The Top Marketing Challenges that Businesses are Facing Today & How to Overcome Them
There are many difficulties and challenges that small to medium-sized businesses are facing in 2023, particularly with regard to online awareness and ranking.
Increased Competition
According to recent statistics, there are over 30 million small businesses in the US alone, making it more challenging than ever to identify specific strategies to stand out in a crowded market.
The presence of additional competitors in your industry can result from various sources, such as new startups, modern technological innovations, and changing customer preferences. This heightened competition level pushes businesses to find unique and innovative ways to set themselves apart and gain an edge over their competitors.
Along with competition comes the need to step up your marketing efforts. Your profit margins may take a hit to stay competitive, but you’ll need to change what you do in the long run. One strategy that has proven is focusing on SEO. This is playing the long game and setting a solid foundation for your business.
We can help your business implement effective SEO techniques to make your company stand out from the increasing competition in search engine rankings. It starts with keyword research experience and knowing your industry. Our SEO Specialists know precisely what phrases your target audience typically uses in searches. They make sure your website is optimized for those exact phrases.
Another SEO strategy to help stand out is building high-quality backlinks from reputable websites in your industry. Backlinks are signals to Google that your website is trustworthy. It gives a website the “Google juice” to outrank your competition.
One trend we have noticed that has been working for our clients is focusing on the GBP. The Google map listing, also known as the Google Business Profile (GBP), seems to be driving a lot of business. You can add posts like social media, geo-tagged images, and respond to reviews.
Relying on Traditional Marketing Methods Instead of Digital
More businesses are changing where they spend their marketing budget as their audience’s attention shifts online. Traditional marketing is on the losing end as more people cut the cable cord, don’t pick up magazines, or pay for Sirius XM.
Over the past five years, print advertising has decreased by 28% in effectiveness, while almost 27% of radio listeners admitted to skipping over commercials. Even further, studies have shown that conventional advertising, such as radio and print, has a minimal level of consumer engagement, with only 17% of individuals expressing active participation with print ads and only 14% with radio ads.
When compared to more digital advertising tactics, like email, SEO, and social media marketing, digital methods usually generate a much higher return on investment. Campaign Monitor’s report determined that for every $1 spent on email marketing, the average ROI is $42.
Online shopping and mobile technology have fundamentally changed consumer behavior. They are devoting less of their attention to traditional mediums and leaning much more toward digital.
eMarketer’s study found that American adults spent an average of 3 hours and 43 minutes a day consuming digital media while only devoting 1 hour and 18 minutes to traditional media in 2020.
Balancing marketing spend and Limited Budget
Today, another top challenge among businesses is their limited marketing budget and the ability to stretch it across various strategies. Without an efficient marketing budget allocation, achieving their objectives and optimizing their return on investment becomes hard.
Let’s start with the ideal marketing channels. Your focus should be where your target audience’s attention lies.
How do you determine if that is the best channel?
Monitor the data. Google Analytics (GA) offers free data tracking. Make sure you have Google Tag Manager set up correctly for event tracking. At the minimum, you want to track phone calls and form fills.
Let the SOURCE be with you. Every digital marketing channel is a “source” in GA. Go to Traffic Acquisition > view Session source/medium. This is invaluable for quickly showing what is driving new business.
When budgets are limited, choosing strategies to provide the best results makes sense. Edge Digital can help your business invest in cost-effective SEO Marketing strategies without breaking the bank but offers long-term effects.
Managing customer expectations
In today’s hyper-connected world, it is no secret that one of the top five challenges modern business owners face is managing customer expectations. Customers have grown to expect personalized and quick attention from businesses and are accustomed to convenience. Your business must work diligently to ensure they receive the excellent customer service they deserve, which can be time-consuming, costly, and resource-intensive.
Digital marketing can use strategies such as data-driven personalization, predictive behaviors, customer feedback surveys, and dynamic content to build trust and demonstrate commitment to customer satisfaction.
Another effective tool for business owners to manage customer expectations is social media. First, social media allows businesses to communicate directly with their customers and build brand awareness. Social platforms can address any issues or concerns that customers may have and provide them with the information they need to make decisions. It also allows businesses to showcase products or services, highlights positive customer testimonials, and respond to any provided feedback publicly, demonstrating a commitment to truthfulness and customer satisfaction.
Social media also provides even more valuable detailed data and insights into customer behavior, demographics, and preferences. Future campaigns can more accurately target potential customers. Then, you can also craft experiences that more closely match the wants and needs of your target focus. You will naturally cultivate better relationships by giving your customers just what they want.
Final Thoughts
As any business knows, marketing can be quite a challenge. Yet, if your company is up to the task of staying on top of increased competition, changing from conventional to digital marketing strategies, balancing spend, and satisfying customer requirements, you can easily outshine the competition and capture your new and returning customers’ attention.
If you’re unsure where to start, want to see what it would be like to work with us, or simply have questions, contact us today!
