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What's the Value of Your RFID Product?
It's surprising, but some companies don't know—which could explain why they aren't selling more.
Feb 21, 2016—
We recently revamped the Product Developments section of RFID Journal's digital magazine. Instead of focusing on a single category of products—overhead readers or rugged tags, for example—we will now cover a variety of new and interesting products that could bring value to our readers.
It's surprising to me that when I talk to companies about their new products, some cannot answer the simple question, "What value does this product provide?"
If I did get a good answer—"It will be 20 percent cheaper than existing readers," for instance, or "There is no software for managing fisheries with RFID"—then I would bring in my marketing team and ask them to research whether there is, indeed, a demand for such a product.
Determining whether demand exists is not always easy. But one can look at historical levels of technology investment by industry. Some industries, such as produce and construction, tend to invest little in technology. Others, such as manufacturing and financial services, tend to invest much more.
You could also look at whether there are early adopters in the industry you are targeting that are investing in RFID solutions. In addition, you could try to find out if there are a significant number of companies like the ones you will be targeting that are researching RFID solutions. Yet, I am rarely asked about how many companies in a particular industry are listed in our database.
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