One of the hardest things to do in marketing is launching a new piece of technology onto the marketplace. There is thousands of brand new products each month launch with most not being successful. We live in an age where technology is changing quickly so getting off to a great start is vital as your product will be outdated in a shorter time scale than previously experienced. The product is the most vital part of the success which is why it is extremely important that it is developed to work perfectly and fill a gap in the sector that it is for.
Every type of technology is different and will require an approach that suits the product you are launching. For tech such as drone delivery services that a number of companies such as Amazon are attempting to launch, they are having to try to change laws and regulations so that they can launch it. This is a long drawn out process and will require vast amounts of money in the development stage before it can be offered as a service to their customers. A new tech such as a water filter will be a lot easier to launch as the laws and regulations are already in so once your product meets these requirements you can go to market.
Before you launch your new product you will need to carry out extensive research to develop a plan so that you can identify your target audience. Narrowing down your target market is vital but will take the time to find the best demographics, gender, race, age etc. Once you have identified this you can then put together a plan to target the potential customers that meet these requirements. It will save you a lot of money because you will not be wasting valuable capital marketing your product to the wrong type of consumers that would not be interested in your technology.
The development stage of the product is the most vital element. You need to carry out research on your products competitors to identify why yours is better and will fulfill the requirements of the consumer that theirs does not.
Launching technology products is far more difficult than other types due to having to pay close attention to intellectual property rights along with copyright laws and make sure that the product does not infringe any. It is important to pay close attention to this are you could be sued for vast amounts of money which could lead to financial disaster.
For a successful new technology product launch, you need to create a buzz during the development process. It is vital that your tech product is ready once the official launch date comes around. This means that the marketing department will have to work closely with the development team to ensure that they work in sync to coordinate the launch.
To create a buzz you can leak tiny pieces of information throughout the development process. It is important though that you do not provide all of the new tech’s capabilities so that a competitor gets the jump on you. Leave parts under wraps until the official day of the launch so you can wow the potential customers to create a sales pipeline.