Smart business tactics can ensure you are prepared to take on the 5 challenges in this article.
As a CMO, there are always challenges, but especially in today’s economy and digital-savvy world, the challenges are even more pronounced. In an article on CMO.com entitled, “5 Things Marketers Fear Most,” they take a look at what these key challenges are and what you can do to combat them. Here are my thoughts, along with some insight on how these fit within our industry.
1). Commoditization
In today’s economy, many consumers and companies are looking at more and more products and services as a commodity. This can mean a lot of different things for building product marketers, but the bottom line is that your customers are ignoring everything you’ve worked to communicate. Rather than relying on brand loyalty and non-product factors, they’re looking at cost as the bottom line.
So what can you do? Tailor messages to customer buying motivators and place emphasis on shared valued to set yourself apart.
2). Bad Reputation
Bad reputation has always been feared by building product marketers, but as our clients become more tech-savvy, the implications of a negative experience are even farther reaching.
Rather than live in fear, create a strategy to monitor social media and combat negative responses. The time and effort put into this can pay dividends when protecting your reputation.
3). Technological Disruption
Technology is always advancing and especially in the building products industry, dealing with it can prove to be difficult and painful.
Make sure technology doesn’t leave you in the dust. Integrate new technology into your business and take advantage of its benefits, rather than fear how it will change your business. And remember, just because there is a new technology doesn’t mean the old one is automatically kicked to the curb. Many in the building products industry still use fax as a main form of communication, although email and other digital communication platforms have taken over other parts of business.
4). Recession
Unfortunately, this one is completely out of our control. Recessions are a scary thing and make it hard for business to grow.
It’s important to remember that change is possible. Focus on growing share of wallet and making smart business decisions.
5). Internal Misalignment
As a building product marketer, you’ve no doubt been through a lot over the past few years, and one challenge we’re consistently facing is internal alignment. When there is lack of alignment, marketing can lose credibility with other senior executives and marketing can be seen as an area of “fat” to be trimmed.
As building product marketers, we’re good at communicating our company’s value to customers, but remember, communicating our value to the organization internally is just as important to ensure we keep our jobs and our budgets.
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