Marketing – Positioning a New Product

Marketing | | | | Positioning a Radically New Product ForceX, Inc. has plans to create a new Situational Awareness (SA) product that is targeted towards Federal, State, and Local Law Enforcement Agencies (LEA). This new product is a clear departure from the normal Mission Execution products that ForceX, Inc. has developed in the past.Mission Execution software applications normally encompass Intelligence, Surveillance, and Reconnaissance (ISR) and Target Tracking and Locating (TTL) software products that take mission planning data and provide the operators with the functional capabilities to use the planning data in the execution of their assigned mission(s). ForceX, Inc. is attempting to diversify its customer base by moving into this market as well as achieving their strategic vision of becoming the leader in providing SA software solutions. Target MarketThe target market for this product in Federal, State, and Local LEA that conduct emergency response operations in support policin g actions or natural disasters. The customers in this market have ISR and TTL software and equipment provided by other vendors. In all cases the software applications provided by competitors fall into only one of the two categories. None of the vendors in this market provide a solution that combines the two tactical operations of ISR and TTL into one application that provides a situational awareness for operators conducting both ground and airborne operations.The total picture enables law enforcement personnel to conduct all of their tactical operations from a single â€Å"common picture†. It is imperative for law enforcement personnel to have a clear understanding of the situation as they develop their tactics for neutralizing the situation. Unlike the Department of Defense (DoD), LEA have a more stringent set of rules for the use of deadly force during violent situations, to prevent collateral damage and potential lawsuits. The more information that is disseminated to the o west levels of operational personnel the better that chance of mission success with minimum or no collateral damage. This new product alleviates the need for two separate applications and combines the ISR and TTL operations into one software package that will reduce costs. Cost reduction will be experienced in several areas such as software, training, documentation, etc. It will also enable the operators to successfully complete their missions. LEA have limited budgets and resources and ForceX, Inc. an position the new product at a cost far less than the competitor’s product offerings while solving the two highest requirements with one software application. Competition An analysis of the competition in the market shows that the competitors are capable of filling the airborne ISR requirements of the law enforcement market. Their technology is up to date and in some cases is cutting edge. However, there is a distinct lack of the capability to provide and distribute a situationa l awareness â€Å"common picture† to all elements participating in the operation.Competition in this market is fierce and current users will be hard pressed to change to ForceX, Inc. ’s application unless the cost is low and the functional capabilities are high. There are no competitors in the market that serve both the DoD and LEA. All of the competitors only provide ISR applications and most do not distribute the data to ground users. ForceX, Inc. ’s product provides a single software application that allows the ISR platform to distribute real-time situational awareness data any and all elements of the operation being conducted. Positioning Strategy ForceX, Inc. s not the first product to be offered in this market and therefore would be considered a market follower or a market challenger. It would not be in the company’s best interest to go head-to-head for market leadership. ForceX, Inc. will do better by using a strategy that exploits the weaknesses o f those currently in the market. Using its reputation in the DoD market the company can create an image that portrays the superior attributes of its software application and how the software has been combat tested and combat proven. None of the other competitors in this market can make this claim.The Role of Social Media Using social media for ForceX, Inc. would not be a viable solution based on its current customer base of DoD and Department of Homeland Security users. ForceX, Inc. ’s customers and their associated tactical operations are in some cases â€Å"Top Secret† and information posted on social media sites would have to be scrutinized by the ForceX, Inc. ’s Security Officer to insure that no classified information is being posted. The use of social media sites are discouraged by the Defense Security Service for individuals possessing a security clearance.It is their contention that what seems to be harmless data placed on a social media sites can be col lected and piece together to gain sensitive or classified information. This same axiom holds true for corporations and its employees. There is another aspect of Social Media that ForceX, Inc. can take advantage of and that is attracting new talent to come to work at ForceX, Inc. The social media that does this best is LinkedIn because of its link to professionals of all categories and all levels of ability. ForceX, Inc. needs to take advantage of this type of social media to post jobs, attract new talent, and build their brand.However, when ForceX, Inc. decides to launch its commercial product line social media would definitely provide their commercial products with the exposure they need to be successful. If ForceX, Inc. decides to use social media as part of their marketing strategy, we would recommend that they either hire a professional to be on staff or entrust their social media endeavors to a consulting firm that is an expert in the field of social media marketing. Social med ia is a relatively new tool in a company’s marketing tool chest and is quickly becoming a very important part of a company’s strategy for developing its client base.Prior to social media traditional websites were the mainstay for digital marketing efforts. Social media was designed supplement traditional websites not replace them. It is a low cost robust and responsive means to market to customers. To gain a better prospective of the role social media is playing in the market place consider the following facts extracted from â€Å"2012 Social Media Marketing Industry Report†: * â€Å"94% of all businesses with a marketing department used social media as part of their marketing platform. * â€Å"Almost 60% of marketers are devoting the equivalent of a full work day to social media marketing development and maintenance. † * â€Å"43% of people aged 20-29 spend more than 10 hours a week on social media sites. † * â€Å"85% of all businesses that hav e a dedicated