Are you about to launch your high-tech product? Launching a new product can be a stressful yet exciting thing to do. However you still want to get it right, because you only get one shot at launching you product. And you should take every advantage possible for your new product to enter the market with a bang. Here a few pointers to consider before you launch and to make sure its a success.
5 ways to prepare your product for market entry
1. Cooperation, Licensing & Alliances
This is a must for companies introducing new technology. By licensing and through alliances, you encourage more adoption and can potentially increase sales.
As your technology is being used and incorporated into other everyday products, consumers are more likely to adopt when a standard has been established.
2. Original Equipment Manufacturers
Increased awareness, more sales and expansion into new markets – is what you can expect from sharing your technology with original equipment manufacturers (OEMs).
Through licensing you keep full ownership and allow OEMs to use your technology. Which in turn can expand your market potential.
3. Pre-Launch Information
This can be a key decision for your company – tell too much and your competition could copy you! Yet you need to release enough information to arouse curiosity.
Your suppliers, distribution network and the media are the ones you need to tell first before you launch.
Reach out to influential bloggers and opinion leaders with information on your technology.
Releasing an article or press release would be the traditional thing to do. But in my opinion leaking rumors to the press and creating mystery around your product can be just as effective.
4. Educate Your Market
Want to do more than just send out press releases? Stage seminars, training workshops or an education program – telling your customers about the potential of your technology and how revolutionary it is.
It’s not the most common method to use because it requires more management and is focused more on the long-term.
Typically small firms can find this to be more of a burden – especially when funding needs securing and products need to get ready. Nevertheless you increase awareness.
5. Distribution Agreements
Lastly establish distribution channels.
Your technology can be released into existing markets along with new ones. While alliances with competitors can open up more channels for your technology and allow you to further develop it.