Our experience working with Australian software companies has helped us identify the 5 tips for commercialising your software and the 5 most common mistakes they make in commercialising their
Australian companies who build software for commercialisation purposes, always underestimate the cost of acquiring customers and business. Yes, that’s right ‘always’, not ‘almost’ always. Many who build software have a “build it, and they will come” approach. They assume that everyone wants their solution and completely underestimate the competitive market.
They also allocate most of their resources to development and little (if any) to sales and
marketing. When calculating the ‘cost of acquisition’ focus on lifetime value of the client. Allocate the
resources to marketing and sales based on this approach. Although there is no out-of-the-box formula to market your product, make sure you engage
with an experienced external marketer and allocate the resources for ongoing marketing.
Those who develop software have the ability to have a ‘myopic’ view of their efforts. They may place too much value on the aspects of their solution they find appealing, and not enough on the benefits that drive sales. They are also more likely to identify with the more technologically proficient people in an organisation, than those who run the organisation.
Engage with a software sales expert early in the development process to make sure that at least the first iteration of your software solution ticks the primary ‘benefits’ boxes that encourage purchases. The ‘nice to have’ features can always be added later when budgets permit.
Focus your development, marketing and sales activity on a few key beneficial features that drive customer acquisition. Our experience has shown, that given the budget, most developers will work on refining a solution forever. Feature creep and second-guessing what the customer wants are key reasons why many software solutions never get past the beta testing stage.
Stay focused on the features and benefits that are important to your customers and the rest will come.
Software companies can act a little like cats. They drop something that’s already dead at your feet and expect you to get excited about it. This doesn’t need to be the case if you bring sales and marketing into the loop early enough. Start talking to sales and marketing at the point when you are in the project planning stage. This will help you focus your efforts where they can have the greatest impact early. It also allows you to coordinate your marketing and sales activities early, to develop the respective lists and contacts you will need to be successful.
You need a marketing and sales team that is enthusiastic, yet realistic. They should be experienced but open to new ideas. They should also be prepared to ‘speak truth to power.’ For the most part, this will require you to look outside of your organisation to find the right blend of experience, motivation and focus.
Mainstream media would like us all to believe that fortunes are made in the software world overnight. This is almost never true. It takes time, resources, focus and a lot of hard work for a software solution to become successful. Don’t make the mistake that a white knight venture capitalist will come along and save you. The most valuable money you will ever have access to will come early in the development
process. The more self-sufficient your solution becomes, the more value you build and retain. It also reduces your dependence on third party investors and allows you to remain in the driver seat.
Plan, prepare and consult with the best if you want to build a sustainable business model and a successful software solution.
To learn more how to successfully commercialise your software, click on the ‘contact us’ link below and send us your details.
RetailNext is the market leader in Big Data solutions for bricks-and mortar challenges faced by retailers around the globe.
RetailNext’s patented technology delivers comprehensive, real-time analytics that have the potential to empower Australian retailers, shopping centres and manufacturers to collect, analyse, and visualise in-store data. RetailNext have been partnering with global retail brands for many years, helping them measure store performance, identify opportunities for growth, implement strategies that drive results, increase capital savings, and boost bottom-line sales. Now it’s Australian retailers turn. Robust and scalable, the patented RetailNext platform uses best-in-class video analytics, Wi-Fi detection of mobile devices (including Bluetooth), data from point-of-sale systems, and other sources to inform retailers about how customers engage with their stores.
This comprehensive and highly versatile retail technology platform easily integrates with a number of store data sources, including promotional calendars, staffing systems, and even weather services to analyse how numerous factors impact shopping behaviour. RetailNext gives retailers the ability to identify opportunities for growth, execute change and measure success.
RetailNext tracks more than 800 million shoppers per year by collecting data from more than 65,000 sensors in retail stores and analysing trillions of data points annually. Headquartered in San Jose, CA, RetailNext is a growing global brand with 400 new store installs per month operating in more than 33 countries.
RetailNext acknowledged that the combination of experience and skills provided by DST i.t. and DST retail provides a unique opportunity for a successful value add partnership which will cover the sales, installation, implementation, analytical assistance and ongoing support for the RetailNext solutions.
Contact us to learn more
+61 488 287 418