Growing at a “too fast” pace comes with its own set of disadvantages, and that’s probably what we are seeing with the digital marketing industry.
While digital marketing has actually turned out to be something that’s transforming the way businesses market their products and services, it seems to have got to the point where its growth is leading to challenges that can often be hard to deal with.
Kartikeya Sharma iTV, a well-known name in the Indian media industry, walks us through some of the most worrying challenges.
Too much clutter
As the digital marketing industry grows, the number of digital marketing service providers grow as well. And while that may not really be a problem per se, but what is definitely a problem is that people and companies not qualified enough as digital marketers, too, enter the field due to just being attracted by the industry’s growth.
This is precisely what has been a reason for the kind of cluttered market it has become lately. If you’re a business looking for the right digital marketing service, there’s quite a possibility you will end up going with the wrong options the first couple times before finding one that fit the bill well for your business.
Any industry that adopts from time to time is believed to be a sign of a healthy industry; however, when an industry changes so fast that it often doesn’t give enough time for the people involved to learn to adapt to the changes, it becomes a problem.
We have been seeing things change on a monthly basis in the digital marketing world, and it’s definitely turning out to be hard to keep up with.
Lack of skilled workforce
As it’s so hard to keep up with all the changes that keep getting introduced out of nowhere, there are not many employees in the industry that can be considered “reliable” for a digital marketing job.
This has apparently led to a significant lack of qualified workforce in the industry.
If you’re thinking of expanding a new business you may have recently started, know that you may have just as much work to do as you did when starting it. This is because expanding for a new business was and will always be very challenging, what with the limited capital, increased instability and the more and more demanding role that must be played by the founder.
But entrepreneurs like Anand Mishra Indian entrepreneur have did it. And you can do it too. So if you’re ready for the struggle, here are a few tips to make things much easier for you.
Focusing on Your Current Customers
Growing your business doesn’t have to mean you should shift your focus completely on getting new customers. In fact, your old customers are much more likely to be your “new” customers again, if you have something relevant to offer.
So before you go marketing to gain new customers, you might as well want to get in touch with your old customers and asking if they would be interested in your new product or service.
This may help you get a good few clients right off the bat, putting you be in a much better position to make your expansion plans successful.
Researching the Target Market Carefully
Not all target markets are alike. Just because you were successful in serving your first target market well doesn’t mean you will naturally be successful in your other target markets.
This is because there may be many factors that differ greatly. The competition, the nature of the customers and their expectations, the regulations in that particular area and so on.
So make sure you do enough research to understand the target market well instead of having the same approach to it as your initial target market.
Utilizing Digital Marketing
While we are not against traditional marketing strategies, digital marketing is turning out to be a much more effective – both with respect to gaining new customers and the costs involved – as a way of marketing. It would probably be a mistake to not utilize it and instead spending heavily on traditional ways of marketing.
There are many who constantly look for job but are unable to do so even if they have the required qualification due to no vacancy and extreme competition. However, there are many who look forward to start their own business. So why should you even start your own business and what are the benefits? Well, there are a lot of benefits available for those who are looking forward to start their own business. Some countries such as USA provide lots of equal opportunities in work and business, which is popularly termed as the American dream. If you are someone who is looking to start your own business and you came across this article to look for some relevant information to help you, then you have come to the right place! This article will take a look at how to start your own business.
A look at starting a business:
As mentioned already, there are many benefits of starting your own business. In the current times, there are not sufficient job vacancies for the huge number of graduating students. You can start your own business and create job vacancies for these graduates. You will be able to contribute to your local and national economy through your business. There are many other great reasons to start your own business. First of all, you will be able to be your own boss and also work flexibly. Business can also be started from home and there are also many businesses that don’t require much funding to get started. The possibilities are huge and this article will also take a look at these possibilities as well.
If you are worried about funding and haven’t got any funding, nothing to worry about! One option is outsourcing to earn money online. You need to have some skills such as: writing, web design, technical writing, data entry etc. to earn a lot of money online through various websites.
Some great reasons to start your own business:
This section will take a look at some of the great reasons to start your own business and these reasons are listed below:
You will be able to remove the uncertainty from your life. Many of us tend to do the 9-5 jobs as these jobs tend to make us feel secured with monthly payment. But there is also a fear of doing a 9-5 job and that is that company laying off people to reduce their costs or upgrading. This is not there if you plan to start your own business, however scary it may seem. Yes, definitely there are risks involved while starting the business, but it is all worth it.
When you plan to start your own business, chances are you will start a business in an area that you are passionate about. Therefore, whenever you wake up, you are always ready to go for work and face the challenges.
You will create a lot of space for the work force. Currently there is a problem with unemployment and starting your own business will help these unemployed graduates. Also not only that, you will be able to contribute effectively to the national and local economy through your business, which is not much possible through the regular 9-5 jobs.
You will be able to create your own work life balance that suits your daily lifestyle.
How to start your own business?
This section, how to start your own business will take a look at how to start your own business. There are some steps that are quite important and you need to consider. These steps are mentioned below:
Step1: First of all, you need to make sure which field or sector your business will be about. What are you passionate about? Are you a great cook, who wants to start a new restaurant? Or you love fashion and you are looking forward to start your own clothing line? The choices are vast that you can choose from.
Step2: Then you need to make an effective business plan about the business that you are going to start. There are a variety of tools and resources available that can help you with creating a business plan.
Step3: you need to learn about various business methods, such as marketing, handling finance etc. There are many guides available online that can effectively help you with this step. Also you need to research about the business niche that you are planning to start etc.
Step4: Then you will need to select a perfect location for your business. Most people prefer business location to be in the center of the city or major business hub as it will helps the business to create bigger customer base and also have better access to amenities nearby to flourish the business.
Step5: You will need to find a source to fund your business and also determine the legal structure of your business.
Step6: You will need to register your business with a name and also register for local taxes and state and also you will need to obtain license and permit for your business.