to serve as your personal advisor.

You can contact me by filling out the contact form below or simply call me on +49 731 37 999 300 .

I'm looking forward to our joint project.

 

 

 

Xpert.Digital – Konrad Wolfenstein

Xpert.Digital is a hub for industry focusing on digitalization, mechanical engineering, logistics/intralogistics and photovoltaics.

With our 360° Business Development solution, we support renowned companies from new business to after-sales.

Market intelligence, smarketing, marketing automation, content development, PR, mail campaigns, personalized social media and lead nurturing are part of our digital tools.

You can find more information at: www.xpert.digital – www.xpert.solar – www.xpert.plus