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. The problem developing a successful new product is not a shortage of ideas,
but rather the expense in producing and marketing new products without any guarantee of success. Sadly this is a fact
that is little known to individual inventors and is a tremendous hurdle for a manufacturer.
Throughout my career, I have seen thousands of new products and talked to hundreds of inventors who could have saved themselves hundreds
of thousands of dollars and increased the likelihood of success if they had a framework for developing their idea and preparing it for
market.
Our experience leads us to the following 6-step process for new product development and successful launch. 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:
- Determine “Who is your target customer?” “Everybody” is not an acceptable answer.
- 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 tradeoffs to each approach.
- Explore the “The Fuzzy Front End” (outlined in the May 2004 issue of Taking Aim).
Regardless of what your answer is to question 2, this thought process will help you to find the right resources to achieve your goal.
- Market Research Phase:
a. Research Market size and potential.
b. Interview End users, Retailers, Wholesalers and Sales Representatives as necessary for the specific product.
- Analysis and Development of the Marketing Plan:
a. Competitive Analysis – Review the 4 Ps currently offered by the existing players utilizing a product matrix to find a unique position
from which to create a competitive advantage for the product.
b. Review SWOT with client.
c. Utilize SMART technique to develop the written, working plan.
- Execute the Plan and launch the product:
a. Develop collateral materials
b. Begin placement dialogue with the first step in the preferred channel.
c. Have enough dialogue with enough different entities to uncover any previously undiscovered real objections.
d. Review and Revise Plan as necessary with the new information.
e. Repeat until Sold.
f. Explore relationship extensions with new partner.
The new product development and introduction plan is the first step in The Product Life Cycle.
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.
Put the power of a Cannon in your Arsenal !
Call us toll free today at 866-598-8450 … let’s talk.
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