social media platform as part of their marketing strategy reported an increase in their market exposure. † * â€Å"58% of businesses that have used social media marketing for over 3 years reported an increase in sales over that period. † It stands to reason that companies can no longer avoid not have a presence in the social media realm.There are a myriad of social networking sites but our research has determined that there are four top sites that a company should consider developing a presence in, if they choose to market in this realm: * Facebook – the strategy in this social media would be to create a page for the corporation. Some experts consider this as an â€Å"interactive yellow pages listing†, which Facebook users can follow. On this page the corporation can outline the products and services the corporation offers, post deals on their products and services, launch new products and services, and build the corporation’s brand. T witter – the strategy in this social media would be to use the 140 character â€Å"tweets† to market the corporation’s products, product and services news releases, inform followers of special product and services offers, and notify followers of new site content. Twitter also provides users with the ability to search for information on a particular topic using hashtags. Hashtags allow the corporation to direct fellow â€Å"tweeters† to specific concepts or information in their business tweets. Google+ – the strategy in this social media would be to use the â€Å"Promote† option that allows corporations to create different groupings of followers that can be each marketed to differently. The corporation should also take advantage of the â€Å"Measure† feature that allows the corporation to keep track of how their Google+ page is being used. * LinkedIn – ForceX, Inc. ’s strategy in this social media would be to develop a ne twork of professionals and build brand awareness. LinkedIn allows you to establish your company representatives as industry experts and to connect with prospects, vendor partners, and peers.LinkedIn also provides companies with the ability to post jobs and search for talent. Marketing is an instrument corporations can use to inform consumers about their products and services, who ForceX, Inc. is, and what they offer. Social media accomplishes this for ForceX, Inc. as follows: * Social media can provide an identity to who the company is and the products or services that they offer. * Corporations can create relationships using social media with people who might not otherwise know about the company’s products or service or what the company represents. Social media makes the corporation â€Å"real† to consumers. If the company wants people to follow them, they must insure that they don't just talk about the latest product news, but share the company’s personality w ith them. * The company can use social media to associate themselves with their peers, that may be serving the same target market. * The company can use social media to communicate and provide the interaction that consumers look for. It is apparent from marketing studies that marketing through social media works but it must be done correctly to be efficient and effective.It is imperative that before ForceX, Inc. decides to launch a marketing strategy in social media their management must consider the following guidelines. * ForceX, Inc. cannot depend on social media cannot be your sole marketing tool. To work ForceX, Inc. must integrate it with other vehicles of marketing. While social media will create awareness, it will take time to build up a following. Building a following is a major key to success in marketing through social media, but it doesn’t happen overnight. * Success in social media is directly dependent upon how ForceX, Inc. reflects its personality.There are no written â€Å"right† or â€Å"wrong† rules when it comes to social media, only the ForceX, Inc. ’s management can determine what will work for them. * Be consistent, if ForceX, Inc. can’t be consistent don’t do it at all – it would be a waste of the corporation’s resources. * Social media must be a part of the ForceX, Inc. ’s everyday life to maintain momentum and attention. Internet Marketing ForceX, Inc. must take extreme care with the information that is placed on their website. As previously stated with social media, there is a risk associated with the information placed anywhere on the Internet.Sensitive information can be derived from pulling pieces of data from what would appear to be unconnected sites and putting it together to form information that could be detrimental to our national security. Information regarding products being developed for the DoD and DHS should be scrubbed by their Facility Security Officer (FSO) to insure that marketing information doesn’t contain any data that would violate the procedures outlined in the National Industrial Security Program Operational Manual (NISPOM).However, there is a need for Internet marketing for launching their new commercial product called â€Å"Widow† that is targeted for LEA. In this section we will address the benefits that ForceX, Inc. would gain from an Internet marketing campaign for products and services as well as and the best approach for them to achieve their internet marketing goals. The fundamental component of Internet marketing is as one would suspect; a company website that contains all of the information a customer would need to determine if ForceX, Inc. ’s products and services meet their needs. The key benefit for ForceX, Inc. ould be to promote their business and to support their branding efforts. Although ForceX, Inc. does not derive sales from their website is important that they use this to media to incre ase awareness to the products and services that ForceX, Inc. develops. ForceX, Inc. currently has a website that contains all the information that ForceX, Inc. wants its potential customers to know: from what company it is, the products and services it provides, descriptions of items being marketed, reviews by experts and customers, business partners, job postings, the company’s history, and other pertinent information.ForceX, Inc. does not have a formal marketing department and currently doesn’t have the resources necessary to support a department that does marketing only. So, in order for ForceX, Inc. to maintain their position in the market place and to compete with competitors that do have a marketing arm. Internet marketing provides ForceX, Inc. with a low cost solution to offset their competitor’s efforts to gain a bigger share of the market. This is a great benefit when they are trying to compete with bigger companies that have unlimited resources.Interne t marketing is all about perceptions and the image that the website portrays can give the perception that ForceX, Inc. is bigger and better than its competitors – good website design is the key