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Being first to market with a differentiated offering is often the difference between winners and losers in today’s marketplace. This means selecting and developing the right products in as short a time as possible.
Innovation needs to be encouraged and managed. Idea generation and screening is essential. New product ideas can come from many sources such as customers, competitors, dealers and employees. It is important to create an environment of innovation and nurture these ideas. One needs to have a process to review and assess ideas on a regular basis. It’s not so much about “doing things right” as it is about “doing the right things”.
Time to market is critical. Being first to market with a new technology or product can have dramatic impacts on market share. Development cycle times can often be more than halved by having a defined process for development and decision making. Empowerment of the team within agreed boundaries is also a key enabler. Advance Consulting can assist you in significantly reducing time to market and improving the quality of your development process. Killing off product developments earlier in the cycle is also important and strangely something few companies have the courage and wisdom to do.
Customer and User input from the idea stage to end of life is essential. Here are some ways of engaging customers in the definition and development process:
Product Marketing is a key function often neglected in companies. Research and Development always needs to be closely supported by Product Marketing. The Product Marketing function is the voice of the customer and user, identifying and defining new product ideas, testing and validating those ideas, effectively launching the product and managing the life cycle of the product through to end of life. Market assessment, market research and competitive analysis are key activities carried out by Product Marketing, as well as effective positioning, pricing and promotion. Development and enhancement of this function can be facilitated by Advance Consulting and can make a significant difference to a company’s performance.