Wearable Mobile Devices Industry and Components of an Ideal Marketing Plan - Example

Marketing Strategy Name University Course Tutor Date Marketing Strategy Executive Summary The emergence and advancement of contemporary technology has come along with an immense deal of benefits to the business sector. This trend is characteristic of several benefits to both business leaders and product consumers, hence a principal driver of business. On their part, consumers have gained significant convenience with respect to finding information about products and making online purchases. Indeed, modern technology presents a user-friendly platform with the objective of providing the consumer with guidance on products. One of the key areas via which the producer benefits from modern technology is marketing. Ideally, contemporary technology has become essential to new market entrants, as information on new products can reach a wide audience at less costs as compared to traditional methods of marketing. Modern technology has also impacted the business sector via the introduction of multi-tasking devices that have negligible harm on the health of the user; an ideal example is the development of wearable devices. Upon the realization that wearable mobile devices are friendly to the health of the user, the industry has seen a high rate of entrance in the recent past. This has, therefore, obliged investors in this section to improvise marketing plans that can help them gain a competitive edge against their opponents. This report has the primary objective of describing components of a market plan that can be used by a leading company to market its new wearable mobile device. The report will thus provide a review of the wearable mobile devices industry and identify the main components of an ideal marketing plan. Table of Contents Executive Summary 2 Introduction 4 Rise of Wearable Devices 5 Major Components of the Company’s Marketing Plan 6 Content 7 Social 8 Sales Tools 9 Analytics 9 Webinars 10 Marketing Automation 10 Conclusion 10 References 11 Introduction The industrialized world is characteristic of a rapidly aging population coming alongside an upward trend of chronic diseases and an increase in the cost of managing diseases. In order to ease the burden associated with healthcare professionals, many agencies have resolved to come up with technological solutions thus providing tools that can alleviate the trend of chronological infections. This strategy has been powered by the increased emphasis to avoid hospital admissions and cut down expenditures on the provision of treatment for chronicle diseases. These socio-economic forces, alongside other factors, have motivated technological professionals to carry out studies leading to the development of devices that are associated with less risk of causing chronicle infections (Rabinow, 1999). One of the leading segments towards this approach is the invention of wearable devices that are capable of achieving a number of tasks. In the presence of such innovative, technological companies as Apple Inc., Google, and Samsung, products consumers have the ability to track their status including their health issues, using wearable devices. In the midst of globalization the mobile device sector has become highly competitive with companies striving to employ the latest technology in order to gain an edge against their opponents. As a result, companies demonstrate the tendency of monitoring consumer behaviour in order to come up with products that are highly competitive. It has been established that product consumers are particularly concerned of health obliging companies to come up with products that have negligible risk on the health of users. One of emerging technologies entails wearable devices that can achieve numerous tasks with minimum harm on the health of consumers (Clarke et al, 2007). A leading mobile phone company is in the process of developing a wearable device that is expected to achieve the following tasks. The establishment of identity; control of such devices as TV, phone, lighting, and music; telling time; and providing response to voice commands. As it is a new product, the company ought to develop a marketing plan inclusive of components that will attract consumers, thus a powerful entry into the market. Rise of Wearable Devices In the article “Accessing and Using Data from Wearable Fitness Devices”, Harry Rhodes observes that mobile analytics have carried out a study on the health and fitness of mobile devices (Rhodes, 2014). The study established that the fitness of these devices has gone up by a margin of 87% in the recent past. By the end of the first half of 2014, it had was established that the use of health and fitness-friendly applications, by consumer’s, was twice that of the general mobile industry. The articles by Harry Rhodes further indicates that the health and fitness sector and grown with a margin of over 62% on the Flurry platform alone. It is believed that the merit of wearable applications results from education and socialization of healthcare users living with similar medical conditions (Glass & Matthew, 2006). Ideally, these empowered and connected consumers, bolstered by support and insight of online communities, are expected to embrace the chance to manage their health information thus gaining access to health date. This has the implication that consumers will feel more empowered in the long run. There