How2Day: Marketing Challenges in the 21st Century

Princeton WordNet defines marketing as the commercial processes involved in promoting, selling and distributing a product or service. In the 21st century, a whole new spectrum of marketing channels emerged, thanks to the increasing popularity of the Internet. According to The World Bank, 75 percent of Americans used the Internet in 2008. These numbers continue to increase. The shift from traditional print-based media to new online platforms presents a new set of marketing challenges.

A common 21st century challenge marketers face is deciding how much they should allocate to digital versus print-based channels. "Digital" refers to online channels, such as search engine marketing, email marketing and social media marketing. Print-based channels include direct mail and newspaper and magazine ads. Consumers are inundated with information on a daily basis. Marketers are experimenting with a variety of channels to reach their target audiences.

Social media marketing is uncharted territory for many companies, largely because of regulatory issues and concerns over its measurability. Marketers in certain industries, such as the pharmaceutical industry, have been hesitant to market their products via social media channels because these channels present legal and regulatory hurdles. The FDA has many rules in place that limit how pharmaceutical brands can interact with consumers. Social media presents both a challenge and an opportunity for many companies.

With the rise of the Internet in the 21st century, companies are able to do things cheaper and more efficiently. For many employees, this means they are asked to do more with less money. According to a March 2010 Marketing Profs survey of 3,449 marketing professionals, not having a large enough budget was one of the biggest marketing challenges.

Companies also are doing things faster. According to the Marketing Profs survey, not having enough time to execute programs was tied with not having enough budget for the biggest marketing challenge. Innovations in technology, such as email and wireless Internet, are standard ways of getting things done. This allows companies to do more in less time. However, these innovations also create new time-management challenges.

Successful companies rely on leads to help market and sell their products and services. A lead is simply a prospective customer you think you have a good chance of making a sale with. In the Marketing Profs survey, generating leads was rated as one of the biggest challenges among marketing professionals.

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