7 Answers to Your Top Questions about Marketing a Software Solution
This article has one purpose: to answer some of the key questions that come to mind when forming a public relations strategy for your software firm. We’ve compiled this list based on our experience with successful software clients. Marketing a software solution presents unique challenges that raise questions that need specialized answers:
1. When is the right time to develop a marketing strategy?
Now. Marketing is an integral component of a strategic plan and it’s best to consider how you’ll connect with and meet the needs of your consumers as early as possible in the business and product development process. Waiting until after you’ve developed a product to consider the desires of a target market will result in inevitable losses if the product or marketing messages are a mismatch with the expectations of consumers. It may necessitate costly redevelopment to improve the design of products and marketing materials.
2. How do we attract software customers?
The best way to get the attention of software consumers is by creating products and services that provide benefits and features designed to suit the needs a defined group of consumers with similar desires and product applications. Solutions that generalize will find it tough to compete on any other aspect than price and will need to deeply discount to earn market share. Diligent market research will identify the distribution channels that connect best with ideal clients and allow the interaction and rapport building needed to establish interest and trust.
3. How do we establish credibility for our software company?
Brand positioning and thought leadership are the best tools to create an image of expertise and credibility in your industry and in the minds of your ideal prospects. Start by conducting research to select a target market that fits with what your company and solution does best (core competencies). Build your public relations message around the communications styles of your audience and always deliver on your service promise. Pursue a thought leadership strategy by interacting with the community of consumers and other businesses within your industry. Be a valuable source of insight and seek to provide value to investors and consumers in every way possible.
4. How do we name our software product or company?
It’s always a challenge trying to figure out the best name for our software and firm. What will appeal to clients? Consider naming your product to reflect one of its key benefits; the name doesn’t have to be literal, as long as it implies the value of your solutions, is memorable, and supports credibility. Carefully consider if your brand and product name have any cultural meanings that could confuse or offend domestic and international prospects. Choose a name that is unique and will allow your brand to be easily distinguished from competitors. Abstract names, and those based on the names of the founders, can also be effective when they are unique and don’t convey any unintended meanings. No matter what name you consider, be sure to check with the trademark database to ensure that the name you’re considering hasn’t been used previously.
5. Where do we publish our content for the best conversion rates?
The most effective methods are often those with the lowest cost. Digital media strategies offer excellent contact rates and the ability to interact directly with your target market. Social media platforms offer excellent demographic targeting features that allow you to deliver your marketing directly to intended prospects and prompt them to take action. Hosted blog content is also extremely effective for improving website SEO and organic traffic from search engines. Publishing quality content provides valuable and appreciated information that educates prospects, establishes expertise, and drives them toward conversion.
6. What is the best way to price our software solution?
Pricing is a critical issue that can make or break your software marketing efforts. Prices must correspond to demand and consider the effect on brand positioning in the minds of consumers. The level of prices you set will create an automatic perception of your offerings: pricing at the top of the market range will project an image of prestige and status (as long as the quality of your software support this position), while a product of equal quality that is priced at the lower range will typically be considered inferior. This guideline can be broken; however, if your product supports a higher price, it is sensible to place an according value, unless economies of scale allow you to provide superior products at lower prices.
7. How do we raise the capital to release and market our software?
The prior questions may be irrelevant if you don’t have the capital to property execute the development and implementation of strategic plans. A key intention of a public relations strategy is to attract potential investors and demonstrate credibility to stakeholders. Many of the same methods that are used to create consumer interest also apply to motivating investors. Social media, website content, and professional media outlets provide the broad reach needed to inform the public to an extent that will yield sufficient financing to move forward with costly software development and consumer awareness initiatives. Private money, business angels, venture capitalists, IPOs, and ICOs are all valid approaches when paired with a targeted public relations strategy.
If you have more questions or need deeper insights into public relations marketing issues, please reach out to us for expert guidance and assistance in getting your message out to potential customers and investment partners. Public relations marketing professionals can help you create potent and cost-effective marketing strategies that will allow you to build your brand and inspire conversions in a shorter period of time.