are reports that the healthcare industry has continued to witness rapid evolution of personal health record thus allowing entire families to have access and control of health information, alongside other basic tasks of life. The development witnessed in the sector of wearable devices has enhanced convenience with which individuals can achieve tasks. In both domestic and industrial settings, individuals are able to multi-task at the comfort of their seats as a result of wearable mobile devices (Xu, et al, 2011). Major Components of the Company’s Marketing Plan The company developing the new wearable mobile device is facing significant challenge as a new market entrant. This has the implication that the company ought to come up with a unique market strategy in order to match the pace of existing companies. It is worth noting that the new products will be competing with products that have already gained reputation in the market. At the same time, the existing companies in the market will be striving to retain their customers implying that the new company will have to prove that its products are better than the others (Allen, 2001). The marketing team of the company will thus explore the most essential components capable of a producing a market plan that is targeted at new market entrance. Trend in the wearable mobile device sector indicates that the industry has a value of approximately $100 billion dollars. Having doubled in the past decade, there are prospects that the industry will have grown by value to over $133 billion by the year 2016. Notably, several companies are joining the industry but as a result of the stiff competition they end up making little impact. Most of these companies are making a mistake in that they do not invest sufficiently in their digital marketing efforts thus failing to support their overall business objective (Anthony, 2008). Participants in the wearable mobile device industry ought to make use of digital marketing strategies in order to reach a wide bank of consumers via digital channels. This has the implication that a digital marketing strategy is of much essence for the existence of every company in this industry. Content The contemporary world is characteristic of a tendency to empower consumers to look out for digital experiences and resources that result to outstanding, independent decision-making. In the absence of good content it makes little sense to visit a website of a company, open its emails, and read their tweets. This has the implication that customers will not be willing to build a relationship with such a company (Bryce, 2005). A company whose website has the right content has the capability of capturing the attention of buyers who have the intention to learn more of the product. Consequently, such a company will be able to convert such potential buyers to loyal customers. In the modern economy, product consumers are interested in companies that have the capability of facilitating their buying process via the provision of the correct information needed to come up with a decision in the absence of much effort. An outstanding content strategy is inclusive of a number of features (Chaffey, 2011). The company developing the new product ought to create content with the capability of representing the values and vision of the brand. The company will also have to share relevant content via channels of social media in order to present the new product to a wider audience. It is also expected for the company to be original thus offering an immense deal of types of contents. In addition, the company is expected to make utilization of current and past successes thus compiling presentable case studies on its website. Such type of content has the capability of presenting the company’s credibility and effect on the market to all visitors of the company. The company also ought to make sure that all the content messaging is in line with the overall platform of the brand. The company also ought to make sure that it uses the correct content for the target audience (Chaffey & Smith, 2008). Social The online platform forms the most effective means of word of mouth in the modern economy. This explains why consumers have been utilizing social media in the expression of their opinions, searching for information on new products, and engaging with key influencers and brands (Colborn, 2012). Therefore, as a mobile device developer, the company ought to make use of these channels alongside using social listening tools to know what customers are talking about. This strategy will enable the company directly address the needs of customers and have a track of its brand image. It also worth noting that the social media presence of the company will have an objective of establishing outstanding relations with key influencers in the industry thus generating leads and reaching a wider audience. The use of social media in marketing not only enables a company to reach a wider audience but also to achieve its marketing target at a lower cost. Ideally, a single message via social media reaches audience, all over the globe, with no costs of duplications, unlike the use of ordinary methods of advertisement (Cryns, 2002). As a mobile device developer, the company has the technology era as its main target. This is a group of audience that is highly active in the social media as result of the availability of mobile devices with the capability of supporting various