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Smu Proving Ideas 050809

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High Tech Products: Testing ideas and prototypes to ensure success

High Tech Products: Testing ideas and prototypes to ensure success

Published in: Technology, Business

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  • 1. Ideas: Concept to Reality Turning Ideas into Products … That Make Money Mike Holt Tel: +65 8126 7748 US/Singapore: +1-949-480-9271 Skype ID: mikeholt93 www.get2volume.com | mholt@get2volume.com © 2009 Get2Volume Turning technology into cash
  • 2. Topics • Prototype Process Testing our strategies, • Product Life Cycle ideas and products with • Market Strategy the market via customer • Product Planning feedback • Execution Strategy All of this is really just another name for product marketing 2 © 2009 Get2Volume Turning technology into cash
  • 3. Prototype Tools Semiconductor: FPGA Simulation Mock Ups Buzz and Feedback Rapid Prototyping Roadmaps Web Collaboration 3 © 2009 Get2Volume Turning technology into cash
  • 4. Feedback Approaches • WOMM • Online Surveys • Internet Analytics • Seeding 4 © 2009 Get2Volume Turning technology into cash
  • 5. WOMM (Word of Mouth Marketing) 5 © 2009 Get2Volume Turning technology into cash
  • 6. Leadership and Organization • “Feedback” and Early Failure Mindset • Measureables and goals consistent with customer product feedback process 6 © 2009 Get2Volume Turning technology into cash
  • 7. Marketing Review 7 © 2009 Get2Volume Turning technology into cash
  • 8. Factors Influencing Market Driven Strategies Partners Demographic Technology and Economic Environment Marketing Environment Planning Market System Information System Product Solution Suppliers Placement Price Public Access Value Marketing Promotion Information Control Marketing System Political and Organization Socio- Legal and Implementation Cultural Environment System Environment Competitors 8 © 2009 Get2Volume Turning technology into cash
  • 9. Positioning Corporate image and product positioning are different Predictive Modeling Product positioning facilitates : •Marketing that learns – Defining of the product •Accept consumer preference – Determining the best price •Consumer privacy, let them – Finding the best place to sell – Determine the best way to opt‐in promote and communicate to customers Market Segmentation is critical to proper product positioning Internet Paradigm 9 © 2009 Get2Volume Turning technology into cash
  • 10. Product • Branding Personalization • Styling •Listen to consumers •Give consumers • Functionality choice • Quality •Make it all relevant • Packaging • Support Participation • Warranty •Create an environment • Service •Build communities •Reward participation Internet Paradigm 10 © 2009 Get2Volume Turning technology into cash
  • 11. Price • Pricing strategy • Retail Pricing • Wholesale pricing and Discounts • Cash Pricing • Seasonal Pricing • Channel Pricing Intro Growth Maturity Decline EOL Cost Based Pricing Product Cost Price Value Customer Value Based Pricing Customer Value Price Cost Product 11 © 2009 Get2Volume Turning technology into cash
  • 12. Place • Distribution channels • Market coverage Participation • Geographic coverage • Create an • Logistics and supply chain environment • Warehousing and Inventory • Build communities Management • Reward participation • Order Processing Internet Paradigm 12 © 2009 Get2Volume Turning technology into cash
  • 13. Promotion • Promotional strategy Peer to Peer • Advertising •Marketing messages are social • Sales Channels promotions •Messages are more valuable and trusted • PR and Marketing Budgets •Make things easier to share Internet Paradigm 13 © 2009 Get2Volume Turning technology into cash
  • 14. Protoytping (Customer Feedback) should occur through the product lifecycle • How do you test new ideas? • How do you define product requirements? • How do you seek and respond to customer feedback during development? • How do you verify that the product is right after development? 14 © 2009 Get2Volume Turning technology into cash
  • 15. Product Lifecycle Prelaunch: Product Production • Market strategy Development Validation EOL • Product Concept Definition Release • Product Justification • Resource Commitment • Test via feedback throughout the product lifecycle • Prototype allows customers to provide specific, actionable feedback • Conjoint analysis allows the marketeer to understand customer priorities and trade offs 15 © 2009 Get2Volume Turning technology into cash
