Marketing Plans are the Key to Success
Many business owners cringe at the mention of a marketing plan. Their minds automatically veer toward long drawn-out documents that take endless hours to put together, only to be shoved in a folder and never consulted again. In reality, this notion can not be farther from the truth.
A solid marketing plan is an ongoing, living and dynamic document that steers your marketing activities to help you reach your goals. By taking the time to really think about what you want to achieve and developing solid strategies to get there, you set up a blueprint to guide your yearly success. Developing a marketing plan is, in essence, the cornerstone of marketing your consumer tech product.
Is it time-consuming? Yes. But, not having a marketing plan is the equivalent of getting in the car without knowing where you’re going or having any tools to get there – minus any of the fun in the mystery of knowing where you might end up. Here are some of our best recommendations when developing a marketing plan.
Set Realistic and Quantifiable Goals
Everyone wants to be the best and to own their market. But if I ask five business owners what “owning the market” means to them, I will get five very different responses.
Make sure to set up goals that are not only viable within your time frame, budget and resource constraints, but goals that you can also quantify to measure their success objectively. Relying on your marketing agency to validate the attainability of your goals is always a good idea since they will have a clearer picture on the strategies, time, budget and resources it can take to achieve that goal.
Don’t Get Distracted by Shiny Opportunities
Too many business owners get the “squirrel” syndrome once they start uncovering every marketing opportunity there is out there. They are tempted to stray away from their marketing plan and invest their budget on the latest trends such as chatbots, unbudgeted trade shows and fancy website functionalities.
The problem with this is that not only does it eat up your budget, it also ties up your resources and staff, possibly hindering you from achieving your yearly goals. We’re not saying that a marketing plan can’t be adapted. You will always need to fine-tune goals and strategies based on performance and experience. But it is a measured process, not a spur-of-the-moment decision made because of something mentioned in passing that may have worked for someone else.
Keep a Pulse on the Industry
While a solid marketing plan will keep you focused on achieving your goals, you also have to remain open to embracing new opportunities and being flexible with your business model to keep up with changing trends.
Especially in the consumer tech industry, your marketing and business approach need to be aligned with the future-focused, hi-tech products you sell. Rigidly holding on to traditional models that don’t work in today’s world is detrimental to business. Just ask Blockbuster…
At Marketing Matters, we have over 20 years of experience creating successful marketing plans for consumer tech companies. Contact us today to discuss how we can help you.