Question

Topic: Strategy

How To Succeed Entering And Proving In Highly Saturated And Price Sensitive Market?

Posted by Anonymous on 8/10/2004 at 5:33 AM ET 250 Points
How one can enter the highly satured and price sensitive market with a new product in that niche market and still achieve good results?
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RESPONSES

  • Posted by telemoxie on 8/10/2004 at 7:49 AM Member
    Could you possibly provide more info? What is the product, what is the market, do you have existing customers in that market, what is the price range, do you have a marketing budget, is this a new product for you or a totally new venture, does your product have advantages over competitors, etc. ? I think you will find that if you provide much more info, you will receive much more helpful information.
  • Posted by Blaine Wilkerson on 8/10/2004 at 10:48 AM Member
    There is ALWAYS room for improvement. Find something about your tool that the others don't have or you believe work better than the others.

    Anyway, the answer to your question is BRANDING!!!! You can enter a saturated market with the right brand strategy and attitude. Walk in timid..crawl out broke. Run in strong...and push and nudge your own place in line.

    Obviously, i cannot draft a complete branding strategy based on this little info in a forum, but if you would like to inquire about my services, feel free to send me an email (just click on my name).

    Thank you and Good Luck!
  • Posted by tjh on 8/13/2004 at 1:14 PM Accepted
    Not knowing your specific product I can only speculate about what you can do. Issues raised in earlier answers about product uniqueness are crucial issues.

    If your product is a Wire/EDM specialty product, then find out what it does better, or differently. Give some units away in exchange for user letters you can use. Does it have other applications like water cutters, lasers, stamping, etc? Does it support more proprietary machines ala Mazak, etc?

    If it's a milling product only, how flexible is it? 3 axis, more?

    Is the 3D rendering better than others? Is the GCode editable on-the-fly? Do changes in the code get instantly translated back to the wire frame graphics?

    The homework on these fronts is critical. The buyers are professional buyers, good natured, but are relatively hard-core about product capabilities.

    A free trial version is almost a necessity.

    Branding is critical as mentioned before. Pricing may be a crucial issue. Trial users, testimonials, and possibly partnerships with industry players (machine tool mfgs, distributors, engineering depts at reputable firms that you can quote), these are all phenomena that you need to dig into right now.

    Plus, it won't hurt to get on the phone and try to sell it and see what comes up.

    Trade shows go a long way with this group, including the big Chicago show.

    Much of this depends on your resources, knowledge and skill set, but it'll be fun!
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