The document discusses product optimization, which involves making minor adjustments to existing products to make them more desirable and increase marketing metrics. It describes how companies conduct product testing and use evolutionary algorithms to optimize attributes. The goal of optimization is to develop products that meet customer needs and solve their problems, thereby increasing success rates. The document provides tips for companies on defining experiments, embracing data, and separating new from returning visitors when optimizing products.

1. By,
ROBIN KUMAR

2.  It is the practice of making changes or adjustments to a
product to make it more desirable.
 It is possible to optimize a product by making minor
adjustments.
 Typically, the goal is to make the product more
desirable and to increase marketing metrics such as
Purchase Intent, Believability, Frequency of
Purchase, etc.

3. Product Optimization is beneficial for companies in various ways:1.
Cost of manufacturing will drop.
2.
More desirable.
3.
More Profitable.
4.
Make more no. of products.
5.
Compete with competitors.

4. Impact of Product Advantage
on Product success
120%
98%
100%
80%
Success Rate
The ability to develop and
launch new product
successfully and quickly
is key to Business
Success. The no. one
success factor is Product
Superiority.
A superior product is
comprised of six items:1. Offering unique
features not available in
competitive products.
58%
60%
40%
20%
18%
0%
Minimal
Moderate
Advantage
High

5. 2. Meeting Customer needs better than competitive products.
3. Having higher relative product quality.
4. Solving a problem the customer has with a competitive product.
5. Reducing the customer's total costs — high value in use.
6. Being Innovative- the first of their kind in market.
If a new product scores low on the above criteria, then the
success is low.

6.  The most common method of Product optimization
 Multiple product attributes are specified and then
tested with consumers.
 Due to complex interaction effects between different
attributes, it is problematic to use mathematical
methods, such as Conjoint Analysis, typically used in
industrial process optimization.
 companies started to adopt Evolutionary Optimization
techniques for Product optimization.
 Algorithm are used to optimize products.

7. Developing a product with real advantages and benefits
to customers entails:
 Identifying the target market — exactly who the
intended user is.
 Conducting extensive market research to identify
customer/user needs, wants and preferences,
and to define what the customer sees as a better
product.
 Translating customer needs or problems into a
technically viable solution — product
features, attributes, requirements and specifications.

8.  Defining the product concept- what the product will
be and do, and the benefits to be delivered.
 Testing and verifying-to ensure that the final product
scores high with the customer. The customer should
be exposed to the product as it takes shape, not solely
as an after-the-fact check.

9.  Product Discovery is the First and initial step of
Product Optimization.
 A Company put the idea then search the market for
the Product.
 Then Discover the new Product for that market.
 The Product optimizes after this.

10.  Go to Companies who provide optimization services with
your existing Product .
 Provide them with possible information.
 Companies use their experience and link to provide you
the information and rigid production plan.
 Make own choice how to use and implement the
recommendations.

11.  Define the Experiment- Do the test to know the new
idea is better, worse or has no result.
 One Change at a Time- Test one change at one time.
 Get Statically Significantly Results as fast as possible-
Get experiment done and get meaningful data .
 Keep your eye on the Prize.

12.  Embrace the Data- Collect the data and deeply
understand it.
 Beware common Pitfalls- Some common Pitfalls that
can mess your whole result and experiment if not paid
attention.
 Separate New vs. Returning Visitors- Separate the old
results from the new.
 One Source of truth- All the stakeholders should know
about the data

13.  If in doubt, Take it out- If have a doubt about test will
help or not, don’t make it
 Watch for diminishing returns- Just wait for some time
and will see the returns coming.

14. Some companies provide
solutions to others in seven
critical stages:1.
First understand your
Consumer and market
trends.
2.
Smart Idea Development.
3.
Product Design.
4. Product/Service positioning
and optimization

15. 5.
Product/Service Assessment.
6.
Retail Trends.
7.
Innovation Roadmap.

16. The process of optimization is best done under Product
Optimization. 5 ways to optimize product manufacturing1. Component Optimization- More time is needed to find
the correct choice of material in less price.
2.
Material Optimization- Remove the extra material not
required and put the best material for success.
3.
Design Optimization- If there is multifunctional circuits
in a single device then it will carry extra production cost.

17. 4.
Manufacturing Process Optimization- To low the
cost of manufacturing and to run the system
smooth.
5.
Contract Manufacturer Selection- If not satisfied
with the quality and cost of the product, can change
the Contractor.

18.  Communication Begins with Product Optimization
Request Form (PORF).
 Information collected with PORF is kept strictly
confidential.
 After reviewing the initial data, the company will
contact you for further discuss.
 Getting the maximum information, start the process
of Optimization.

19.  Product Optimization is the process of making
changes and adjustments in an existing product for
making it more desirable, cost effective, profitability.
 It begins with the idea how to make it innovative for
the market, then watching the customers.
 Make some changes and then see the place where we
can launch the product.