We already have a product portfolio that we are happy with. Our people are trained on it and we are known for those products and we have a health revenue stream, so why do we need to launch new products all the time? The answer is in this article

1. Why do we develop and launch new products?
We already have a product portfolio that we are happy with. Our people are trained on it
and we are known for those products and we have a health revenue stream, so why do we
need to launch new products all the time?
There is a saying that we should be aware of; One day someone, somewhere, somehow will
do what you do cheaper, and maybe better! To continue selling the same products to a
changing market, or to buyers whose needs and wants are changing is just complete lunacy.
We create new markets through new products, we attract new customers to existing
products, and we convince current customers to buy more of our existing products. This is
how we grow our revenue, which is a journey, not a destination!
Dynamic companies are “learning” companies. They keep their eyes on the market pulse
and sense any change in their markets and customers’ buying behaviors. Business challenges
affect customer needs and buying behavior, which in turn creates demand for new products
and services. That is why they have clear products’ strategy and products' roadmaps.
To complete the picture, let us refresh the reader’s memory with the activities associated
with product development and launch:
1. Confirming a market problem that a new product can solve
2. Market research
3. Idea generation
4. Business case building
5. Investment approval
6. Proof of Concept
7. Build Alpha product and service associated with
8. Use early adopters to evaluate new product (iterative)
9. Pricing exercise
10. Build GTM; go to market strategy for the new product
11. Build the sales and marketing message associated with the new product
12. Include into current compensation plan
13. Include in account plans
14. Train sales and marketing force
15. LAUNCH
That’s why and how we launch new products. Good luck selling more of existing and
developing new products that solve new problems.
Ashraf Osman, July 2017