Over the years, technological advances have made marketing easier for companies and more challenging in some areas. At the same time, companies struggle to solve branding problems internally in the company, just as detrimental challenges appear outside the organization. External challenges have increased, and HVAC companies need to start developing strategies to combat these adversities.
Consumer challenges fall in line with the technological advances that have occurred within the last decade. Social media platforms allow consumers to interact with one another and talk about brands, level of service, and customer satisfaction. More often than not, this is a bad thing as consumers are more likely to post a negative review about your brand than a positive one. According to ReviewTrackers, “A consumer is 21 percent more likely to leave a review after a negative experience than a positive one.”
It is also harder to convince consumers as to why your brand is the best. More online tools are available for researching both the brand you represent and the products or services you sell. Your image and representation digitally are in fact, just as important as it is physically. According to Qualtrics, “93% of customers read online reviews before buying a product.”
Economic challenges arise when the market struggles. Often when markets struggle, businesses struggle financially, and cost cuts need to occur. At the front of those cuts is likely advertising spending and other marketing initiatives. For a brand to survive, cost-friendly marketing strategies and campaigns must be developed.
In conclusion, both consumer and economic challenges play a part in brand development and sustainability. Focusing on overcoming these challenges will set you apart from the competition and better prepare your brand for any future obstacles that it must face.