The Photo Drive: market research and launch strategy considerations

Photo Drive

Testing and Market Research

The Photo Drive Plus should be tested prior to launch, to ensure that the product is commercially viable. To fail to perform market testing would be taking a significant risk, given the amount of money that it takes to produce the product and execute the launch strategy. There are several different approaches to market testing. One is to make a prototype and test that with members of the target audience, another is to visit trade shows, and another is to simply compare the product to others on the market (No author, 2012).

Comparing the product to others on the market is not a viable strategy when there are no direct existing competitors against which to benchmark. The Photo Drive Plus is a unique product, and while that can help it in the market, this also makes it more difficult for the company to determine whether or not the product is truly viable. Additional testing is going to be required. A trade show is an interesting idea, but for a new company there is significant risk that if the idea is good, all potential competitors will know about the product and move with their own versions quickly. Building first mover advantage is going to be critical to the success of the Photo Drive, and any strategy that reduces this advantage should be avoided.

Thus, the best strategy for testing the Photo Drive is to create a prototype and test it with a small group of target market members. This group can be quite small and local, but it should include both vendors who would sell the product and end users who would buy the product. This is because both groups are going to be involved in the process of making this product successful, and because these groups will be able to give different types of feedback.

Market research is going to be part of the testing process. There are several key pieces of information that will be required. The first is whether there is any interest in the product at all. It is essential that the company has a good sense of what the interest level is. Another group that could be involved in the market research phase is photography customers outside of the target market. The assumption right now is that the PhotoDrive is going to be a niche product, but if it turns out that there is a broader market for it, that is something that the company will want to know.

The market research also needs to gather information about the price points, the likelihood of retail channels stocking the product, and likelihood of online purchase and the degree of desirability that the product has. In addition, information gathered should include some open-ended questions about product features (Inc., 2012). These questions might not cause the company to redesign the original Photo Drive but they can help the company with the next iteration of the Photo Drive. Ideally, the second iteration will hit the market right about the time that competitors are launching their first versions, allowing the company to retain its competitive advantage by staying ahead of the competition.

Launch Strategy

The launch strategy for the Photo Drive is going to be built around the fact that the target market primarily consists of people who in the photography industry are early adopters. Thus, this market can be launched with a campaign that combines focused marketing efforts and a viral campaign. The conventional media strategy is going to employ marketing to store owners, who will then sell the device to the target audience, and be creating print advertisements in magazines that are focused on photography and photography equipment. Ads in these magazines will also help to gain favorable reviews, and we will submit samples to the editorial staff at the target magazines in order to gain reviews that are published around the time of launch.

The digital launch will focus on having a full e-commerce site set up, and all major social media platforms covered. The social media accounts will be all be active as well, since inactive sites are a turn-off. In addition, the social media presence will be integrated with the websites. The second element of the digital launch is that there needs to be a budget set up for content, for example videos that can be uploaded highlighting the product. Testimonials from professional photographers will be important here, for example photographers working on high-end wilderness projects who extol the virtues of the Photo Drive when working in the field for extended periods.

The launch strategy is going to have two objectives. The first is to build buzz around the product. This buzz will create the initial demand among store owners and customers. This buzz is necessary not just for initial retail sales but is necessary for retailers to stock the product in the first place. In addition, the launch strategy needs to gain exposure for the product. If the members of the target market are not aware of the product, it will not sell under any circumstance. Many of the objectives for the launch strategy will therefore be related to the number of retail accounts and the awareness of the product among members of the photography community. Awareness should be focused as much on the PhotoDrive brand as the PhotoDrive product, because brands are the key to sales over the long run. When competitors introduce their own variants, the PhotoDrive brand is going to be critical to sales (Daye & VanAuken, 2012).

It is not expected that external social or economic conditions will play a factor in the launch. While there is some risk in the U.S. economy, the target market generally consists of professionals who need the product rather than want it, and wealthy consumers whose ability to pay is unlikely to be affected by minor economic downturns. The target market, in general, has a low level of price elasticity, although the specific level of elasticity will be estimated during the testing phase.