To start your hardware business, you need a market and marketing strategy. It may seem like the cart before the horse, but having this plan in place before you start manufacturing is a key to success. In addition to the information here, check out some of the Marketing 101 materials we’ve put together in our Hardware Community. Berkeley Sourcing Group can help you get started on all of the documentation and strategic thinking you’ll need and we can even connect you with marketing experts should you wish to outsource some aspects of your planning.
Here’s some of the marketing strategy materials you’ll need to create:
Market Requirements Document
Your market requirements document (MRD) is your document that expresses your end customer’s wants and needs for your product.
The market analysis for your product and hardware business should illustrate your industry and market knowledge as well as any of your research findings and conclusions. Basically, you’re looking to prove to partners and funders that the market needs, wants, and will pay for your product. For more information on what to include in your market analysis, see our SBA sourced guide in the Hardware Community.
Product Marketing Plan
Your product marketing plan is an exciting aspect of planning and preparing for your product. In this plan, you envision how you’ll introduce your product to your customers and techniques you’ll use to get above the noise of the competition. In addition to your Mission Statement, your product marketing plan can include information about your Customers, Market Segmentation, Competitors – and a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats), a Product Positioning statement, Market Testing (when possible), Strategy Decisions and measurable outcomes, and an Action Plan for how you’ll implement.