A useful concept to understand in marketing and product development is the Product Lifecycle bell curve. When a new product is launched, it is likely to be taken up by ‘innovators’ and ‘early adopters’ who are looking for the next big thing and prepared to take a punt on new technology. It’s likely you will get free editorial with relevant publications as editors and readers are interested in what’s new.
The next phase includes the ‘early majority’ followed by the ‘late majority’, which as their labels suggest, are where the bulk of your sales will come from. These more risk-adverse buyers are looking for proof from their peers that your product does indeed do what you say it will do. Chances of getting free editorial reduce, although there is still a chance by pitching new features and/or proof of the product’s benefits and uptake. To keep your product at the forefront, paid advertising kicks in to replace what media coverage achieved in the early stages.
So for SpoolPro, now in its 3rd year on the market, we have moved to regular advertising and were able to pitch a story about how the innovation has proven to improve production as well as safety. Prospective buyers like to see consistent information, so we updated the content on the SpoolPro webpage to match the press advertisement. This is the phase where product developers should be financially rewarded for your investment in developing the new technology but it does require an ongoing commitment to keep your product at the forefront.