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Commercialise New Hi-Tech Products

By Simon Fawkes | Podcast Episodes

Aug 21
Commercialise New Hi-tech Products

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It is hard enough to spot what you think might be a market opportunity and to develop the first working prototype. Turning this into a finished product and getting global sales are two huge undertakings that require expertise, funding and persistence. So what can we learn from a company that has achieved all of this? Get some valuable insights about how to commercialise new hi-tech products and also how to achieve global reach.

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In This Episode, You'll Get Some Great Tips on How To Commercialise New Hi-tech Products...

  • Start with identifying a real point of pain, in other words, a market niche with a real problem that you think your product or service can solve.
  • You may think that your new product or service has no direct substitutes, but companies always have choices with "wait and see" a common response to a novel hi-tech product.
  • Keep an open mind, experiment and expect some surprises. In particular, don't expect to "hit gold" at your first strike in an overseas market.
  • check
    Finding customers that are willing to buy and endorse your product or service can lower your cost of new capital.  This is because strong sales give potential investors confidence and hence reduce the perceived risk.
  • check
    Digital marketing, when done well, can be very effective, but this does require expertise. So be prepared to invest in good people with the right skills and attitude.

Commercialise New Hi-Tech Products - Resources

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Questions posed by the interview: COmmercialise New Hi-Tech Products

  • You may have identified a real point of pain, but who owns this pain? If the two are not aligned, expect problems. This means that it is important to find niches where the pain and gain sit with the same company.
  • How well do you understand the internal business processes of your prospects and customers? Furthermore, which factors carry the most weight, who influences the buying decision and, most importantly, who has the final say?
  • Digital marketing can be a very effective method of generating leads, but what processes are you using to convert leads? Do note the use of video conferencing to overcome distance from prospects.

Introducing Greg Fahey

Greg Fahey

Greg has more than 10 years of corporate advisory work with law firms and growth companies in New Zealand and the United Kingdom. He also participated as a director and investor of various tech ventures and start-ups before founding BISON with his brother in 2014. Greg's role is CEO and his core strengths lie in business strategy and development.

#Digital #Marketing, when done well, can be very effective, but this does require expertise. So be prepared to invest in good people with the right skills and attitude.

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I hope you found this helpful. If so, please share it with your connections.

I would love to hear from you too. Do share your thoughts in the comments below.

Simon Fawkes


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Summary
Commercialise New Hi-tech Products: How To Insights
Article Name
Commercialise New Hi-tech Products: How To Insights
Description
Start with identifying a real point of pain that you can solve. There may be no direct substitutes, but companies always have choices. Keep an open mind, experiment & expect some surprises. Digital marketing done well is very effective
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Publisher Name
Business to Markets Ltd
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About the Author

I believe in thinking differently and I love challenging perceived ideas and ways of working. This brings new insights that can be the catalyst for taking a different approach. That’s why I love coaching SME business leaders to help them increase sales and profits.

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