So where do i begin when it comes to sorting out WHO i sell to and HOW I go about doing it?
You are a small design house specialising in designing and manufacturing a sensor for detecting vehicles. You are the owner and CEO with a passion and dream to get your product into the traffic market. You have finished your design and now you need money! Where do you start?
Below are some tips on where to begin and how to go about it.
1). Ask yourself the following questions: a). WHO would buy this product?, b). WHERE would I sell this product? c). WHAT are the benefits for my potential customers if they bought this product?
By asking yourself the above questions you are identifying your target market (target customers), how and where you could sell and promote this product and identifying the key benefits to the customer.
People overcomplicate things. Yes a marketing plan is important but lets get the basics down first. Many entrepreneurs and inventors don’t do the research first; they have a ‘gut’ instinct! Just look at Steve Jobs!
2). After you have identified your target audience; split this audience up into common NEEDS & WANTS. You must identify those customers who really do need or want your product.
Why? I hear you ask…. money is hard to earn and easy to spend! By targeting your desired audience you are spending the money wisely and the return will be greater!
3). What are the unique selling points to your traffic sensor over your competition? Have you thought about who could be competing with your sensor? For example; you may have direct radar to radar commutation so your focus will be on other radar companies. BUT WAIT! What about substitute products like laser, piezo, loops, acoustic?
NOW…. a). You have identified your competition and their strengths & weaknesses. b). You know what your USP (Unique Selling Point) is/ are so you know what the benefits to the customer are. c). You have targeted your audience by dividing them up in the common NEEDS & WANTS. Now its time to go!
YOU are now on your way to getting your product to market. Marketing is easy… you just need to keep it simple. By answering the basics you have a base line to start with. From here you can build and add to your tool kit.