New Products--Number 1 Lever to Increased Profitabality
Thu, 02/01/2018 - 1:07pm | by Helen Hoart
If you keep doing the same thing over and over again in your company, you may be in a downward spiral. Why do the all the large companies introduce new products, new models? Tastes change. People's needs change. Don't stagnate. Think about innovating.
- The boss
· Purchasers those who make the decision (or write the check)
· Influencers: the individual, organization or group of people who influence the purchasing decision
· End users: the person or group of people who will directly interact with your product or service
In doing your research don’t ask: Would you like product X
Instead probe and ask customers or prospects:
· What are your problems?
· What do you wish you had to do your job better?
· What do you read for work?
· How do you spend your day?
· What’s your budget for …
· What’s the process for …
Other research tools:
· Competitive analysis
· Google Keyword research
· Google alerts
· Competitor products, marketing, customer service
· Focus groups
· In-person (if possible) customer interviews
In this article I've laid out a method to use for new product development. Good Luck!