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Is marketing missing the target?
Challenges facing marketing in 20207
The biggest challenge according to respondents is retaining existing customers, which is in line with the high priority that teams are placing on customer retention.
The fact that 36% of respondents believe this will cause them the most problems indicates that while it is a high priority, it is by no means easy to achieve. Tellingly, the global pandemic had started to bite when this survey came out, as several commenters mention the lockdown and COVID-19 as already causing problems. An increasing focus on resilience because of the pandemic will lead to a more strategic marketing approach according to Michael Gravier. He says that pre-COVID-19, there was too much focus on efficiency and driving costs low, which pushed organisations to single source more than they should have. This reduced inventories to a point where an emergency lost them sales and customers.
“Supply chain companies will focus more on helping customers become more resilient. This will boost business for ‘middlemen’ like 3PLs – a lot of companies will need help to diversify their supply chain sources, and to a lesser extent they will help customers to diversify their markets.
31% said dealing with a low budget would cause them the most problems in 2020 and would not allow them to meet their objectives. Financially restricted marketing departments are commonplace during economic downturns.
