Marketing a New Product
When you are launching a new product it is sometimes hard to know where to start, particularly if it is technology product that has many potential uses.
To increase your chances of success, you should focus on an initial customer audience – your target market segment. The technology marketing standard text “Crossing the Chasm” describes an approach for selecting the most promising target market segment. If you combine that approach with digital marketing, you improve your chances of success, increase the speed to market and reduce your costs.
DohertyWhite helps early stage technology firms to use a proven, repeatable approach to identify the most promising target markets and then test those markets at low cost:
- Generate descriptions of how the product can be used in different market sectors – “Idea Generation”
- Filter the ideas using some standard criteria such as market size, proximity to revenue, the ability of that market to pay a reasonable price per unit etc. Pick 2 to 3 candidate propositions.
- Prepare summary descriptions of the candidate propositions so you can discuss them externally with prospects in the target sectors
- Evaluate the remaining propositions with prospects and market representatives to see what their view is on the market opportunity, the competitor landscape, overall trends
- Filter again based on your feedback and prepare your go-to-market plan
- Use online marketing to test the proposition in your chosen market sectors. As soon as you identify a sector that has real interest in the solution, increase the effort and resources significantly.
We can help you with your new product launch, working with you to select target sectors and helping your prepare and execute your ‘Go to market’ plan.