Identifying Winning Products To improve investment outcomes Enterprise Angels (BOP)
Outline An Introduction Identifying Winning Products Ingredients Conclusion
Locus Research – an introduction Our core business is developing products and bringing them to market. We do this by integrating the functions of: Product/service creation and development; Brand creation & graphic communication; Sustainable product development & life cycle thinking; Project management, product commercialisation & business development.
The Ingredients of Success What things make up a winning product?
The Research Platform & Product Embodiment;
Testing, Standards & Compliance;
Product Sustainability & Environmental Risk;
Sales & Distribution Channels;
Product Brand & Marketing;
Business potential & Intellectual Property.
The Simple Research Loop
Research for Product Development
have the customer(s) & their need been clearly defined?
Is there a technical/measurable requirements list?
Is there a customer requirements list?
Has there been a Freedom to Operate search around the key areas?
Has manufacturing materials and processes been investigated?
Is there Competing product review?
Product Embodiment How was the product developed & evolved.
Is there a record of product development that can be reviewed, and who was involved in the creation of the key elements?
Are all files & data available and backed up, correctly dated over the course of the process?
Does the product have a full specification for communication to suppliers & partners, and could you produce off these specifications?
Has the product been provisionally priced, and is the process or sequence of MFG defined?
Testing, Standards & Compliance
What verification tests have been undertaken on the product?
Did the product succeed?
Are all reports available for review?
What voluntary standards should the product comply with (best practice)?
What mandatory standards should the product comply with?
Are the compliance risks isolated and identified, are the timeframes and issues clear?
Sustainability/Life Cycle Thinking Has the product considered sustainability?
What are the key environmental impacts of the product category?
Is there legislation around these issues in key markets?
Is there any planning and risk management around environmental issues?
Supply Chain & Distribution Channels
What channel to market has the product got and has this been defined in a credible way?
Has there been thought about the best place to manufacture?
How will this be distributed?
How is the product packaged?
What sort of packaging will be used in transit?
Does the product/project have a brand that is succinct and identifiable?
Does this brand have a strong relationship with the product?
Is it free to use internationally, in all potential markets?
Is the product offer clearly defined?
Features, Benefits & Messages
Is the product concept clearly illustrated via photography or line art?
The Business Potential Does the product have the ability to become a business?
Are there opportunities to leverage the POD into other products easily to create a range?
How transferrable are the ideas to new products?
Is it a technology platform or a single product?
Is the brand capable of being enlarged to practically offer a wider range of products?
Picking Winning Products
There is no such thing as a simple product;
Understanding the process of development provides a unique window into the product and people;
Developing a successful product means accurately understanding and determining the consumer needs;
All information is relevant and should be retained;
Testing and compliance are not a luxury, they are a necessity in all categories we work in;
Picking Winning Products
Distribution does impact on a product development;
A product needs a coherent brand to communicate its value;
Product sustainability is important in all key markets and continues to become more engrained;