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Guide to Developing A Successful New Technology

Written by Nick Hammond

Arizona State University

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• Compare your product to what is currently available in the market. 
• If there is a similar product, your product needs to build on the old one in order to make it inferior.
• If the product is unlike anything on the market, you need to figure out how well you would like to market the product depending on how much it will improve the current market. 

 

• Market your product so that it stands out and is the first thing that comes to people’s minds when they think about purchasing or using a product in the same realm of your new technology.
  • Ex. When I think of portable music players, the I-pod is the first that comes to mind because of how well they market their product with commercials and magazine ads.  You know that as soon as you see a solid colored background with someone dancing in the background that it has to be an I-pod commercial.  Their marketing techniques are unique - they stand out from the other current products on the market.

 

• Estimate the current demand of the market and your new product. 

• Do some test runs with the targeted market for your product.
• Get their feedback on what they like and don’t like.
• Would it be something they would use?
• Is this product worth their money to them?
• Once you figure out your target market and where it needs to be marketed directly, go after it and get it in their face with a catchy marketing strategy.  Something similar to I-pod’s uniqueness and current with the times, or even something very funny that becomes a common joke amongst their friends. 

 

• Make a product that your consumers want to tell their friends about.

• The strongest and best form of marketing is word of mouth - it is also free. 
• Make a product that your consumers are excited about and implement it into their life or make it a necessity. 

 

• Provide great support and help for necessary upgrades or repairs. 

• If great support is offered whenever in need of help then that just makes the product all the much better.