Identifying Market Opportunities
Kotler defines marketing as "the art of finding, developing, and profiting from opportunities."
The attractiveness of marketing opportunities depends upon the number of prospects, their ability to pay, and their need or desire for the product.
Developing Targeted Value Offerings
Translating Kotler's comments into the software industry, his questions about finding new consumers might include -
How do people figure out that they need your software?
How do they find it?
How do consumers make their buying decisions?
What is the consumer really doing with your software?
What level and kind of support do they need to use your application?
How do they keep the product fresh?
The way to create marketing opportunities is to continually ask questions such as: How will your company get customers? Keep them? Grow them?
Market intelligence and software sales
To make intelligent decisions,
You need information about the macro environment (trend information about economics, demographics, lifestyles, technology, and politics).
You need information about consumers, collaborators, and competitors.
And you need to know company information (sales, market shares, costs structure, profitability by segment/customer/product/channel/order-size/geography).
A fast follower is a company that monitors competitors' products and services, and mimics them quickly after competitors introduce them.
Marketing intelligence questions to ask
Some of the questions (translated into the software industry) that we should ask are:
Who buys your software?
Why? What specifically do they want?
Who makes the buying decision?
How do they buy?
Information about your competitors
What are your competitors' objectives? What makes them profitable? Do they have technological leadership?
What are your competitors' strategies? Are they trying to beat you by lowering prices, increasing quality, providing better service, or lowering their costs?
What are your competitors' strengths and weaknesses?
How do your competitors respond to you? What would they do if you raised or lowered your prices? Increased or decreased your advertising and promotion? Changed the feature-mix of your software?
Software Marketing Glossary
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