Primary marketThe Litmus Test For Buying Technology
As convention season approaches, it"s time to start brushing up on your
technology investment strategies. Before you begin to walk the trade-show
booths, more of which will be pitching technology related products and
services than ever before, you had better have a clear focus, and a plan.
Too often, we can be overwhelmed by the "promise of technology" and too
greatly influenced by the claims made by the vendors of such products.
The flocking crowds, seminar pitchmen and glowing testimonials of your
peers greatly add to the sense of urgency to buy, and buy right now if
you want the "special convention only" price.
Unfortunately, all of us have no doubt invested in promising technologies
only to find that they didn"t really meet our needs or expectations. Not
only can indiscriminately spending your money drain precious financial
resources, but the time invested installing and learning any new piece
of hardware or software can never be refunded.
Protecting the value of our time is perhaps the most important reason we
need to be very careful about which technologies we invest in.
With this in mind, here are eight technology-buying guidelines to assist
you in making the most of your technology budget while saving you from
investing countless hours learning to use a newly purchased item, only
to find it sitting unused on your bookshelf six months from now.
Before you hit the convention floor, make an inventory of the technologies
that you currently own, and whether you use them regularly or not.
Look for common traits in the investments you"ve already made and make
a list of observations based on these commonalties.
Which types of technologies are you using effectively? Perhaps you"ll
find that those technologies that enhance your prospecting or help you
organize your business processes are the ones you"ve received the most
value from.
Alternatively, which categories of technology have not provided much
return on your investment? Maybe those that primarily create marketing
pieces are the ones that you never really get around to using often enough
to justify their expense.
Keep in mind that there are no right answers, as we"re all different in
how we value and use our technologies. They key is to find out what"s true
about your own use of technology.
When you review your list of the current technologies that you use on
a regular basis, look for any holes or inefficiencies in your current lineup.
Is there something missing that could really make you more productive?
Are there two or more pieces of software that could be replaced by one
more comprehensive program?
Are any of your productive technologies three or four years old, and
likely to be even more valuable to you if newer versions were acquired?
Make a list of technologies that you really want and need based on these
observations and take that to the trade show with you.
Generally speaking, you should avoid buying the very latest in technology
that represents what is often called the "Bleeding Edge." These developments
are typically brand new and create a lot of media "buzz."
However, they also tend to be very expensive and are often not quite
ready for "prime time" daily business use.
Integrating "Bleeding Edge" technologies seldom makes the average businessperson
substantially more productive.
You never really know which of these "Bleeding Edge" technologies will
survive and be supported into the future.
When it comes to the newest and most advanced technologies, waiting until
next year often makes the most sense. If the company and technology are
still around, they will likely be offering better prices and with more
refined product functionality, as well.
As a matter of investing wisely, you should specifically look for technologies
that:
Substantially enhances your prospecting
Streamlines Customer Service
Replace inefficient non-tech or low-tech processes
Change the way you do business in a manner that will enhance your ability
to compete for customers and clients
While there are valuable technologies that don"t necessarily meet these
criteria, they are few and far between.
Don"t buy anything until you completed a list of potential candidates.
There"s almost always more than one vendor offering any particular product
or service. So, it"s wise to make absolutely sure that you know all of
your options before investing your money. Complete your tour of any local,
state or national trade-show first, then go back and make your buying decisions
during the final days of the event.
Make sure you"re comfortable with the vendor"s economic potential. While
it"s often hard to tell which companies will survive, you should still
consider:
How long the company has been in business
How long the current product or service has been marketed
Your perception of the company"s financial strength based on their brand
recognition and the size and quality of their product packaging and trade-show
booth
When you"re comparing two competing technologies that are similar in functionality
and price, financial stability of the vendor should help you make your
decisions.
Don"t be swayed by the standard "30-day Money Back Guarantee." While
these guarantees are reassuring, they won"t help you evaluate the quality
or usefulness of the technology you"re considering. This is especially
true since:
Most companies offer these guarantees
Most consumers fail to take them up on the offer
While you should be comfortable with the company"s return and refund policies
before buying, never let the existence of such provisions entice you into
making the decision to purchase.
Buy only what you can implement immediately. There"s a general tendency
for consumers to go into "shopping mode" at trade-shows without giving
enough thought into how they will implement all of their purchases.
Regardless of how valuable the product or service, if you can"t make the
commitment to both learn and implement the new offering into your existing
business processes within thirty days, then it"s usually better to wait.
Not only will this keep you from buying technologies that you may never
get around to using, but it will also help prevent you from becoming overwhelmed
by all that you must do when you return home and need to go back to work.
As an added bonus, since technology prices consistently tend to fall over
time, buying just what you can immediately use, and then waiting a few
months before acquiring more technologies, often makes good financial sense.
If you follow these eight simple guidelines, you"ll likely find the onslaught
of technology at your next convention/trade-show to be much less threatening,
confusing and overwhelming.
You"ll also probably spend less time and money than you anticipated, and
those investments that you do make will represent a much better use of
these two limited resources.