Team discussing market strategy and reviewing infographics
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Fast and furious isn’t just the title of a popular movie series; it’s also the pace of the business world today. Companies can’t rely on market research older than a few weeks, or even a few days. Products that seemed to match consumers’ needs on paper might fall flat upon launch. And the push to quickly adjust deeply established processes and ways of thinking to what’s happening now is increasingly pervasive.
It’s a lot to take in, particularly if you’re someone who prefers a “wait and see” approach. As someone who has been navigating these waters for years, I’ve seen firsthand how waiting can compromise a company’s ability to stay ahead in a rapidly changing market. When market dynamics shift on a dime, maintaining a competitive advantage may feel like you’re caught in a perfect storm.
You can’t thrive and excel with just a life jacket. You need cutting-edge tools, innovative strategies and optimized business processes. If you’re unsure of where to start, you’re not alone. Here are a few examples to inspire you.
Don’t Resist Innovation
It’s human nature to resist change, especially when it involves adopting new technology. There’s a certain pride in the adage, “If it’s not broke, don’t fix it.” Sticking with the way things have always been done can feel familiar and predictable. But consider this: Is it easier to sell a home with a dated interior or one with the latest finishes?
When you resist innovation, like embracing new AI tools, you risk losing opportunities to convert customers. For many businesses, a branded website is an integral part of attracting leads and turning them into sales. A strong online presence is also key to engaging with existing customers and encouraging repeat business.
Most companies don’t just build a website and call it done. It’s a continuous work in progress, involving new platforms, integrated media components and conversion rate optimization (CRO) tests. You need to know if your design and copy are inspiring consumers to act. If not, you tweak until your conversion rates meet your goals.
Doing this manually or with outdated tools may prevent you from implementing ideas quickly enough. Using AI tools, such as the platform Do What Works, can significantly increase the scale of your website’s CRO tests. This technology provides the necessary data to make website design and messaging decisions faster, including the ability to test multiple variables simultaneously. This allows your decisions to keep pace with the market’s changing behaviors and preferences.
Strategize Outside Of The Box
A strong marketing strategy is built on a deep understanding of consumer behavior. It’s natural to equate preferences with predictions about how a market will respond to a product or message. You might start by pulling out your customer persona summary and aligning your decisions with what these personas tell you.
Classic marketing strategy also relies on tools like consumer surveys, opinion polls, focus groups and blind product tests. Yet, history is filled with examples of marketing strategies that didn’t connect with consumers as intended. Think of the introduction of a new classic Coca-Cola formula in the mid-1980s or Life Call’s “I’ve fallen and I can’t get up” campaign. Another example is the backlash from a Burger King UK’s Women’s Day tweet. None of these strategies went the way they were planned.
This is likely because these companies failed to uncover or consider consumers’ underlying beliefs. Proof Positioning, a company that uses a personal and customized approach to user research, highlights how beliefs are what truly drive action. Aligning your marketing strategies with customer personas alone won’t be enough to get the results you want.
You need to think outside the box, revamping your strategies to truly connect with your target audience. Beliefs can be subtle and may not be revealed in a conventional survey. Since beliefs aren’t always logical, you must consider how your company’s actions might make your consumer base feel. Start thinking about the emotions the use of your products and the stories you tell may provoke.
Optimize Business Processes
Once consumers get used to something, their expectations align with more of the same, but their demands also tend to increase. Environmental factors outside of their control could cause them to change their behavior even faster than the data can reveal.
For example, shifts in the economic climate, like the burden of higher prices, can alter buying patterns overnight. The introduction of two-day shipping has led consumers to expect this service from everyone. If an email or voicemail isn’t returned within a few hours, the consumer might feel abandoned, express dissatisfaction and seek alternatives.
Businesses with rigid processes can fall behind as quickly as market behaviors change. Amazon is a powerful illustration of how to not only keep processes nimble enough to adapt but also to lead the way. The company’s use of robotics, machine learning and integrated virtual reality tech has redefined online shopping.
Prime members can often get their orders in a day or less, depending on the product’s location. Items once thought impossible to buy from a website, such as furniture, may now be virtually placed in a customer’s home before purchase. Returns are simpler than ever, with some products not needing to be sent back at all. Staying open to new ways of doing things can drive innovation for your company, your industry and the entire market.
Staying Ahead Of The Curve
When market dynamics evolve faster than you can say “change,” it can feel like an impossible race to win. What you’ve come to rely on for making decisions may no longer work, which can be frustrating and perplexing. You might feel unsure about what steps to take or whether you have the necessary resources to adapt.
Staying ahead means changing your mindset and learning to identify subtle cues from the market. Companies that have successfully outpaced their competitors have done so by embracing new tools, rethinking conventional strategies and optimizing internal processes. Initially, it may be challenging to go against what you know. But working through that discomfort is how your brand will stay relevant to consumers’ needs.