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New product Management: Increasing your odds of success

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Why new products fail and what you can do about it… a big presentation 1224 slides, 24 hours of instruction ..

Why new products fail and what you can do about it… a big presentation 1224 slides, 24 hours of instruction ..


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  • 1. Bryan Cassady Guest Professor, Bryan@fast-bridge.com INTRODUCTION The sad fact is 9 out of 10 new products/services fail. This course is about why products fail and what you can do to increase your odds of success. In this PDF you will find 11 lectures from my last course and a bonus lecture on viral marketing. I hope in 1224 pages that follow you will find new ideas and inspiration… If you have a new product or service you would like help with, please feel free to contact us. We offer a 1 hour first consultation free of charge… Bryan Cassady bryan@fast-bridge.com +32-475-860-757
  • 2. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Click on layers to to the different lectures and slide titles Or simple go to the page numbers listed Eg. 6 Fist Movers vs. Fast Seconds _ 528 Starts on page 528 Click here for outline
  • 3. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 4. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Dave’s story
  • 5. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 6. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 7. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 8. Bryan Cassady Guest Professor, Bryan@fast-bridge.com "A medium-sized 'butter' popcorn at a typical neighborhood movie theater contains more artery-clogging fat than a bacon-and-eggs breakfast, a Big Mac and fries for lunch, and a steak dinner with all the trimmings — combined!"
  • 9. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Talk to someone tonight…  The kidney heist  The story  The details (probably not all)  Movie popcorn  A lot of fat  The car  The visuals  The brand  The benefit  The non-profit company  ?
  • 10. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 11. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 12. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 13. Bryan Cassady Guest Professor, Bryan@fast-bridge.com A lie can get halfway around the world before the truth can even get its boots on. Mark Twain
  • 14. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 15. Bryan Cassady Guest Professor, Bryan@fast-bridge.com To develop sticky ideas, make your message: 1 2 3 4 5 6
  • 16. S imple U nexpected C oncrete C redible E motional S tory Based
  • 17. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
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  • 27. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
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  • 31. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 32. Bryan Cassady Guest Professor, Bryan@fast-bridge.com 1 2 3 4 5 6
  • 33. 10 minutes
  • 34. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
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  • 39. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 40. Bryan Cassady Guest Professor, Bryan@fast-bridge.com It is always easier to explain after the fact
  • 41. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 42. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 43. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 44. Bryan Cassady Guest Professor, Bryan@fast-bridge.com 16 reasons products fail (Nielsen) Lecture Number 1 A less-than-optimal "configuration" of product or service attributes and benefits is selected. 1 What is a new product 2 Marketers fall in love with a product no one else loves 3 Marketers assess the marketing climate inadequately. 2 Market research 4 A failure to ask the right questions and a belief that everything is a big idea 5 A questionable pricing strategy is implemented. 3 Pricing 6 Cannibalization underestimated 4 Forecasting and business planning 7 Over-optimism about the marketing plan leads to a forecast that cannot be sustained in the real world. 8 Too focused on the internal game not enough on the market 5 What really happens at work/ Selling a business case 9 Too focused on being first 6 Timing: Is there a first mover advantage 10 The Lemming effect 11 Lack of a strong sustainable position in the market 7 The basics of market interaction 12 The marketing plan for the new product or service is not well implemented in the real world. 8 Execution 13 The plan is too complicated 14 No Support to get things done 9 Selling your ideas 15 A weak positioning strategy is used. 16 The advertising campaign generates an insufficient level of new product/new service awareness. 10 Popper : Asking the 1 big question
  • 45. Bryan Cassady Guest Professor, Bryan@fast-bridge.com A group presentation 20-30 min Lecture 80-90 min Then a discussion 60 min
