PMPA Presentation, Product Innovation

PMPA TECHNICAL CONFERENCE:MANAGING A NEW PRODUCT LAUNCH

Product Innovation Pyramid§  Most value added activity

Successful New Product Launch1.  Know your customer’s behaviors better than they do2.  Establish best product positioning3.  Simplify4.  Be Nimble5.  Communicate Customer Centric Bene ts

Expand Your Thinking§  A product is a part of a process BUYER BENEFICIARY USER

A WOW Product Launch§  What Goes Well 1.  The product meets or exceeds needs of the buyer, user and bene ciary 2.  The bene t is well communicated 3.  Conversion & adoption is smooth and swift

A Weak Product Launch§  What Goes Wrong 1.  Needs are not well addressed 2.  The bene t is not clear 3.  Resistance & slow adoption

Step 1: Customer’s Behaviors

Customer’s Behaviors§  Solves a problem previously accepted as normal§  Eliminates or condenses a step§  Simpli es ownership§  Improves performance Establish New Standard

Customer Behaviors§  The buying experience §  Order automation/customization §  Lead time/ exibility§  The handling experience §  Packaging/labeling §  Shipping/delivery §  Warehousing solutions§  Customer Service §  Warranty/service/solutions

Blue Focus

Step 2: Product Positioning Innovation Value AddCommodity

Product Positioning§  Commodities §  Many providers of like items §  Little or no differentiating bene ts §  Price centered purchasing behavior§  Commodities rarely establish sustainable relationships

Product Positioning§  Value Add §  Competing providers of like items §  Differentiating bene ts others can easily copy §  Cost/bene t purchasing behavior§  Relationships based on ability to continue to add value

Product Positioning§  Innovation §  New way to solve a problem §  Unique supplier §  Dif cult to duplicate §  Purchasing behavior based on dependency§  Solutions cement relationships

Take Charge§  Break out of the victim mindset §  You have more ability to in uence a customer than you think §  Add value §  Solve problems §  Demonstrate an understanding of the entire process §  Demonstrate and understanding of your customer’s business

Innovation ProductsElite Service Set a New Standard

Step 3: Simplify

Simplify§  Case Study: 3M Easel Pad §  Well known brand §  Industry standard

Simplify§  Observation §  What happens before product is used? §  Display area is needed §  What happens after the product is used? §  Paper is posted, requiring tape or tacks §  Tape or tacks damage walls

Simplify§  Opportunity §  Eliminate the need for a stand §  Eliminate the need for tape or tacks

Simplify§  Case Study: 3M Easel Pad §  Solution §  Product board includes a stand §  Post-it paper for af xing to walls

Simplify§  Case Study: 3M Easel Pad §  3x price of standard easel paper

Step 4: Rapidly adjust

Adjust with the Courage to stay BOLD§  Review assumptions§  Listen to feedback§  Don’t over-react to initial negatively §  Low lead-user rates§  Focus on entire solution, not only technical aspect

Step 5: Communicate Customer CentricBeneﬁts

Step 5: Communicate Customer Centric Beneﬁts§  Details of Grapefruit Diets§  Anyone under a grapefruit diet plan would not hesitate to term it a great fruit diet plan for the virtues. A grapefruit diet menu lets you the freedom of eating as much as you like to while silently helping to burn fat. So, here are the directions to grapefruit diet.§  Drink 8 glasses of water every day. And how much do you consider a glass would contain? A glass should contain 8 oz and by 8 glasses a dietician means that you need to drink 64 oz or 2 liters.§  Eat till you are full without leaving or eliminating anything§  Dont change the quantity of grapefruit or its juice intake for anything as it is the thing that kindles the burning of fat.§  Cut up on coffee intake and give up eating white vegetables and potatoes. So also desserts.§  Foods fried in butter are okay and you can use that butter too. There is no restriction on meat too.§  Repeat the course in stretches of 12 days with a 2 days break thrown in.§  Remember to stick to the grapefruit diet plan for at least 2 ½ months for it to show credible results.

Step 5: Communicate Customer CentricBeneﬁts

Your Wow Launch§  Your product solved the customer’s problems§  The bene t was communicated in the customer’s language§  Conversion issues were addressed in advance§  Adoption is swift

Finding time to Innovate & Take Charge§  Run – Improve – Growtm §  Leadership’s most value added §  Solve problems your customers don’t believe are problems

PMPA Presentation, Product Innovation

by Definity Partners on Apr 28, 2011

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