Respond to Dynamic Marketplace with Agile Marketing Concepts
Businesses are no stranger to rapid and constant changes. They have to keep pace with changes in technology, marketing strategies, business practices, and customer needs. Being able to respond to these changes is a prerequisite to surviving in a dynamic marketplace. However, to succeed, survival is not the only option.
By being agile, both B2B and B2C firms can flourish in this highly competitive setting. Agile marketing is all about being nimble, fast, adaptive, and responsive to the shifting trends. This blog post addresses how businesses can respond to a dynamic marketplace with the help of agile concepts.
Uncover New Opportunities
Marketers often find themselves going back to ways that may have worked well in the past. More often than not, those traditional marketing practices may not be fit for the constantly evolving world. Agile, on the other hand, values different opinions and possibilities. If there's a better way of doing something, backed by data and the appropriate metrics, the chances of falling flat become insignificant.
Therefore, in agile marketing, there's always scope for alternatives. Businesses can uncover new opportunities while constantly improving their existing strategies.
Emphasize Collaboration Over Silos
Traditionally, the marketing department existed and functioned in silos. It had one prominent disadvantage. The customer experience created as a result was incongruous and inconsistent. In this era, there is nothing more essential than customer satisfaction, which leads to businesses prioritizing collaboration over silos.
In the agile framework, there is no place for information hoarding. Knowledge is readily shared among team members who not only strengthen the team but also increase their productivity. Customers are the sole focus of agile marketing. To create a seamless customer experience, hierarchy is replaced with collaboration.
Focus on Iterative Campaigns
A few years ago, marketing plans spanned over 3-6 months or sometimes years. Those long-term plans worked then, but in the era of social media and rapidly evolving trends, marketers need to adopt a more dynamic approach. Not only is the conventional approach time-consuming, but it also stretches the budget. Unfortunately, goals are never met, and there is barely any time left to rectify the situation.
On the other hand, the agile marketing strategy is about taking an adaptive and iterative approach. There are no planning cycles in agile — only sprints. Instead of months or years, it takes only a few weeks to close the project. Each sprint offers a learning opportunity for every team member, and the risks are quickly eliminated. Besides, the campaigns do not incur as much budget.
Assess Accurate Customer Behavior
When it comes to traditional marketing plans, customer behavior forecasts quickly become outdated. These forecasts are often a result of resource-intensive and expensive research. The validity of forecasts, however, becomes a question when the desired results are not achieved.
Using an agile approach, businesses can lessen their reliance on forecasts and concentrate more on ongoing customer discovery. By testing hypotheses, agile teams can evaluate the pain points and needs of the customers. They continually brainstorm on how they can offer more value with the shifting needs and expectations. Gathering more knowledge and customer insights is the priority of agile marketers.
Become More Flexible
Traditional marketing was based on a detailed and rigorous planning process. But, staying rigid no longer remains a viable choice when things move too quickly in today's world. To accommodate the changes, agile marketing focuses on the flexibility of processes. When circumstances shift and new information introduces itself, teams have to adapt accordingly.
Agile teams regularly prioritize, review, and test the ongoing deliverables to exceed the expectations. Instead of following a rigid plan, responding to change takes precedence. For the marketing to be impactful, resonant, and engaging, marketers cannot be opposed to change. Instead, they should embrace it. A proactive approach is thus far better than a reactionary approach.
Conduct Small Experiments
Amazon's founder Jeff Bezos attributes the success of his company to vast experiments. In his words, “You have to invent for customers because companies that only listen to customers fail. It's not the customers' job to invent for themselves.” It's extremely tough to predict in advance whether something would or would not work in the realm of marketing.
Marketers can only draw from their learnings, experiences, and intuition. Given the shifting market landscape, nothing can be predicted with absolute certainty. In that case, experimentation is the only solution. Due to budget constraints, it was very challenging to experiment in the past. However, digitization has created a level playing field for marketers.
Small-scale experiments can be carried out with little to zero costs without much difficulty testing new ideas. Marketers can then scale the winning experiments with minimal risk.
For a business to thrive in a dynamic marketplace, agile marketing can prove to be a boon. By promptly responding to changes, they can retain the decisive competitive edge.