2023 Top Challenges and Opportunities for Growth
By Melony M. Fuller, Founder,
Director of Strategy and Business Development
How is your company navigating the economy, meeting goals and prioritizing marketing?
Earlier this year, 1,127 workers in the US—544 of which were marketing professionals—responded to a brand marketing survey by Momentive™.
The top challenges, as you very well should suspect, are:
- The economy,
- Struggling with year-over-year growth, and
- Prioritizing marketing amid budget constraints.
Growth is Top of Mind for Brands Like Yours
Growth remains the top priority in 2023, second to focusing on market expansion, according to the survey respondents. However, growth opportunities do not come without challenges. Challenges like identifying the necessary resources and data to make quick, strategic decisions to address evolving target markets, brand equity and influencers to achieve goals.
Do You Want to Grow but Aren’t Sure How to Move Forward?
You are not alone! We’ve seen this time and time again with clients who come to us wondering what their next steps are, or how to get on a path to growth when everything feels uncertain and in flux.
Do you feel the same pressure as the 45% who say their company is experiencing more competition now compared to last year? Do you relate to the struggle of understanding your target markets? And how do you overcome these challenges when trying to understand your target market’s needs?
Breaking Through the Doubt and Growing Your Brand
Before offering a solution or being confident that a product or service is right for the target audience, we need insights to determine how we can align ourselves with our ideal consumer. Those insights come from various resources starting with customers feedback, historical product trends, industry research and gather insights from your digital platforms.
In my twenty-eight plus years of being in sales and marketing the one resounding factor that has attributed to companies thriving over surviving has been prioritizing marketing – “making a plan then working the plan.”
It’s 100% okay to tweak tactics in the plan if the results are not what is expected. But don’t change the plan expectations (unless they were not built on facts). Having the plan is the rudder that keeps the entire ship heading in the right direction.
The key is having a plan, working the plan, and dedicating yourself to staying focused on achieving the desired results. We refer to this as the “Do” in our Share, Show, Do principles. Not one tactic, but MANY cohesive sales and marketing tactics are necessary to achieve your growth strategy.
Growth Amid Change is Possible
Like many of you, Co-Create Marketing Strategies is focusing on growth and market expansion. In our next update, we will be sharing a case study to prove growth is possible in the midst of all the challenges. Until then, let’s keep our heads up and push onward focusing on the tactics that add value to our goals!
About Co-Create Marketing Strategies
Co-Create Marketing Strategies is a boutique growth marketing firm that uses insights, industry benchmarks and a customized approach to grow brands. We don’t just show you new ideas, we teach you new ideas. Sharing knowledge and empowering people, is at the heart of the co-create process. We’re all about empowering you to be successful with repeatable, sustainable action.
Save a copy: 2023 Top Challenges and Opportunities for Growth
