So I’m sure you have heard of the phrase, putting the cart before the horse. Well, in the business I’m in, you see if quite often. So many organizations put massive amounts of effort toward developing a new product or service, but forget on of the most critical elements – market strategy/planning. I think that this is often overlooked because people do not understand the value of a comprehensive plan.
A solid marketing plan will include a view of your market (understanding who they are, what their pains are, and how you can address those pains with your product/service), competitive landscape (what other offerings are available that are like or similar to ours, why choose us?), tactics (now that I know who we are targeting, what mix of materials should I use to reach that target market?), and last but not least financials/budget (gotta love the numbers).
If you do not include this exercise in your overall product/service rollout planning, you are setting you organization up for disappointment. Be sure and take the time to put your horse where he belongs – leading the way.