  • 16. Technical/Product Marketing Process Market Strategy 1. Market Assessment 2. Needs Identification 3. Customer Care-Abouts Market Player 4. Market Segmentation Iteration 5. Value Proposition Technical Product Planning Marketing Process is About 1. Product Roadmap/Definition Target Customers 2. Customer Validation Iteration Creating and 3. Product Justification Communicating Value Development and Introduction 1. Development “Teacher Customer” 2. Measurement Involvement 3. Promotion 16 © 2009 Get2Volume Turning technology into cash
  • 17. Product Lifecycle: Prelaunch Prototyping Prelaunch: Product Production • Market strategy Development Validation EOL • Product Concept Definition Release • Product Justification • Resource Commitment Prelauch: Prototyping Your Strategy, Business Model and Idea – Roadmaps – Market vision and focus feedback – Justification: costs and Resources 17 © 2009 Get2Volume Turning technology into cash
  • 18. Market Segmentation Market Segmentation • Identify key market attributes Attributes Market Importance Measureable based on customer care abouts Price Processor Speed • Determine importance of Battery Life attributes Size Reliability • Test segmentation Cost of ownership • What are the market characteristics of each segment? • Which segments are attractive to you? Battery Life Battery Life 18 © 2009 Get2Volume Turning technology into cash
  • 19. Defined Value Proposition Needs Identification What is the critical problem to be solved in the market? • Match Capabilities (Now or Why is this a Critical Problem? Planned) to Identified Who will pay a premium price if this is Market Need solve? What is the underlying value creation • How do you compare with proposition? competitors, alternative approaches? • What complementary approaches exist? • How is this market changing? 19 © 2009 Get2Volume Turning technology into cash
  • 20. Market Assessment Tools and Approach Proof of Demand • TAM (Total Available Market) • Growth Rate 20 © 2009 Get2Volume Turning technology into cash
  • 21. Technical Marketing Tools Phase Question Answered Tool/Approaches Is this a market I should be in? MAP (Market Assessment Process): Market Assessment 1) Proof of Demand 2) Industry Dynamics 3) Value Proposition 4) Strategy 5) Financial Implications Needs Identification What is the pain to be solved? Opportunity Shaping Sheet Customer Care Abouts What is most important to customers by Attribute Ranking Sheet segment (as measured by what they are willing to pay for) How is the market segmented (based on Market Segmentation Matrix Market Segmentation attribute ranking)? Defined Value What segment do I add the most value to? Self and Competitive Capability Assessment Proposition What must I do to be differentiated? SWOT Analysis Product Definition What products will win? Product Roadmap Cost/feature rankings Customer Validation Who will buy? Customer tracking and feedback sheets Product Justification Does this development meet my business Cost model objectives Break even analysis Forecast Metrics Development How do I deliver? Development plan Promotion How do I communicate value? MARCOM/PR Communications Plan 21 © 2009 Get2Volume Turning technology into cash
  • 22. Needs Identification • Identify Critical Problems Needs Identification What is the critical problem to be solved in • Test with the market: the market? – Is this a real problem? Why is this a Critical Problem? – If this problem were solved, Who will pay a premium price if this is solve? what is the impact? What is the underlying value creation proposition? 22 © 2009 Get2Volume Turning technology into cash
  • 23. Product Marketing Review and Exercise 23 © 2009 Get2Volume Turning technology into cash
  • 24. Product Lifecycle: Product Definition Prototyping Prelaunch: Product Production • Market strategy Development Validation EOL • Product Concept Definition Release • Product Justification • Resource Commitment Product Definition: Prototyping Your Product Plans – Customer product definition reviews – Trade offs via conjoint analysis – Cost analysis: testing pricing+feature trade offs with customers – Teacher Customer as “Prototype Partner” 24 © 2009 Get2Volume Turning technology into cash
  • 25. Product Definition • Identify ranked list of potential customers – Strategic customers? – “Teacher Customer”? • Sponsored development proposals 25 © 2009 Get2Volume Turning technology into cash
  • 26. Customer Care Abouts • Methods: – Talk with representative customers – Surveys – “Word of Mouth Marketing” – Test marketing programs • Ensure measureable • Ensure that there is a trade off that is tested – For example, everyone wants low Focus on Benefits not price. What will you give up for low price? Features 26 © 2009 Get2Volume Turning technology into cash
  • 27. Product Lifecycle: Product Models Prototype Prelaunch: Product Production • Market strategy Development Validation EOL • Product Concept Definition Release • Product Justification • Resource Commitment Development: Prototyping Your Product – Prototype feedback strategy: what questions need answered – Simulation and design reviews – Specification modeling: alignment with customer specifications 27 © 2009 Get2Volume Turning technology into cash
