8 Simple Steps For New Product Development By Wayne Chen

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Learn How To Manage New Product Development (NDP) With These 8 Simple Steps. By Wayne Chen @MobiWayne. Pocket Square Media.

Learn How To Manage New Product Development (NDP) With These 8 Simple Steps. By Wayne Chen @MobiWayne. Pocket Square Media.

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  • 1. Perfecting  New  Product  Development   By:  Wayne  Chen,  @MobiWayne   © 2013! @POCKETSQRMEDIA | POCKETSQUAREMEDIA.CO!
  • 2. The  following  eight   ingredients  mixed  into   your  team’s  new  product   developmental  (NDP)   process  will  ensure   overall  marketability,   accuracy  and  bring   products  to  market   quickly.     © 2013 POCKET SQUARE MEDIA! 1.  2.  3.  4.  5.  6.  7.  8.  Generating  New  Ideas   Screening  The  Idea   Testing  The  Concept   Business  Analytics   Marketability  Tests   Technicalities  &   Development   Commercialize  &   Launch   Launch  Review  &   Update   @MOBIWAYNE!
  • 3. ¡  ¡  ¡  ¡  Conduct  SWOT  analyses   and  review  market   trends   Account  for  affordability,   ROI,  features  and   distribution  cost   Be  lean,  mean  and   scalable  during  the   process   Create  multiple  versions   of  roadmap  to  meet   different  types  and  risk   levels   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  • 4. ¡  ¡  ¡  © 2013 POCKET SQUARE MEDIA! Set  specific  criteria  that   your  idea  has  to  meet   based  on  business  and   technical  goals  to  weed   out  poor  project  ideas   Go  or  No  Go  but  narrow   it  down   Measure  your  new   product  idea  against   your  top  3  competitor’s   new  innovation  and  their   market  share   @MOBIWAYNE!
  • 5. ¡  ¡  ¡  ¡  Different  from   marketing   Conduct  patent   research,  design  due   diligence,  and  other   legalities  with  NDPs   Develop  marketing   message  as  part  of   concept  testing   Will  consumers   understand,  need  or   want  your  product?   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  • 6. ¡  ¡  ¡  © 2013 POCKET SQUARE MEDIA! Agree  and  build  a  system   of  metrics  to  monitor   progress   Add  input  and  output   metrics  that  measure  the   value  of  launched   products,  percentage  of   new  sales  and  other  key   performance  indicators   (KPIs)   Retain  valuable  data  if   the  idea  does  not  turn   into  product  for  future   growth  and  learning   @MOBIWAYNE!
  • 7. ¡  ¡  ¡  Arrange  private  tests   groups  with  beta   versions  and  gather   feedback  from  end-­‐users   Allows  last  minute   improvements  and   tweaks  before   commercializing     Beta  provides  early   product  adoption   momentum   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  • 8. ¡  ¡  Technical  aspects  can  be   perfected  without   alterations  to  post-­‐beta   products   The  production  team  can     produces  it,  the   marketing  team  can  plan   the  distribution  and  the   finance  team  can  back   the  product  introduction   monetarily   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  • 9. ¡  ¡  © 2013 POCKET SQUARE MEDIA! New  product  has  gone   mainstream,   consumers  are   purchasing  your  good   or  services   Refresh  advertising   during  this  stage  to   keep  product  name   strong  and  planted  in   the  minds  of  buyers   @MOBIWAYNE!
  • 10. ¡  ¡  ¡  ¡  Revisit  the  NDP  process   and  look  for  improvement   areas   Revisit  your  introductory   pricing  and  service   offerings  to  nail  down  the   overall  value  that   customers  will  pay   Continuously  differentiate   your  product  and  adapt  it   to  the  lifecycle  it  is  in   Adjust  for  consumer   needs,  competition  and   profit  models   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  • 11. ¡  ¡  The  entire  NDP   process  is  an  evolving   testing  platform  where   errors  will  happen,  and   designs  will  be  cut.   Synchronizing  your   team  and  having  a   clearly  goal  will  ensure   your  NDP’s  success.   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  • 12. Contact  information   ¡  Wayne  Chen   ¡  Wayne@PocketSquareMedia.co   ¡  @MobiWayne  or  @WayneChenNY   ¡  www.PocketSquareMedia.co   ¡  Blog:  www.Enovaminds.com     © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!