Identifying New Technologies
In the book, Wharton on Managing Emerging Technologies, (ISBN 0-471-36121-6) there is this thought: “Significant emerging technologies are easily seen after the fact, and companies are then congratulated for their decisions to pursue them or ignore them. But rarely are the winners clear at the outset. Yes, this is the challenge managers face. From a swirling sea of technological possibilities, they must identify commercial potential and choose whether, how much, or when to invest.”
In positioning a new technology to the proper audience, market segmentation plays an important part. According to Marketing 4.0, “this involves dividing the market into homogenous groups based upon their geographic, demographic, psychographic, and behavioral profiles. Segmentation is typically followed by targeting—a practice of selecting one or more segments that a brand is committed to pursue based on their attractiveness and fit with the brand…This also helps marketers to serve multiple segments, each with differentiated offerings”.
This is especially true with technological offerings. Engineers, integrators, data analysts, and others in the technical community are interested in the mechanics and workings of the product or technology. Executives are interested in the cost, benefits, and productivity aspects. Although technical personnel often play a part in the selection process, the ultimate purchasing decisions are made by CEOs, CFOs, Presidents or Vice Presidents of Operations.
The next question is likely to be, “Why should I buy this particular product over what appears to be a better or less expensive product? The answer may be benefits which usually win the day. Benefits could be your competitive edge.
The Last Word
It’s a sure bet that the executive in charge is not going to replace existing equipment before he knows the new product or technology will perform as stated. If there is ongoing technical service available, that could be a “plus” since the plant manager knows he can call on the vendor at any time for help.
The establishment of measurable characteristics enables progress to be tracked and measured over time to ascertain if the product is performing as described. All these elements provide credibility and help clinch the ultimate sale.