Your are about to launch a ground breaking new technology – but will it soar or crash?
Before you take off, the first and most critical step is to define your intention. Are you aiming to revolutionise your industry with a product that changes the way business is done? Or, are you enhancing existing technology to stay ahead of competitors in your niche?
Think about the bigger picture too:
- Does you future vision incorporate innovation like AI and is it relevant to your target clients?
- Will your technology change the way you engage with clients? Will it improve their experience but, in the process, risk cannabilising your existing revenue?
- How much capital will you need to bring you idea to life and will it come from internal cash flow or external investment?
As tempting as it can be to allow your tech and/or product teams to drive the whole process from initial research to launch, the development of any new technology must be a collaboration with your clients and involve a cross-section of your employees – particularly those that are client facing. This must be a team effort.
How do you start this process?
Test the Waters with Market Research
- At the early stage assess all feedback from key clients around your offering and those of your competitors. Establish the existing pain points. Push for clarity on what can be improved.
- If you are planning to create and / or design a technology solution, then look beyond solving the initial challenge to a wider implementation.
- Discuss other areas of possible cooperation, and how you can expand your capability to accommodate any additional needs – these may not be immediately obvious and could currently be managed by competitors or internally by the client.
- Supplement any in-person meetings with an online survey. Maximise your target pool for feedback.
- Be clear what you will develop and, as importantly, what you won’t! Use this to determine the pain points you will solve and those you will not. This can be the start of a technology roadmap.
What’s next?
Viability Summary
Once a decision has been taken on the design, then look at the viability of the technology within each targeted vertical.
- Market Viability.
Key is to align the technology with clearly defined client markets. For example, eCommerce or professional services. These client markets should be apparent during the market research stage. - Channel Viability.
How do you intend to sell the new technology? What model aligns with your chosen verticals? Do you have access to senior management / C-level in those verticals? If so, direct sales complimented by resellers may be the optimum channel.
Or can you use partners to sell your offering as part of a wider technology portfolio? Do you consider aggregator business models?
Look at what is likely to be successful with your chosen targeted verticals. It could be a combination of multiple channels.
- Differentiation.
Be clear on where you differ from competitive offerings. This can be as straightforward as a simple, eye-catching User Interface (UI) and improved User Experience (UX).
If the market research exercise has been successful there should be identified areas where you can demonstrate a superior technology, delivering an improved experience for the clients.
Define these unique selling points (USPs). I discuss this in more detail under ’How to Go-to-Market’ below.
- Operational Viability.
From the feedback look at whether there is operational platform alignment. How will a new / improved technology fit into your existing process? Will you need to make changes to the way you work? Do you need to hire new, or re-train existing, employees? This should be a continuing point of evaluation right through to tech release. - Financial Viability.
Developing and releasing a new technology can be a significant outlay. However, even more so is the probable cost of continual reinvestment to maintain your competitive advantage. That is why I mention earlier in this paper the importance of having a clear understanding of what pain points you will solve and those you will not. Keeping your technology relevant and in a market leading position is an expensive undertaking.
Financial modelling is essential and determining price points in advance of a technology launch is advised. This may change upon release and in response to feedback, but have an idea of pricing options at the outset.
A detailed analysis of direct costs (could money be better used elsewhere) and indirect costs (costs of sales collateral, marketing) is required. How much will your working capital be impacted if funds are diverted to this initiative?
This is also why, during the market research and market viability stages, it is important to assess the total market opportunity and growth year-on-year.
Finance needs to run checks and balances to ensure key cost factors have not been overlooked and that the new technology is financially viable in the market – in other words can it be profitable, and if so, when?
How to go to Market.
Once you understand the market it is time to test whether your tech is truly viable. In simple terms ensure it works (beta-testing), fix any bugs and get client feedback (run a pilot), before you undertake a full launch.
What do you need to have in place for the launch?
Below is a full set of tools for sales and marketing to support the launch. It is not always possible to find the time and / or resources to prepare all the material below but I would recommend at a minimum the playbook, demo and collateral.
- Demo Script
Look at each key function of the new technology. Highlight the features and explain the advantages and benefits to the client. Focus less on ‘feature splaining’ and more towards the gains that can be made through use of your technology (benefits). Attempt to calculate a ROI for each client. - Discovery Process.
Develop open-ended and closed-ended questions pertinent to the technology. Use the information gleaned from the market analysis to position the new technology as a ‘must-have.’ This is to help the salesperson lead the conversation towards challenges that the technology will solve. - List of Features.
Although this should be covered in the demo script, it is always useful to have a full list of technology features that can be updated after every version release. - Objection Handling.
From the market research and market testing you should already have an idea of the likely barriers to purchase raised by the client. Work on answers to each objection and keep this as a working document. The objections will likely change as the technology gets traction and each one needs to be captured and given an impactful response. - Pain Points.
This will have been captured in the initial market research and will help guide the demo script and objection handling. - Target markets.
This should be evident from the work done with the Viability Summary. For your clients what requirements do you currently manage? What new requirements do they have that you can potentially capture with you new technology? - Playbook per Vertical.
This is a comprehensive sales manual and can include information from the demo script and objection handling. It explains the value proposition, gives example questions and looks at the possible rational and emotional impacts.
It outlines in detail how to approach each target vertical and what features of the new technology address likely challenges.
- Competitive Advantage.
Use a structured approach to outline your competitive advantages. There should have been significant feedback from client facing employees and from the market research exercise. Although, avoid the trap of fixating on the competition at the expense of championing your own capability.
Detail each advantage you have, explain the rationale as to why you are better than the competition, be honest as to whether your currently have an advantage or whether you will develop one in the future. How sustainable is your advantage and why? What is the time frame to build these advantages, if they don’t yet exist?
- Collateral.
Have the collateral ready for launch, together with a social media and publicity strategy. Being able to provide the client with visuals is important – try not to launch without material and a publicity strategy in place. - Canned Demos, Videos and possible live Demos.
Have your team trained and ready to discuss and demo the new technology.
Launch Smart. Fly High. No Crash Landings!
Nothing worse than discussing with a client your groundbreaking, industry transforming technology and having nothing to show them, or no demo to wow them!
If you are looking for advice and support in launching a new technology on the market then reach out to us. We can help!