There are many reasons for the constant shifts within the marketing industry. Some are brought in as a result of ineffective strategies, other differences in strategy could be because a younger generation is coming into the consumer market and have different tastes and views than past generations.
No matter the reasons as to why the changes are brought in, it is clear that if marketers don’t constantly move with the times, they will get left behind.
Here are three reasons why marketing strategies need to be constantly evolving:
1. Changing consumer tastes
As consumers, our tastes are always shifting, especially as we get older and move into different stages in our lives. For example, as a student your consumer taste will be very different to when you are working — which will be different to when you have a family.
One big change that brands have seen over the last two years is the anti-plastic movement. Since the global rise of this movement, consumers are more aware of the effects of plastic on the environment and therefore don’t want to buy unrecyclable plastic.
Because of this, Coca-Cola has made a commitment to making 100% of its products from recycled material by 2025
. This means that the marketing of Coke products will shift to incorporate the fact that Coca-Cola is environmentally conscious.
Many other brands are adapting in order to be more environmentally-friendly, as customers will now avoid certain brands for using, for example, single use plastics.
Marketers need to adapt their strategies according to the shifting consumer tastes to ensure that their brand remains relevant.
2. Staying competitive within the industry
It is not just the evolving consumer taste that marketers need to watch out for, they also need to watch for variations in their competition’s marketing strategy. The worst thing a marketer can do is be so consumed with their own practices that they don’t recognise what’s going on around them.
This is important as your competition will alter its marketing strategy and your brand needs to be able to ensure that your marketing strategy is effective to ensure that you don’t lose any customers.
As a brand, you always strive to be the quality leader in your field of expertise and, therefore, to either become the leader or remain the leader, you need to ensure that your marketing is above the standards of your competition,
Marketers need to ensure that they spend some time researching what their competition does as well as better understanding their own brand positioning. The best way to stand out against your competition is to be unique and create a diverse group of customer relationships that support your identity.
3. Changes in the product life cycle
Brands need to change their marketing strategies during different stages of the product cycle.
There are four stages of a product’s life cycle once it hits the market. The four stages are introduction, growth, maturity and decline
After all the research and development of a product has been done, it’s time to launch it and watch its life cycle begins. The introduction stage is when marketers emphasise the promotion of the product as it is initially distributed. At this point the product, if it is a completely new product, it will have little to no competitors. However, sales numbers remain low as it takes time for people to become interested and accept the new product. Growth
In this stage of the cycle, the product has been accepted by the market and sales begin to rise. The company may want to improve the product in order to stay competitive even though at this point in the cycle, if it is a completely new product, there are still few competitors. Maturity
During the maturity stage, sales reach their peak. Other competitors, if there were none before, will start to enter the market. Decline
At this stage, sales will begin to decline as the product reaches its saturation point. Most products will be phased out of the market because of the increase in competition and the decline in sales.
There is no set schedule for the stages of a product’s life cycle. But marketing strategies need to be altered when a product reaches each of these states. For example, a lot of effort and time has to go into marketing strategies when a product is at the beginning of its life cycle as the product is trying to break into the market.
However, you will not need a super aggressive marketing strategy when the product is extremely popular. Therefore, marketers need to be constantly redeveloping their marketing strategy to prepare for the next stage of the product life cycle. What changes have you noticed in the marketing industry over the past decade? Let us know in the comment section below.
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