  • 46. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 47. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 48. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Date Lecture Who Assignment Student Presentation Present Group Reading 11/02/2010 intro B Brand You None Summary: Made to Stick 18/02/2010 What is a new product B Concept proposals None New product evaluation methods Concept Training 25/02/2010 Market research B 3 big research Qs/ How to answer Concept proposals 1-Jan The wisdom of crowds 04/03/2010 Pricing for Value B Pricing Reco in 1 category 3 big research Qs/ How to answer 2-Jan TBD 11/03/2010 Forecasting and business planning B A systems view of the business Pricing Reco in 1 category 3-Jan Chapter 5 Senge + Fifth discipline 18/03/2010 Building Buzz and interest B A buzz activity: contest invite or link request A systems view of the business 4-Jan The cluetrain manifesto 25/03/2010 What really happens at work/ Selling a business case E Choosing the Best ad A buzz activity: contest invite or link request 5-Jan PG 99 01/04/2010 Timing: Is there a first mover advantage E First mover or fast second your reco Choosing the Best ad 6-Jan Managing What consumers learn through experience the second mover advantage 08/04/2010 No Class(Spring Break) X no assignment X X 15/04/2010 No Class(Spring Break) X no assignment X X 22/04/2010 The basics of market interaction (strategy) E Choice of a value discipline First mover or fast second your reco 7-Jan The discipline of market leaders 29/04/2010 S-D Logic (execution) E A service Mantra proposal Choice of a value discipline 8-Jan TBD 06/05/2010 Selling your ideas E A sales letter A service Mantra proposal 9-Jan Cialdini/ The new positioning 13/05/2010 New Class or no class ? E Winner or loser A sales letter 10-Jan TBD 20/05/2010 Class wrap up j no assignment Winner / Loser 11-Jan Nothing Practice Exam Due If all goes as planned , an Oxford style debate in the last class
  • 49. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 50. Bryan Cassady Guest Professor, Bryan@fast-bridge.com “Success is a question of how to marshal your resources. Be really great in four or five areas. Make some hard choices. “The big challenge is to worry less about your weaknesses and build more on your strengths. Every success in your life will be based on your strengths.”
  • 51. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Bryan Cassady Email: bryan@leuvenresearch.com Why did you take this course? :To teach it About you: A long time ago, an American boy came to Belgium, where he met a pretty woman in a Laundromat. They got married a year later and decided to stay in Europe. Since then, Bryan has set up 9 successful business in 7 different countries. Several of which should have never succeeded. Skills:  A born marketer and salesman with a proven track of record business start-ups and business development  A Talent for thinking outside the box and finding simple solutions to complex business issues. Driven by the challenge of new business initiatives…Proud to be able to make impossible things to happen. Now in academia, because he enjoys learning and teaching.
  • 52. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 53. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 54. Bryan Cassady Guest Professor, Bryan@fast-bridge.com S imple Unexpected C oncrete C redible E motional S tory Based
  • 55. Bryan Cassady Guest Professor, Bryan@fast-bridge.com A less-than-optimal "configuration" of product or service attributes and benefits is selected. Lack of a strong sustainable position in the market Marketers fall in love with a product no one else loves The marketing plan for the new product or service is not well implemented in the real world. Marketers assess the marketing climate inadequately. The plan is too complicated A failure to ask the right questions and a belief that everything is a big idea No Support to get things done A questionable pricing strategy is implemented. A weak positioning strategy is used. Cannibalization underestimated The advertising campaign generates an insufficient level of new product/new service awareness. Over-optimism about the marketing plan leads to a forecast that cannot be sustained in the real world. Too focused on the internal game not enough on the market The Lemming effect
  • 56. Bryan Cassady Guest Professor, Bryan@fast-bridge.com A less-than-optimal "configuration" of product or service attributes and benefits is selected. Lack of a strong sustainable position in the market Marketers fall in love with a product no one else loves The marketing plan for the new product or service is not well implemented in the real world. Marketers assess the marketing climate inadequately. The plan is too complicated A failure to ask the right questions and a belief that everything is a big idea No Support to get things done A questionable pricing strategy is implemented. A weak positioning strategy is used. Cannibalization underestimated The advertising campaign generates an insufficient level of new product/new service awareness. Over-optimism about the marketing plan leads to a forecast that cannot be sustained in the real world. Too focused on the internal game not enough on the market The Lemming effect
  • 57. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 58. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably. The Chartered Institute of Marketing (CIM)
  • 59. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Sometimes you gotta shoot the puppy before he grows up
  • 60. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 61. Bryan Cassady Guest Professor, Bryan@fast-bridge.com “There will always be need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed is to make the product or service available.”Peter Drucker
  • 62. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 63. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Expected
  • 64. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  • 65. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Core Benefit Generic Product Expected Product Augmented Product Potential Product Q: Why is the iPod a success…
  • 66. Bryan Cassady Guest Professor, Bryan@fast-bridge.com What makes what you’re selling Different and desirable
  • 67. Bryan Cassady Guest Professor, Bryan@fast-bridge.com  Business analysis  Evaluation of ideas  Making things happen 3 fundamental roles  Accountable for definition, development, marketing and profit