If you want to succeed in the technology business, you need to be a part of the market. But how do you get there? How can you build a successful company without being on every computer and phone in the world? Well, it's not as hard as you might think. All you have to do is implement rock-solid business growth strategies that will help you scale your tech business.
Curious to find out more? We've prepared this in-depth guide to explain how to grow your tech company by penetrating the market, most likely luring customers away from the competition. So please read on for some great tips that will help you grow your business.
How can you grow your tech business with a market penetration strategy?
The tips below provide little-known insights on how to grow your tech business through market penetration.
Look to join a newer industry
Market penetration works best in newer industries, where the customer base hasn't decided on which company they want to give their loyalty to yet. Joining such an industry allows you to take advantage of the newness of the market while avoiding the risk associated with entering a mature one.
For example, consider the case of Apple Inc., which has grown into a $3 trillion-dollar company largely because of its ability to enter new markets (such as smartphones) and then dominate those markets. In contrast, companies like Microsoft and IBM Corp. are struggling to stay relevant in the face of new competitors who can now deliver similar products at more competitive rates.
In other words, when you are building your market penetration strategy, look for a newer industry. This way, you'll be able to avoid the risks associated with older industries and still reap the rewards of the newness of your product or service.
Offer more creative and inclusive advertising
When you're trying to expand your market outreach, it's critical to target people who aren't already loyal to your competitors. To do so, you must first understand what makes them tick. What motivates them? And what gets them excited about your brand? Once you know these things, you can craft a marketing campaign that speaks directly to their needs and desires.
But if you're going to create a unique ad campaign, don't just stick to the tried-and-true marketing methods. Instead, try something different. For example, instead of simply posting on Facebook, Instagram, Twitter, etc., why not go beyond and create social media ads or use digital billboards to reach customers? Or perhaps you could hire a celebrity influencer to promote your product or service to millions of viewers.
You must also differentiate tech business products and services from those of your competitors. For instance, if you sell software, you should focus on creating ads that highlight features unique to your product rather than simply comparing yourself to your competitors.
These digital marketing strategies for tech companies are innovative, but they also require creativity and time. If you have no clue where or how to start, consider hiring a growth-focused marketing agency like Eternal Works to handle all of this for you. We'll bring fresh ideas to the table and work closely with you to ensure that everything goes smoothly.
Provide customers with a more personalized experience
Customers today expect a better experience than ever before. They want to feel special and valued. That means providing them with a more personal touch.
This is especially true when it comes to technology. Customers are used to getting exactly what they ask for — whether it's a website or a smartphone app. But if you offer them a less-than-perfect experience, they won't come back.
To ensure that you're giving your customers the best possible experience, consider offering them a free trial period. During this time, you can provide them with a customized solution tailored specifically to their needs. The longer you wait, however, the greater the chance that they will find another option that suits them better.
If you've never offered a free trial, here are some tips to help you get started:
- Offer a limited amount of time for the trial. For example, if you're selling software, offer a 30-day trial.
- Make sure you clearly explain the terms of the trial. Tell them exactly what they need to do during the trial period.
- Provide clear instructions on how to cancel the trial. You should also include an email address or phone number to contact if they have any questions.
- Don't forget to follow up after the trial has ended. Send out emails or text messages to remind them of their options.
- Finally, make sure that you keep track of which customers choose to continue using your product. When you receive feedback from those customers, you can tailor your tech strategy and future offers based on their preferences.
Create a content strategy based on your buyer personas
The most successful companies in every industry know that creating great customer experiences requires more than just good products and services. It takes a well-thought-out approach to customer engagement. This includes developing a strong tech content marketing strategy.
A content strategy isn't about writing articles or producing quality videos to acquire more customers. Rather, it's about understanding your audience and creating content that speaks directly to them.
For example, if you sell luxury watches, your target audience may be wealthy millennials. So rather than write a blog post about watches, you might develop a video series featuring people wearing expensive watches.
In addition to speaking directly to your audience, content created by your company will often serve as a form of advertising. After all, if someone sees a tweet or Facebook post from your brand, they're likely to remember it later.
So don't think of content creation as something separate from your business. Instead, treat it as part of your overall customer engagement strategy.
As we wrap up, here are some critical points to remember if you want to grow your tech business through market penetration and customer acquisition:
- Understand your buyers' buying journey and create a plan to meet their needs along the way.
- Offer a more personalized experience creating content that caters to the concerns and personalities of niche customers within the overall customer base.
- Use data to inform decisions throughout the sales process.
- Give your customers a free trial so that they can try your product before making a purchase decision.
If you'd love to implement these market penetration strategies in your tech business but have no idea where to start, we can help! Eternal Works is a growth-focused marketing agency that helps businesses like yours build stronger brands, expand their market outreach, and increase revenue.
We work closely with our clients to understand their unique challenges and goals and then use this knowledge to craft customized solutions that produce real results. To learn more about how we can help your business succeed, schedule a 30-minute introductory meeting now.