Accelerating Revenue from a “Cool” Tech Tool
Just because a company has the knowledge to develop a revolutionary technology doesn’t guarantee success. Many companies make the mistake of launching their change-the-world technology based on market assumptions and siloed opinions, rather than on an understanding of how future customers will use their product to solve critical problems. Here are a few things to keep in mind to ensure that this doesn’t happen to you. Companies often overstate their value, or don’t understand what customers value. It’s difficult to objectively collect information on the value a vendor provides customers. It’s easy to become emotionally tied to your products, creating a barrier that takes practice to overcome. Concerted training efforts on how to ask thoughtful follow up questions or using a third party can help. Segmenting by urgency of need can be a highly effective way to group customers. Urgency can be a great project filter. You can then look at your roadmap and decide if you have the strategic resources needed to appeal to potential customers with no immediate need or little need. Refining value proposition is a critical activity for the product team. Refining value proposition is an orchestrated effort. If you lead this as a member of the product team, you can own the strategic pieces and make direct changes as necessary, since you own both the product and the end-user experience. If you want to read a real-world case study about how to take a “cool” tech tool from niche market to broad appeal, read the full article by Neil Baron and Charlie Baker at http://pragmaticmarketing.com//resources/From-Niche-Market-to-Broad-Appeal.
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