A technology company is a business that creates and sells products or services that use advanced technologies. In order to be successful, technology companies need to have an effective marketing strategy in place.
As the owner of a technology business, you know that having a good marketing plan is essential to your success. After all, without customers, your business will not survive.
But what goes into a good marketing plan? Below, we will go over some of the key components of a successful marketing plan for a technology business.
Key Components of a Technology Marketing Plan
A great marketing plan has eleven sections as follows:
- Executive Summary
- Target Market Segments
- Unique Selling Proposition (USP)
- Pricing and Positioning Strategy
- Distribution Strategy
- Marketing Materials
- Promotions Strategy
- Digital Marketing Plan
- Conversion, Referral, and Retention Strategy
- Financial Projections
We provide more detail for each of these key components below.
The executive summary is a brief overview of your entire marketing plan. It should include your overview information from the other sections, such as your target market, unique selling proposition, key promotions strategies, and financial projections.
Target Market Segments
When marketing a technology company, it is important to identify your target market segments. Who are your most likely customers? Consider factors such as age, gender, income, location, and lifestyle when determining your target market segments.
For example, a technology business’ customers may include:
- young adults who are early adopters of new technology
- small businesses who need assistance with integrating new technology
- busy professionals who want to outsource their tech needs
- retirees who want to stay connected with family and friends via technology
Break down each of these segments even further by considering their needs, wants, and pain points. For example, the needs of a technology business’ customers may include:
- wanting to be up-to-date with the latest technology
- needing help using or understanding new technology
- wanting to find a reliable and affordable source for technology products and services
- feeling overwhelmed by all of the choices in technology
By understanding your target market segments, you will be better equipped to create marketing messages that resonate with them.
Unique Selling Proposition
What makes your technology company unique? Why should potential customers do business with you instead of your competitors? This is what is known as your unique selling proposition (USP).
Your USP should be clear, concise, and memorable. It should set you apart from your competition and make you instantly recognizable in the marketplace.
For example, a technology company’s USP could be:
- We are the only tech company that offers a money-back satisfaction guarantee.
- We are the only tech company that has 24/7 customer support.
- We are the only tech company that specializes in helping seniors stay connected with family and friends.
No matter what your USP is, make sure it is clear in your marketing materials. Your clients should be able to see immediately what makes you different from the other business in their area.
Pricing and Positioning Strategy
Your target market segments and unique selling proposition will determine your pricing and positioning strategy.
For example, if you target budget-conscious consumers, your prices will be lower than your competitors. If you are positioning yourself as a premium brand, then your prices will be higher.
No matter what your positioning strategy is, make sure your pricing strategy is competitive. Consider conducting a market analysis to see what other technology businesses you compete with are charging for similar offerings.
Where will you sell your technology products and services? Will you have a brick-and-mortar store? An online store? Or both?
Your target market segments will determine your distribution strategy. For example, if you are targeting busy professionals, then an online store would be the most convenient option. If you are targeting seniors, then a brick-and-mortar store would be the best option.
Your distribution strategy documents how customers will buy from you. For example, will they buy directly from you in-person? Will they buy online? Will they purchase from your partners, distributors, etc.
Providing offers through your business is a great way to entice customers to make a purchase. Consider offering discounts for first-time buyers or loyalty rewards for frequent customers.
For a technology company, some offers could include a:
- Free consultation to discuss the customer’s needs
- Discount on the purchase of a new computer or tablet
- Free trial of a new software program
Make sure your offers are clear and easy to understand. The last thing you want is for customers to be confused about how to take advantage of your offer.
Your marketing materials should be based on your unique selling proposition and target market segments. They should be designed to grab attention and generate interest in your business.
Some of the marketing materials you might want to create include product brochures, flyers, and website banners. You will also want to make sure your branding is strong and consistent across all of your marketing materials.
Your promotions strategy includes the methods you will use to attract new customers. It should generate excitement and encourage customers to try your business.
Technology businesses should consider the following promotional strategies:
- Host a contest or giveaway
- Sponsor a local event
- Offer a free trial or demonstration
- Provide discounts or coupons
- Give away free samples
- Create a loyalty program
- Partner with other businesses to cross-promote
- Advertise online or in print
- Use social media
Digital Marketing Plan
In today’s digital age, it’s important to have a solid digital marketing plan. This will help you reach a wider audience and drive more traffic to your business.
Some digital marketing tactics you might want to use include search engine optimization (SEO), pay-per-click advertising, social media marketing, and email marketing. You will also want to ensure your website is mobile-friendly and easy to navigate.
Technology businesses should consider the following digital marketing strategies:
- Search engine optimization (SEO)
- Pay-per-click advertising (PPC)
- Social media marketing
- Email marketing
- Content marketing
Conversion, Referral, and Retention Strategy
Your conversion, referral, and retention strategy should be designed to keep customers coming back. Consider offering loyalty rewards, referral discounts, and other incentives to encourage customers to continue using your business.
You will also want to make sure your customer service is top-notch. Respond quickly to any complaints or concerns, and always go above and beyond to exceed customer expectations.
Technology businesses should consider the following conversion, referral, and retention strategies:
- Offer loyalty rewards or discounts for referrals.
- Provide excellent customer service.
- Send regular emails with updates, tips, and special offers.
- Offer a free trial or money-back guarantee.
- Conduct customer satisfaction surveys.
Lastly, you will need to create financial projections for your business. This will help you track your progress and ensure you are on track to meet your goals.
The key information to include in these financial projections are your monthly marketing expenditures and expected sales. Be sure to update your projections regularly to reflect any changes in your business.
Financial projections for a startup technology business may include:
- Monthly marketing expenditures
- Expected sales
- Break-even point
- Profitability goals
There are many things to consider when creating a marketing plan for a technology business. However, if you take the time to develop a solid plan, you will be well on your way to success.
Following these steps, you can develop a quality marketing plan to help you launch and grow your technology business successfully. Remember to be creative, think outside the box, and always put your customers first. With a little hard work and dedication, you will be well on your way to success!