Lesson #6: Create incentives for existing customers when cross-selling
If you want your existing customers to try your new software solution or service, be sure to make it easy for that to happen by enticing the customers with an incentive. These incentives even work better when they are exclusive deals for customers only. In Uber’s case, they frequently offer discounts or free delivery fee deals to existing Uber customers.
Key marketing strategy takeaway: Incentivize your target audience to try out new products from you by offering exclusive discounts. Exclusivity marketing also works pretty well when you are launching new software products and want to create early user buzz. There is something special about being one of the few people to try something new.
Learn More: How do I shorten the sales cycle when there are too many players involved?
Lesson #7: Focus on selling convenience instead of technology features to eliminate your competition
As mentioned earlier, part of Uber’s strategy is to sell convenience. The convenience of not having to create multiple accounts and the convenience of using Uber for different types of delivery services. When you compete on other critical strategic benefits of your products, it becomes more difficult for a competitor to copy your solution easily. Features are easy to copy, provided your competitor has a similar expertise. Strategic benefits such as convenience, belief in the company’s core philosophy, and a connection with the brand are not as easy to copy.
Key marketing strategy takeaway: Focus your tech marketing efforts on why your brand is unique and continuously build on that. Your software solution features are the enablers. For instance, if your ai-powered interface allows companies to automate tracking their financial transactions, that enables your unique brand identifier of wanting to empower companies to handle their financials inhouse. In this example, your marketing should focus on how businesses can be empowered and not just how impressive your machine learning engine is. The more your users buy into your vision of an empowered business, the less likely they are to look elsewhere, even if your competitor releases a similar version of your product.
Watch Video: Human vs. Robot: Episode 1 – The A.I. Machine – A Marketing Messaging Series
Lesson #8: Pay attention to where the industry is headed but stay focused
The technology industry moves at rapid speed, and as a result, you want to ensure that your company stays in the know at all times. There is a difference, however, between staying in the know and not staying focused on your brand vision. Mostly, you have to pay attention to what lies ahead and create plans to meet the changing landscape, but you also have to ensure that you do this in a way that doesn’t distract from your core business.
Key marketing strategy takeaway: In today’s world, marketers are fortunate to have access to a broad range of marketing tools and strategies. You’d often find businesses who might try out a marketing strategy or solution and, without giving it enough time, abandon it to try the next new hottest trend. Always try to think in terms of the long-term goals as well as short-term. This type of approach allows you to keep an eye on new markets and strategies that you’d like to implement while staying focused on what you have to do today.
Lesson #9: Always stay true to your unique brand identifier
One of the issues with rapid market expansion is the possibility of losing that secret-sauce that makes your company special. Staying true to your unique brand identifier is critical as you look into expanding into new markets and grow your business’ market share. Always ensure that you have the core principles of your business non-negotiables which are, what you’d like a customer to think about first when they think of your brand and what you don’t want them to associate with your brand. If you find that in the process of expansion, you are losing more of your brand voice, you may expand, but it the process, you might become like everyone else.
Key marketing strategy takeaway: Always ensure that your unique brand identifier shines through every marketing initiative that you have today. There should be no compromises if the compromise takes away from what makes your brand unique. Your goal is to stand out and not blend in.
Read also: Humanize Your Technology Marketing
Lesson #10: Be nimble and pivot often with your marketing and business
While you don’t want to compromise on certain core elements of your business that makes you unique, you also have to be prepared to change when need be; continually. In Uber’s case, the need for the move into grocery store delivery services comes at a time when there is a massive demand for these types of services due to the COVID-19 pandemic.
Key marketing strategy takeaway: When testing out marketing campaigns or new marketing initiatives, create realistic benchmarks based on industry data on how long it will take for you to start seeing positive results. Always have a pull-the-plug or change-the-strategy plan in place. However, do this in a way that genuinely gives that marketing initiative a chance to make an impact. As an example, you can’t start blogging and then pull the plug after a month just because you don’t have any subscribers or haven’t sold any new business as a result of your blog. At the same time, empower your marketing teams in a way that they can quickly pivot when needed. With this in mind, try to create short-term detailed marketing plans for three months at a time.
Related: 5 COVID-19 Employer Remote Work Responses That Had Us Rolling Our Eyes
Lesson #11: Don’t worry so much about not being the 1st in your industry. Timing is everything.
Being the first mover has its advantages, but it also has serious drawbacks. For one, you have to educate a market that may not be ready for your services. In some cases, businesses fail, just because of the education when they are early, only to find another company succeeding in selling the same services years down the line. Timing is everything. Do not rush into a new space just because you want to be the first one to do so. It’s likely that right now, Uber will not face the same challenges that Instacart had when they introduced their grocery store delivery business. This is because there is now a proven business model, and customers have bought into the idea of having someone else grocery shop for them.
Key marketing strategy takeaway: Be methodological in your expansion and marketing strategies. If you need a little bit more time to develop a concept, do not rush to deliver or market a product that’s not ready just because you want to beat a competitor to the punch. At the end of the day, as the saying goes, it’s not who laughs first that matters, but who laughs last.