here. There is also a huge benefit that comes from the customers that can be reached and the convenience of potential customers to research ForceX, Inc. whenever it’s convenient for them. The Internet provides access to new customers that ForceX, Inc. may not know that they exist, a good example would be a project engineer or program manger looking for a solution to their problems. A lot of ForceX, Inc. s leads come from personnel who are working with existing customers that have the same requirements or a slight variation of what they may need. Internet marketing allows these potential customers to be anywhere in the world and still have access to ForceX, Inc. ’s website. The Internet provides ForceX, Inc. With the ability to proliferate their products and services onlin e, ForceX, Inc. can reach a wide variety of customers quickly and easily. The benefits of Internet Marketing to ForceX, Inc. may not be as great as they are to retail companies but we believe that ForceX, Inc. would greatly benefit from a good online campaign.In order to optimize their resources and get the â€Å"biggest bang† for their buck, we would suggest that ForceX, use the following guidelines in developing a strategy for their online presence. Having a website is not enough though since internet marketing needs effective, innovative, and up to date approaches in order to generate interest and new customers for the business. There are a lot of websites that are in existence today which directly compete for the same customers as ForceX, Inc. Most of the potential customers are more than likely to use a search engine to find information relative to a problem they are trying to solve.This is where the importance of search engine enters. In order to implement an effective and successful web marketing strategy, ForceX, Inc. will need the services of search engine marketing experts who can design the right strategies and solutions specific to their business. This is an essential and cost-effective step in order to reap the maximum benefit that the web can offer. The next thing we would suggest ForceX, Inc. implement is a campaign to publish articles or get listed in news stories or write and publish online press releases that get them a larger online presence.This is essential for insuring that the search engines will pick up their site because of the increased web presence. Getting ranked at the top of the leading search engines can be accomplished by using good â€Å"search optimization techniques†, this is the key to getting noticed online. Branding ForceX, Inc. Logo ForceX, Inc. Logo The foundation of ForceX, Inc. ’s brand is their logo. Their website, packaging and promotional materials have their logo integrated which has effectivel y communicated their brand. ForceX, Inc. derived its corporate name from the military terminology â€Å"Force Multiplier†.A force multiplier is a capability that, when added to and employed by a combat force, significantly increases the combat potential of that force and thus enhances the probability of successful mission accomplishment. Instead of naming the corporation the Force Multiplier, the owner used the â€Å"X† at the end of Force to indicate the multiplication symbol thus indicating that the corporation’s use and employment of the latest software technologies was a force multiplier. The owner’s military roots were in the Special Operations community where the dagger is a symbol of unconventional warfare as well as courage and daring in combat.The dagger symbology was used to form the â€Å"X† in ForceX, and the daggers where placed behind the globe to indicate the company’s commitment to deliver their services wherever our fighting forces are deployed and to preserve the company’s heritage which stems from the Special Operations community. Anyone who has ever served in a Special Operations unit recognizes what the daggers symbolizes in ForceX’s logo and can immediately identify with what the company stands for. The â€Å"crosshairs† on the globe symbolize the pinpoint accuracy that their software applications deliver to their customers.The ForceX, Inc. logo has been recognized as the company’s promise to its customers to enhance their probability of successful mission accomplishment no matter where they are in the world. There are many ways that ForceX, Inc. could benefit from a branding strategy. Consistent, strategic branding would lead to a strong brand equity, which means the added value brought to ForceX, Inc. ’s products and services that allows them to charge more for their brand than what identical, unbranded/weak branded products command.The added value intrinsic to brand equity frequently comes in the form of perceived quality or emotional attachment. For example, ForceX, Inc. associates its products with Special Operations Forces; hoping customers will transfer their emotional attachment from the Special Operations Forces to the product. For ForceX, Inc. it's not just the software application’s features that sell the software application. ForceX, Inc. relies heavily on the customer’s willingness to pay a license fee for their core software modules. License sales are pure profit and are vital to continuing to pursue internalResearch and Development efforts that allow them to remain competitive in the market. Building and maintaining brand equity allows ForceX, Inc. to charge a premium price for their licensable core software algorithms and insuring the customers are willing to pay this premium. We have done an analysis of the ForceX, Inc. ’s branding efforts and we recommend the following steps to enable them to maximize their efforts. * ForceX, Inc. has a great logo and we would have them place it on all media, both internal and external to ForceX, Inc. such as pamphlets, marketing material, written communications, etc. * Develop brand messaging. What are the key messages they want to communicate about their brand? Every employee should be aware of the company’s brand attributes. * Integrate their brand. Branding extends to every aspect of their business; how they answer their phones, what employees and management personnel wear during meetings and other interactions with customers, employee e-mail signatures. * They need to create a â€Å"voice† for their company that reflects their brand.This voice should be applied to all written communication and incorporated in the visual imagery of all materials, on-line and off. * Develop a tagline. Write a memorable, meaningful and concise statement that captures the essence of their brand. * Design templates and create brand standards for the ir marketing and promotional materials. Use the same color scheme, logo placement, and look and feel throughout – be consistent. * Be true to their brand. Customers won't return to them; or refer them to someone else if they don't deliver on their brand promise. * Be consistent. Be consistent. Be consistent.