What Every Entrepreneur Needs To Know To Succeed in Digital Marketing
A growing challenge with a number of established organisations is staying relevant in the market. The rapid change in market landscape is ruthless and can quickly render an entire industry obsolete in a few years. We are reminded of the importance of this with the latest news of IBM recording its 21st consecutive quarter of declining revenues.
However, the fast changing market place does not only spell bad news as it gives new brands the opportunity to lure customers to themselves. The subject of relevance then becomes how to connect with the market. With millennials (19–36 year olds) predicted to have the greatest spending power of any generation, focus has become reaching and acquiring this target market for new brands.
According to YouGov BrandIndex (a brand perception research firm) brands in traditional industries like insurance and finance rank high amongst millennials because of their convenience and price. This should be a pointer for Nigerian brands like ARM that large advertising budget is wasted if product distribution channels are still not easily accessible. Adapting in a digital era would require a few things.
Changing the company culture as solution
The heart of the problem for most companies is the transition from the traditional to digital marketing. The danger for most successful brands is being imprisoned by their success. It is important to remember that adapting to market change isn’t a choice but a necessity to survive. Innovative companies like Amazon only became profitable 7 years after it was founded. This demonstrates how companies need to priorities vision and growth in a competitive digital age.
KLM CareTag (a GPS tracker that offers tourists tips and information about tourist city sites) shows how a traditional company is optimising technology to retain customers. Entrepreneurs must invest more resources in listening to the market and analysing data to pre-empt customers’ needs.
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