Developing New Products

Developing New Products A PRACTITIONER REPORT

Idea Generation
Market and consumer trends
Ethnographic methods: Searching for user patterns and habits
Find the market before developing the product
Predictions and game changers
Everything was first an idea

Idea Evaluation / Screening
Market Need?
Market Size?
Market Saturation?
Develop an Investor Mindset

What is the product?
Basic functions
Design & Packaging
Customer Service
Experience
Usability
Image
Community

Classifications (Aspinwall)
How much profit is obtained from each product?
How flexible are the buyers' purchasing habits with regard to this product?
How long will the product produce benefits for the user?
How frequently is the product repurchased?
How long will consumers shop for the product?
Leo Aspinwall, 1958

NAICS North American Industry Classification System largely replaced the older Standard Industrial Classification (SIC)

Classifications II
food
cleaning products
personal care product
clothing products
personal services
electronic products
household furnishings
luxury automobiles
jewelry
expensive wine

Concept Development
Product Benefits
Target Market
Production/Development Cost
Production/Development Location(s)
Model Successful Concepts!

Business Model / Business Analysis
Customer Acquisition Cost
Selling Price
Breakeven Point
Market Size
Competition
If nobody else is doing that there may be a reason for it!

SWOT / PESTEL Analysis
S trengths
W eaknesses
O pportunities
T hreats
P olitical
E conomic
S ocial
T echnological
E nvironmental
L egal

Securing Capital
Self-funded and/or ‘Boot-Strapped’
Credit Cards
Bank or Government Loans
FF&F
Angel Investment
Venture Capital
Know where you want to go!

Six Sigma Analysis: DMAIC 1. D efine the problem and the project goals. 2. M easure key aspects of the current process and collect relevant data. 3. A nalyze the data to investigate and verify cause-and-effect relationships. 4. I mprove or optimize. 5. Set future c ontrols.

Six Sigma Analysis: DMADV
D efine goals consistent with customer demands.
M easure and identify product capabilities, production process capability, and risks.
A nalyze / Develop Alternatives.
D esign Details Optimization.
V erify the design (i.e. set up pilots).

Beta and Market Testing
Beta Relase(s)
Focus Groups
LISTEN TO FEEDBACK!
Most flexible approach will win (Law of Requisite Variety)

Implementation Preparation
Product Development Roadmap
Resource identification
Scalability
Contingency Planning

Marketing Mix*
Name
Package
Price
Promotion
Distribution
*Neil Borden, 1953

Marketing Mix 2011
SEM : PPC + SEO
Social Media
Email
Mobile / in-app
Affiliate Programs
*Neil Borden, 1953

Pre Launch Considerations
Marketing Strategy
Pricing
Product Mix
Segmentation and Options
BASE | PROFESSIONAL | SUPER!

Launch
Inventory
Scalability
Training
Support
MVP – Minimum Viable Product

Commercialization
Timing
Placement
Channel Development
Distribution/Partnerships
Channels/Resellers and OEMs
Systems

Why New Products Fail
No clearly defined target market .
Insignificant point of difference.
Too little market attractiveness.
Poor product quality or sensitivity to customer needs on critical factors.
Timing.

Resources Contact Christian Karl Kameir [email_address] Download http://kameir.com/services.pdf

Developing New Products

by Chris Kameir on May 16, 2011

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Developing New Products — Presentation Transcript