Strategies For Lumpy Businesses
NEW PRODUCT DEVELOPMENT
In our rapidly changing and highly competitive markets, a successful new product
launch is thought by many to be the key to business growth
and profitability. Yet, the problem with developing a successful new product
is not a shortage
of ideas, but rather the expense of producing and marketing
new products without any guarantee of success.
Sintassi recommends a six-step process for new product development and successful launches. Certainly, every plan is tailored to each individual client based on where you are in the process. Depending on "where you are today and where you want to go", the outline below will give you an idea of how we would approach working with you toward new product launch:
1. Determine, “Who is your target customer?” It is not acceptable to simply respond with “Everybody”.
2. Determine, “How do I want to go to market?” Your options include: produce the product yourself; sell the idea; or license the product to someone else to produce and market. There are definite trade-offs to each approach.
3. Explore the “fuzzy front end”. Regardless of what your answer is to question 2, this thought process will help you to find the right resources to achieve your goal.
4. Market Research Phase:
- Research market size and potential
- Interview end users, retailers, wholesalers and sales representatives as necessary for the specific product
5. Analysis and Development of the Marketing Plan:
- Competitive analysis – use a product matrix to find a USPs from which to create a competitive advantage for the product
- Review SWOT with client
- Utilise SMART (Specific - Measurable - Achievable - Realistic - Time-Bound) technique to develop the written, working plan
6. Execute Plan. Launch Product:
- Develop collateral materials
- Begin placement dialogue in the preferred channel
- Create dialogue with different areas of the channel to uncover any previously undiscovered real objections.
- Review and revise plan as necessary with the new information.
- Repeat until sold.
- Explore relationship extensions with new partner (if applicable)
The new product development and introduction plan is the first step in the product lifecycle. It is created in phases, giving logical break points to force the decision to proceed or not based on what is known at each phase.
For a free and confidential consultation on 0118 947 58 57 or email: info@sintassi.co.uk
