During the Product Surge, we look at your product and service in three phases. First, we align your product and market research with the market segments we identified during your sales and market surges. Second, we establish the principals your company will use when launch new products or services (read: no one offs that change your structure or service model because one customer asked for it). Lastly, we set up a structure and cadence on bringing new products and services into your markets.
We tackle this one step at a time.
- Product Planning – Here we focus on the market segments we identified in your other surges. As we create a continuous feedback loop between sales, marketing and product, you can identify the issues facing customers and prospects in these markets. Remember, you are developing products to gain and keep market share. From this plan we can show you the early stage product and service enhancements delivering opportunity in multiple segments.
- Product Markets – Launch your products and services in the markets that will grow the fastest, generating more high revenue sales prospects for your company.
- Customer Product Needs – Determine what enhancements to your products and services should be launched to improve the customer experiences and what enhancements are worthy of additional sales.
- New Product Markets – While it is true it costs less to retain an existing customer than sign a new one, you need to develop products and services to gain new market share. Failing to do so, and in turn selling these new products and services into your customer base as well, leaves you in a defensive position with your base.
- Product Pipeline Principles – Here is where you build the story of the product, including how the customer will benefit from it in the marketplace. These use cases become part of the product lifecycle analysis. This will also include a full market analysis to weight the effort and investment against the revenue gained from selling the new product and service. Lastly, is making the product “market ready” to drive more sales and more early stage engagement with prospects.
- Understanding the Buyer Behavior – Does this product or service deliver what the high value market needs?
- Customer Experience – Unless your new product or service is a new invention, you need to determine how to make it different in market. You can lead with price, but once you are the low cost provider, you have very little room to move. So make the customer’s experience with your new offering a differentiation.
- Product Launch – The rule of thumb is nothing goes out the door that is not fully baked. As you get closer to the finish line of a new product or service launch, it’s easy to let the details slip. Those little details could spell disaster for the product and end up damaging your brand in the high value markets we’ve identified.
- Product Development Roadmap – This isn’t an infomercial so we don’t “set it and forget it.” You need a roadmap for the product, generation 1, 2 and 3. If you don’t have the market and customer feedback to formulate the roadmap, the roadmap should be focused on getting that data and feedback, as well as timing for decisions on the next iteration.
- Product Launch Marketing Plan – The product should have a naming convention tied to your brand strategy. You should have it packaged and ready to go… one page PDF’s ready for download from social media sites, from a page on your site (preferably one requiring registration for access), sales collateral and a process to on-board your first sale seamlessly.
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