Are you one of the hundreds of entrepreneurial startup companies that has developed an innovative technology this year? Now that you’ve invested resources into product development, a solid marketing strategy is critical if you want to earn an ROI.
Printing Industries of America provides technical support to countless industry members, and we’ve seen that many of them share a big challenge—getting their technology in front of the right customers. Small startups may have fewer resources to devote to sales and marketing, while some larger companies are searching for new or additional avenues to get in front of their target audience.
Although we can’t give you the magical marketing plan that is going to catapult your brand new technology to market success, we can provide some vital core tactics.
Here are five essential strategies to keep in mind.
1. Create a marketing plan.
Though it may seem like an obvious step, it’s one many companies fail to plan out completely. Ensure you are strategically assessing all the angles. What is the target market for this product? Who are our competitors? What is our total budget? What makes our product unique? Essentially be sure to conduct a comprehensive Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis. Finalize a solid strategy that meets your main objectives.
2. Research different promotional avenues.
To reach a wider audience, some companies may need to take another look at their marketing promotions. At the core, a media mix that integrates print and digital communication mediums, such as email, direct mail, and social media, is most effective. But are you missing out on other ways to reach your target customer? To make your product stand out from the competition, you may want to try entering relevant industry award programs. Those like the InterTech ™ Technology Awards, which recognizes innovative technologies, can provide valuable, industry-wide exposure and positive PR.
3. Set your launch date and stick to it.
You’ve done extensive research and made a creative plan to strategically promote your product. You know that a launch date helps keep you and your team on track by providing a deadline to work with. Even though some of the best laid plans can still go awry, remind your project leaders that sticking firmly to this date motivates the team to stay focused and in control of the project.
4. Network, network, network!
Like most things in life, success really is all about who you know. Companies that spent time widening their social circle can get more face-to-face time with potential clients. Attend conferences, trade shows, and other professional events relative to your business to make valuable connections. Other professional networking resources include industry forums, LinkedIn groups, and listservs.
5. Stay focused on your marketing plan.
Finally, remember to keep your eyes on the main goals of your campaign. Track feedback and continue to reassess your plan. You may find adjustments are needed, such as redefining your target market or adjusting your pricing. If your product is successful so far, GREAT! What’s working? If you’re not seeing the success you projected, go back and re-examine your marketing plan to determine where you may need to adjust.
Learn more about differentiating your company with the 2014 InterTech ™ Technology Awards.
This award has honored the development of technologies predicted to have a major impact on the graphic arts and related industries. More than 80% of technologies that receive an award experience continued commercial success in the marketplace.
For more industry awards from Printing Industries of America, take a look at our many award programs.