Saurabh Khaspuri is the Chief Marketing Officer (CMO) at the Booming Bulls Academy. Saurabh is responsible for handling the entire marketing and branding activities in his current role. His job is to create and propagate an enthusiastic brand message that will resonate with the target audience. He also looks after the team building and some parts of management. Saurabh has done an Advance Digital Marketing course. He has generated a business of more than Rs. 20 crore for his clients. In the last two years, after starting working with Booming Bulls in 2019, he has trained more than 3000 professionals in digital marketing, worked for more than 100 brands and conducted numerous workshops.
The marketing scenario has changed drastically with the outbreak of the COVID-19 pandemic two years ago. While marketing up until 2019 was a combination of digital engagement and traditional marketing tools, digital marketing and data management has gained prominence in the recent past. In 2021, businesses found ways to overcome the challenges post-COVID-19. In 2022, businesses will have to navigate through a new set of challenges based on market competition.
Here are some of the challenges that marketers can expect while formulating their strategies this year:
Acquiring new business/customers
The competitive business environment in every sector has made it difficult for companies to gain new customers. To overcome this challenge, businesses need to understand their target market and build content that attracts new customers. However, while you do this, remember that the potential customers must feel that you as a brand understand their needs and wants and is ready to give them exactly the same. Also, create content with which the audience can engage. The best place for the same is social media platforms and blogs.
How to stand out?
In a competitive sector, it is difficult to stand out. All the companies are offering similar solutions with a little variation and people are going for the products that they already trust. In this case, how would you stand out? To make your presence felt in the market, you can undertake a brand awareness campaign. It can include making the target audience aware of the brand, its solutions and its new offering. It can be like refreshing your brand for the new year.
Managing various channels
With the coming up of numerous channels to market products and services, it has become a hassle for businesses to understand which platform should they focus on. The best way to go ahead is to understand what channels are best to reach your target audience and focus solely on them. To create a successful brand with a strong marketing strategy for different channels, start with identifying your audience. Second step is to analyze past marketing metrics and undertake SWOT analysis. Basis the results, formulate your goals and identify channels to achieve these goals. Keeping in the mind the marketing funnel, create a plan. Keep tabs on the progress as it is executed.
Deploying advanced marketing tools
With the advent of technology, marketing has changed as well. One can no longer deploy traditional marketing tactics to attract new customers. For building a marketing communication that compels the audience to try a brand, the entire marketing mix has to be upgraded. You have to look at ways to pump up the 4Ps – Product, Prize, Promotion and Place. This is where you can deploy the new-age marketing tools like data, metrics and insights. They will enable the brand to trace all selling initiatives – from pre-sales to post-sales.
How to manage budget concerns?
A company’s marketing strategy is influenced a lot by the budget allocation for marketing. In order to have an effective marketing strategy, you need to know how to allocate limited resources. One way to overcome this challenge is by utilizing reporting and analytics tools. They offer easy-to-understand marketing and business reports and metrics. It will enable you to understand what’s working out for your business and then you can allocate resources accordingly.
As you plan your way forward for 2022, focus and prioritize your customer. All customers want is to engage with a brand that understands their needs, expectations and offers them solutions that are as personalized as possible, especially in today’s time.