Measure the macro-risk and competition risk factors for a sustainable marketing strategy – The essential steps to consider

A sustainable marketing strategy refers to developing a long-term plan which will overcome the current phase through time. Hence, it is essential to opt-in for the required steps and establishes the correct marketing strategy from the start.

There are four questions that you need to consider when you are developing a sustainable marketing strategy:

1. What will you do? It might seem apparent, but it’s not. Here it would help if you thought of particular actions you would take. So, it would help if you got holistic and include everything, but make sure you have a realistic plan.
2. What will do to the plan? Depending on what you will do, you need to think about why it is the best action course. You should also focus on the opportunity cost and determine how your plan benefits impact your firm and the customer.
3. How will you win? It’s essential for the plan to be quantifiable. It would be best to think of the projected outcome once the strategy works as per your plan. How will you measure the plan all through its existence? What metrics are you going to use?
4. How will you make the win sustainable? An effective strategy should be sustainable. You can have wins in your plan, but you need to see how it exists for the long run. You should also consider the risks and check the way competition impacts your capacity to implement the strategy. To know more about sustainable marketing to you can check out DSPM Group – marketing sustainability.

Measure the macro risks

Most marketing teams and companies show efficiency with the first three queries and fail to implement the last question. Hence, it’s essential to recognize the macro risks of a marketing strategy that can impact the sustainability and competitive scene of a business. The following factors are crucial.

• Political – Here, the risks range from government change and how it can impact the marketing strategy.
• Economical – It is about the risks from changes in foreign trade, treasuries and stocks.
• Social–The risks associated with changes in customer behavior and society.
• Technology – Changes in the current technology generate risks.
• Legal –Here, the risks link with legal modifications.
• Environmental –Here, the risks are associated with the environment and developing sustainable earth.

Measure the competition risks

It is essential to view competition holistically from an overall competitive ecosystem to identify the risks. The following pointers are essential:

• The buyers’ bargaining power – It’s essential to know the consumers’ amount of negotiating power on you. Also, you should know if you have an increased differentiation in comparison to the competitors.
• Suppliers’ bargaining power – You should know the negotiating power which the suppliers have over you and the switch costs.
• The scope of a new entrant – It’s essential to identify how fast the new market players can evolve. Are there any barriers to their entry?
• A threat of the substitutes – Finally, you need to assess what the customers would use other than your service or product to cater to their requirements. Do they have an alternative option?

When you consider these questions, learn and assess the macro and competitive risks, you can test your marketing strategy and realize if it’s sustainable for the long run. When there are challenges, it’s essential for the strategy to be flexible and also adapt to the changes.