It’s said that technology never ceases to amaze. However, nobody ever really talks about how the latest piece of tech still winds up topping the charts in terms of expense.
Sure, you could say that compared to previous generations, today’s technology is cheaper compared to the labor costs of old business processes and their respective systems. Even so, it’s still not the age where a minimum wage worker can afford the latest iPhone. All the latest and greatest tech infrastructures are still likely to be expensive. It’s not going to be easy marketing these products if a large percentage of your target audience is still not yet ready budget-wise.
The challenge now is that how can you maintain a steady flow of software leads despite the high costs even though it might still take a while for your prospects to have enough money to get an upgrade?
- Market older products – If you’re worried about new customer acquisitions, your best bet is not in your latest software but your older ones. Much like how old smartphone models are still sought after in spite of new releases, your older products could still appeal to those who’d like the benefits of business technology without too many of the expensive features. Don’t shuttle support for old products yet when it still looks like they can win more new customers.
- Announce new products earlier – If you’re targeting old customers, the best you can do is give them more time to prepare. Oftentimes, lack of a budget goes hand-in-hand with lack of information. The earlier you tell your customers and old prospects about possible future products, the more time you give them to generate a better budget for it. Whether it’s notifying them in a telemarketing campaign or broadcasting it big on your website, try announcing your products a little earlier.
- Check if your newer products are losing out – New isn’t always improved. Sometimes a product could be exploring a new design concept or a new approach that’s not well-received by your target audience. (For example, if you think the new Apple Watch is flawless, you’d be surprised at what even the most eager buyers are finding out to their annoyance.) This makes your new products an even riskier investment but could also serve as a signal for when to start refocusing on older products until improvements are made.
It might be nearly impossible to prevent the latest innovations from also being the most expensive ones. However, you still have plenty of alternative ways to generate leads or nurture prospects so that they’ll have larger budgets.