Grow your IT/high-tech business across the 'internet of things' by applying these latest industry strategies for technology product marketing
What is product marketing?
Product marketing describes the management of all processes involved in taking a product to market. This field of marketing involves working with R&D, manufacturing, logistics, comms, and sales. Since your role is so closely tied to the products in your category, product marketers take the role of advocating for the customer when product-related decisions are made (positioning, launch, development, etc). In this blog, we will explore what makes technology product marketing different.
What is technology product marketing?
Technology product marketing refers to product marketing when your products are IT/high tech. Typically sold in a B2B environment, technology product marketing is renowned for extended stakeholder relations and, currently, an increasingly competitive market. Of course, the nature of IT/high tech means many technology products will be software. The growing Software as a Service…
How to structure your software go-to-market strategy using Smart Insights’ Opportunity Strategy Action framework
When planning to go live with a new product or service, it’s important to have a clear idea of how and when you will launch.
This is particularly true for software marketing leaders, planning their go-to-market strategy in a growing and competitive marketplace. Software as a service (SaaS) spending worldwide is estimated to reach $10 trillion by 2030.
When you also take into account that up to 45% of product launches are delayed for different reasons, the importance of having a clearly defined go-to-market strategy becomes even more stark.
Delayed product launches may mean your software won't be received in the same way as it could have been at your anticipated on-time product launch. In some instances, missing the boat here could significantly impact your product's financial viability, despite costing the same amount to…
Learn how you can use the Product Life Cycle (PLC) marketing model to project changes in the perception and use of your products
The Product Life Cycle describes the stages of a product from launch to being discontinued. It is a strategy tool that helps companies plan for new product development and refine existing products.
What are the stages of the Product Life Cycle?
Introduction
Growth
Maturity
Decline
New Product Development
The new product development stage occurs before the product's life-cycle begins, consisting of market research leading up to product launch. Hence this stage can include:
Reviewing demand for products
Assessing brand perception
Competitor benchmarking
Understanding consumers' preferences and behaviours
What do the PLC stages mean?
The four stages are shown in the table below, although decline can be avoided by reinventing elements of the product. It is also recognized that some products never move beyond the introduction phase whilst others move through the life…
The Ansoff Model is a matrix that helps marketing leaders identify business growth opportunities for their marketing strategies in a challenging market
What is the Ansoff Model?
Also referred to as the Ansoff matrix, due to its grid format, the Ansoff Model helps marketers identify opportunities to grow revenue for a business through developing new products and services or "tapping into" new markets. So it's sometimes known as the ‘Product-Market Matrix’ instead of the ‘Ansoff Matrix’.
The Ansoff Model's focus on growth means that it's one of the most widely used marketing models. It is used to evaluate opportunities for companies to increase their sales through showing alternative combinations for new markets (i.e. customer segments and geographical locations) against products and services offering four strategies as shown.
How to use the Ansoff Matrix
Strategic questions that can be answered using the matrix include:
Market Penetration:…
