Archive for Product Launch
Utilizing the Theory of Constraints in Product Innovation Ebook
Posted by: | CommentsIn the three part podcast I had with Mike Dalton the founder of Guided Innovation Group, we discussed utilizing the Theory of Constraints in Innovation, the Customer Value Lens and Alliances in great detail. This is a transcription of the entire 3-part series.
Theory of Constraints in Innovation
In Mikes recent book, Simplifying Innovation: Doubling speed to market and new product profits – with your existing resources
Related Posts:
Product Relaunch – Try serving Chocolate Milk
The Hell with the Economic Stimulus Package – I’ll Lead
How to Form an Innovation Strategy
Case Study using Lean Startup Techniques
Posted by: | CommentsThe video is far from perfect, some of the questions you will not even be able to hear. However, when we are talking about new Lean Startup theory with a mix of Product Innovation and Product Launches this is as good of a case study I have found for public viewing.
Lean Startup case study on Pinyadda, a next-generation news platform. This Case Study was presented at Boston’s second Lean Startup meetup on 3/25/10.
If you are interested in learning more about this subject Eric Ries is hosting a Summit April 23rd in San Francisco: Startup Lessons Learned.
Related Posts:
Receiving Better Response Rates thru Agile
Boyd’s Law of Iteration: Speed beats Quality
Interview with Jack Stack
Posted by: | CommentsExcerpt From the Interview of Jack Stack by Bo Burlingham, Inc. Magazine
"What should CEOs be thinking about if they want to emerge from the crisis stronger than when it began?
If your sales are down and you’re losing money, you’re crazy not to be investing in repositioning. ……
……In a down period, while you may not have cash to invest, you do have excess people capacity. Most companies reduce it by having a layoff. That’s what I call cutting to the bone. You wind up weaker as a result."
I use this excerpt for 2 reasons. One to support a theory of mine that you should seriously look at re-launching your product many times during its lifecycle. It will be way of extending it and finding new sales channels.
However, seldom do people mention the other side of the coin. It is ok to find new markets but make sure you do some very good market research. Many people just think that if they find a market for their product that people are there waiting to buy it. Seldom will you find a market waiting for your Ipod, if you have one. The best source are customers that have adapted your product for their use. If you can tap into that as a resource, you will already have a built in resource or community to assist you in marketing your product.
When I walk someone through the Spider Product Launch , a Re-launch practically has the first step completed:
See
- Define the opportunity
- Build Customer buy-in and input
- Customer relationships and commitment
- Build Customer persona
Never minimize this step. I believe it is the most important. By yourself, it is difficult to change perception. With a small group you can change the world. A good example of that is a small tea party in Boston a few years back!
Does your product stink or is it the recession!
Posted by: | CommentsThe answer, your product stinks! Why, it has to work in the times that were in(period). So you need to reevaluate and maybe repackage or even re-purpose it. Here’s a great little test to see how viable your product, actually is…
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Is your product under advertised?
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Can there be a broader target market?
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Do you have certain disadvantages that you could turn into advantages?
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Do you have any unused byproducts?
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Could you be selling your product in a more compelling way?
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Is there a social trend to exploit?
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Can you explain your distribution channels?
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Can you build volume and profit by cutting the price?
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Does the product have new or extended uses?
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Have you completed a win/loss sales analysis of the product?
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How old is your last referral for the product?
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How are your salespeople compensated for selling the product?
These are just a few of the questions that we go through when were getting ready to do a product relaunch. What is so important in a relaunch is that you do have a community built around the product. I am not talking about someone that believes in the cause like a nonprofit, but actually I am talking about a customer that would advocate the product for you. Relaunches in today’s marketplace, must have the ability to garner direct customer support.
Take a product that is not doing so well right now and see if you would be in that marketplace today, if you are just starting out. If you would not, can you stop? Can you sell it to someone else? I’m amazed at how many resources are lost in products that have absolutely no return on investment. So if you really are thinking about leaning your marketing, I would look at how I would relaunch every product category that I have. Then ask why am I not doing it that way and the investment to do it. And if I cannot afford to do it cannot afford to stay in that product category?
Sometimes, the best re-launch is no re-launch at all!
