The internet is the largest and the most accessible marketplace in history. Think about how good it is that with just one click you can buy a lot online. The consumer buying experience has completely changed. We now have access to everything we want and more at our fingertips. Since the way we buy has changed, so have the way we sell too. Some changes are more gradual than others, but these are changes we just can’t argue with, over 80% of us go online to make purchasing decisions.
The most significant challenges businesses can face are lack of resources, not having a strong strategy and being unable to build a community of followers and tracking the result. Social media is becoming an essential part of a company’s existence for marketing strategies and development.
Maybe you are one of the many media companies who recognise the opportunity but are reluctant to enter the digital game. Unfortunately you have discovered that offering digital solutions create a lot of business challenges that might impossible to conquer.
Below is some of the challenges media companies face:
Digital is hard to sell: online vendors find it difficult to get local businesses to buy their goods and services
Cost of sales is too high: traditional selling methods don’t scale for digital dimes; times and resources are wasted on cold leads that aren’t ready to buy.
Digital gross margin is too low: digital solutions come with high fixed and variable costs that create slim margin and low ROI
Sales reps are hard to track and manage: measuring your sales team’s true productivity and performance is difficult, if not impossible.
Losing customer segments to low cost of digital providers: It is difficult to compete against new players who offer solutions that undercut you on pricing
High client churn: Retaining customers is a challenge due to a variety of reasons, from pricing to support to competition.
Multiple tools and vendors are hard to manage: Working with multiple solutions creates vendor clutter, disparity between tools and ongoing IT issues.
Clients have varying needs: One digital package does not fit all, your current service model doesn’t accommodate for clients with various needs.
Scaling issues: Resources and services don’t scale to accommodate a glowing client base.
Lack of reporting: clients demand complete transparency of their digital solutions with comprehensive performance reports.
Digital solutions are priced too high: quality digital solutions are out of your clients’ monthly marketing spending.
These and more are the challenges media companies face. In my next article I will be discussing on how to tackle this challenges.