  • 28. Product Lifecycle: Product Prototype Prelaunch: Product Production • Market strategy Development Validation EOL • Product Concept Definition Release • Product Justification • Resource Commitment Validation: Prototyping Your Customer Product – Co testing with customers and actual product 28 © 2009 Get2Volume Turning technology into cash
  • 29. Product Lifecycle: Customer Use Feedback Prelaunch: Product Production • Market strategy Development Validation EOL • Product Concept Definition Release • Product Justification • Resource Commitment Production Release: Making the Product Real to End Customer – Phased release process – Defined feedback – Defined product success factors, metrics – Customer quality review process 29 © 2009 Get2Volume Turning technology into cash
  • 30. Product Release • Phased Product release process • Managed feedback to test production worthiness 30 © 2009 Get2Volume Turning technology into cash
  • 31. Thank you To download marketing tools: www.askthesgentreprenuer.com Contact Us at: Mike Holt Tel: +65 8126 7748 US/Singapore: +1-949-480-9271 Skype ID: mikeholt93 www.get2volume.com | mholt@get2volume.com 31 © 2009 Get2Volume Turning technology into cash
  • 32. About Us About Get2Volume Now more than ever, success in Asia determines global success. Technology companies – even the smallest – are global companies that must address complex problems with markets, suppliers, customers, partners and employees in the US as well as in Asia. With over 20 years experience in Asia and the US, we understand the people, the business and political environments, and markets that shape technology companies. This experience allows us to solve business problems in a way that goes well beyond generating ideas – it focuses on improving results by providing an executive team on the ground where you need results. We combine executive management experience in technology, software, semiconductor, secure payment, and information security companies with success; assisting established companies and leading startups from concept through rapid growth and profitability. Asia-US Bridge Company Stage Sectors • Semiconductor • Singapore/SEA • Start Up • Internet • California • Growth • Consumer Electronics • Regional MNC Focus • Security • Biometrics 32 © 2009 Get2Volume Turning technology into cash
  • 33. Appendix 33 © 2009 Get2Volume Turning technology into cash
  • 34. Product Planning Process 1. Idea Generation – SWOT analysis (OPPORTUNITY ANALYSIS), Market and consumer trends, company's R&D department, competitors, focus groups, employees, salespeople, corporate spies, trade shows, 2. Idea Screening  Will the customer in the target market benefit from the product?  What is the size and growth forecasts of the market segment/target market?  What is the current or expected competitive pressure for the product idea? Product and  What are the industry sales and market trends the product idea is based Roadmap  on? Is it technically feasible to manufacture the product? Definition  Will the product be profitable when manufactured and delivered to the customer at the target price? 3. Concept Development and Testing o Develop the marketing and engineering details  Who is the target market and who is the decision maker in the purchasing process?  What product features must the product incorporate?  What benefits will the product provide?  How will consumers react to the product?  How will the product be produced most cost effectively?  Prove feasibility through virtual computer aided rendering, and rapid prototyping  What will it cost to produce it? 34 © 2009 Get2Volume Turning technology into cash
  • 35. Product Planning Process - cont 1. Business Analysis o Estimate likely selling price based upon competition and customer feedback Justification and o Estimate sales volume based upon size of market o Estimate profitability and breakeven point Customer Validation 2. Beta Testing and Market Testing o Produce a physical prototype or mock-up o Test the product (and its packaging) in typical usage situations o Conduct focus group customer interviews or introduce at trade show o Make adjustments where necessary o Produce an initial run of the product and sell it in a test market area to determine customer acceptance 3. Technical Implementation o New program initiation o Resource estimation o Requirement publication o Engineering operations planning Development o Department scheduling and Introduction o o Supplier collaboration Logistics plan o Resource plan publication o Program review and monitoring o Contingencies - what-if planning 4. Commercialization 35 © 2009 Get2Volume Turning technology into cash