platforms of social media. Indeed, it sounds irrelevant for a technology company not to demonstrate high presence in the social media platform. The strategy of going online also supports such activities as instant exchange of messages between the public relations department of the company and customers. This enhances the convenience with which customers make purchases of the products as a result of online enquiries and booking. In the article “12 Components of a Digital Marketing Strategy” Dina Shuqom observes that the level of social media-based marketing has increased by several folds in the past two decades, with the mobile device sector leading in the strategy (Shuqom, 2015). Sales Tools Companies, especially those venturing in the mobile device sector, ought to have an active sales force. It has, however, been established that these forces lack effectiveness in the absence of appropriate sales tools (Homburg, Workman & Krohmer, 1999). The digital marketing strategy requires sufficient investment in such sales tools as sales presentations, a sales deck, brochures, and mobile sales applications so as to empower the sales force and enhance the rate of success of the marketing campaigns. In the modern economy, traditional marketing cannot be able to achieve the profit goals of a mobile device company. The company is expected to invest as much time and resource, in digital marketing, as it has done in the development of the product (Dulac, 2012). The use of the appropriate sales tools, in the marketing plan of the company will lead to sustainable success in the sale of the new product. Indeed, these tools are among the factors that will enable the company to compete sufficiently with its opponents in the industry. Analytics Upon the development of a digital marketing strategy, a company ought to develop the capability of continually monitoring the outcomes and optimizing its strategy with the campaign iteration (Hyde, 2000). The ethnology era has come along with an immense deal of analytic tools capable of assisting business leaders in tracking of the progress of their market efforts. As a result, companies can do analysis and adapt over time (Ghauri & Grønhaug, 2005). Reports indicate that this strategy is essential in the maximization of company’s returns on investment. Webinars The integration of webinars in digital marketing strategies is essential in the positioning of a product as the best in an industry. The mobile device sector calls for persistent education for customers and other players in the industry in order to increase brand awareness and web traffic, build brand trust, and generate brands (Grunig & Hunt, 1984). The use of webinars also has an advantage in its ability of being repurposed for several campaigns. Marketing Automation It is recommended for the company to make use of market automation in order to increase its number of conversions and leads. A recent study by VB Insight indicates that 80% of companies that use market automation increased their number of leads with 77% increasing their number of conversions (Shuqom, 2015). It has been established that the generation of leads has no value for companies that do not make follow-ups. A principal merit associated with marketing automation is the ability to customize the system on grounds of a company’s various targets, promotions, sales cycles, alongside other strategic plans. In the course of this process, companies are able to monitor leads as they go through the cycle of sales (Shuqom, 2015). Conclusion The introduction of a new product in the market could be a challenging process considering that customers tend to go for products that they are already aware of. It is thus recommended for companies to come up with an integrated market plan when introducing a new product to the market. The company set to come up with a new wearable mobile device is venturing in a highly competitive industry thus the marketing plan used will be of much essence in gaining competitive edge. This is a technological-based industry implying that a digital marketing strategy will be the most appropriate for the company. An ideal marketing plan for the company will be inclusive of such components as marketing automation, webinars, analytics, social, sales tools, and content. The company ought to ensure that it effectively communicates the capabilities of the new device to the would-be customers. As a result, the company is expected to make use of the latest technology in its marketing plan alongside focusing on the advantages of the new product. In order to achieve a successful campaign, the company should be in a position to convince its customers that the product is better than other devices existing in the market. References Allen, M. 2001. Analysing the Organisational Environment. London: Select Knowledge. Anthony, H. 2008. Understanding Strategic Management. Oxford: Oxford University Press. Bryce, M. 2005. Viral Marketing - A crucial new dimension in 21st century marketing? Munich: GRIN Verlag. Chaffey, D. 2011. E-business & e-commerce management. London: Pearson Education. Chaffey, D., & Smith, P. 2008. Emarketing Excellence: planning and optimizing your digital marketing. London: Routledge. Clarke, M et. Al 2007. “Developing a Standard for Personal Health Devices based on 11073.” 29th Annual International Conference of the IEEE, 6175–6177. Colborn, J. 2012. 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