Write an article about how the past is not a good predictor for future marketing success. We can’t rely on historical data to know if a new product will be successful in the market because things change- either in costs, competition or consumer preferences. But there are some general guidelines that will help you make predictions about the future with more accuracy. Here’s what you need to know before making any decisions based on your past successes.
The world is changing
A lot of companies rely on the data from their past successes to predict if their new products will succeed in the market. They use it as a way to justify whether or not they should invest in the product. However, there are plenty of examples of things that can go wrong when relying too heavily on one’s past successes.
For example, you may have had a successful TV commercial for your product in 2016, but in 2017 streaming services like Netflix have become more popular and it seems that people would rather watch TV shows instead of commercials. This is just one example of how something from the past can’t always be applied to the future. Another example is when a company has been doing well because they were able to get themselves in front of their target market, but if they don’t understand the rapidly changing landscape of what’s coming next, it might be harder to do that moving forward.
3 Ways to be better prepared for the future
1) Get a clear understanding of the landscape. Before proceeding with any marketing plans, it’s important to do research on where your target market currently is and how they engage with products or services. Find out what’s driving their behaviors and what alternative options they have so you can better predict their future behaviors.
2) Push boundaries. Newer platforms for media consumption are being developed every day, so it’s important to keep up to date on what’s coming next to better stay in touch with what will drive people’s preferences in the future. In this way, you can be ahead of the competition and help shape the landscape rather than be limited by it.
3) Use quantitative data when possible. There are times when qualitative results just won’t cut it – especially when you’re looking at large populations. By using research tools to gather quantitative data about your market, you can produce accurate results that will help you make the best decision for your marketing plan moving forward.
Avoiding dangers when planning a new campaign
Avoiding dangers when planning a new campaign is crucial to its success. One of the most common things that can go wrong is not having a clear understanding of what your market wants and their behavior.
It’s important to know where your target market currently is and how they engage with products or services before you even start to plan anything. Find out what’s driving their behaviors and what alternative options they have so you can better predict their future behaviors.
Another thing that advertisers need to do in order to plan a successful new campaign is get ahead of the competition. In this way, you can be ahead of the competition and help shape the landscape rather than being limited by it.