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Internet Marketing and VUCA: Business trend Behind the New Normal
Hunkering down would likely be the appropriate strategy during these tough times. This allows growing businesses recognized opportunities and modifies their business model which helps it grow. Internet marketing consultants learn some key tactics that will make their companies stand up and out during tough times.
As the world rebounds from the Great Recession, many internet marketing companies & digital agencies are facing a “new normal” - the economy is facing slow growth for years to come. This era will be different – everything will depend on how determined the Internet marketing consultants and their executive teams stay out of their comfort zone as they are ready to challenge the traditional ways in handling the new business.
For these past decades, it’s possible to be successful simply by riding the internet marketing growth. For most of these companies, they are over.
Our basis with this article is that there are some foreseeable uneven changes with the economic growth for the next several years. Western economies such as the UK, then the United States, and Japan are growing modestly. However, China and other developing countries will continually grow to 8-10 percent per year. The competition will be intensified everywhere.
To cope up with these new challenges, internet marketing consultants will have to question, assess, and modify their entrepreneurial thinking. They’ll have to re-examine the context in order to make a final decision. This is the time every business will be challenged based on their wisdom and beliefs.
This is a big challenge for most internet marketing companies, where they have to manage the new uncertain environment. But this isn’t something to be scared of as some have managed to overcome this.
These are by far the biggest challenges leaders will have to deal with in the years ahead. This is the time social media will take its trend.
These will drive leaders into making a serious economic decision due to Globalization. India and China will rise and showcase their expanding growth over the next decade. All thanks to the rising demands on global productions. Thus, letting companies earn a high record of profitability.
The new era will be marked by increased protectionism, as the trend will continue towards global integration. These might pace down slowly. East Europeans, Latin Americans and Asian countries that are seen as a source of cheap labor are now emerging in significant markets with millions of consumers daily. These are countries that are new to the marketplace and others are on their way up. The “billion” market will be one of the rare growth opportunities ahead.
Due to the developing economies growing rapidly. These will spawn a new generation of competitors in the market. Many developing countries, even before the Great Recession, have already established a very powerful presence internationally. Even in crisis, a lot of these companies are gaining power compared to before. They haven’t suffered the same damage compared to other developing nations, and are considered to be one of the fastest-growing in the market. These global challenges will be the ones to increase the competitive pressure on their establishing brands as they develop their cost advantage technological capabilities. Even traditional multi companies shouldn’t underestimate them even if they are from industrialized countries. Thus, take action.
As globalization creates massive changes, this will require website agencies and SEO companies to rethink their approach to the business. This will let internet marketing consultants research, develop and create product designs for all sales, marketing, manufacturing, and government relations. Old business models will need to be revised. So does having a quick mindset to certain adjustments especially every time there is a transforming global market in today's era.
Other business challenges
Low-cost competition between companies due to rapid globalization will affect businesses big time especially in fast-developing countries. Hence, internet marketing consultants face some serious challenges. For example, establishing government relations is one of the things companies need to recalibrate as governments are involved in economic decision making. They will have to become more aware of changing customer behaviors and attitudes. Companies also need to accept the fact that they will consistently be in a fishbowl as governance heightened and this will be the normal standard. So companies need to adapt and think of new business fundamentals.
If this turns out to be more prevalent, this will entail a relatively big loss for investors. These will intensify the scale of the market over the next few years. These will also mean there will be some shifts in management and priorities. From short term results, everything will be focused on the long term results instead. These will allow business owners to be effectively balanced in any long term investment against any short term results. Everything has to be revenue-generating.
Through results and experience, this is how values are created even for shareholders. So focusing on optimizing short term results is not sustainable for any competitive market. So by this, we can expect a positive outcome behind this crisis.