Warning Signs You Need to Change Your Marketing Plan
You company devised a guaranteed marketing plan that is sure to hit the market. But things did not turn out well for you. Then this is the time for you to call an urgent meeting with your marketing team to discuss the need to change your marketing plan.
Few things knock as a signal to modify your marketing plan even rolling back some of the decisions you've made in the past.
Inception of new technology
Technology has changed drastically since you've drafted your last marketing plan. A good example of this is the dual camera feature in the new iphone7 plus. This has made the great industry players review their technology and also make necessary changes in their marketing strategy.
Existing distribution does not provide enough margin
If paying off all the efforts does not take your company out of the financial rut then you need to consider changes in your marketing plan. Generating more revenue for the company is the ultimate goal any marketer would like to achieve.
When existing distribution does not promise enough margin, and the target seems to be moving away from your sight then, this is an alarming signal for your current marketing tactics.
When your competitor overtakes you
It is cherishing to enjoy a good position and reputation in the market. But what if a competitor has left you behind or a new competitor has emerged in the market and hoping ahead of you? In both the cases, you need to analyze the reason for this lag.
If you see that you are missing any components in your marketing strategy, do not stand still. Study your competitor's business model and marketing strategy to adapt the evolving market. If you do not take necessary steps, you might lose your clients.