With so many brands and companies from all over the world
flooding the market, the competition is steep and the margins are forever
declining. Moreover the cost of labor and raw materials is also going sky high
and thus the company is forced to spend less on marketing and advertising.
These are some of the challenges faced by Marketers
today:
- · CROWDED MARKET SPACES
Today the business world has cut throat competition. And
there are thousands of companies selling the same products in the marketplace.
In this extremely competitive market, Marketers are struggling to get the upper
edge as many companies are providing products at very little margins so as to
win the number game. The Marketers today have to work their brains around to
create a niche for their product and also inspire brand loyalty through
excellent customer service as per Sachin Uppal Growth Advisor.
- · LIMITED TIME AND RESOURCES
With production and labor costs touching the sky, marketers
are finding it more and more challenging to get the appropriate budget and
resources for their marketing endeavors. Thus marketers have to crunch on their
marketing strategies and spend ad money only when it is critical and the
company cannot do without it.
Moreover with the popularity Digital Marketing is gaining,
marketers are facing a lot of challenges especially with the high cost of
offline marketing states Sachin Uppal.
- · INCREASING CUSTOMER EXPECTATION
With so many players in the market and many of them selling
products at throw away prices marketers are finding it more and more
challenging to promote their product and inspire brand loyalty. For example JIO
which took the telecom industry by storm has changed the entire telecom game in
India and is leading towards price wars where all the operators are now going
for numbers and keeping a lesser profit margin as per Sachin Uppal GrowthAdvisor.
- · LOW MARGINS AND STEEP COMPETITION
The competition is steep and the margins are reducing. Of
course the customers are benefiting but marketers are facing an existential
challenge and the only way out for them is to come out with better products at
more reasonable prices thus killing the competition. Marketing today in India
is simply a numbers game as the margins are low and competition at an all-time
high.
Overall we can say that healthy competition is healthy for
the customers pocket but to sustain businesses, companies need profits and to
do that in India you have to maintain a balance between affordability and
profitability, simply put-you need to go after numbers
and that is the only way to succeed in this highly competitive market.
