New Product Marketing: Don’t ever forget sales... Everything is sales, the rest is details!

Bryan Cassady Guest Professor, Bryan@fast-bridge.com

KU Leuven Master Class: New Product Marketing10/11 Sales

Don’t ever forget sales

Everything is sales, the rest is details

About this courseIt is a sad fact that most new businesses, products and service fail. Some estimate the failure rate is as high as 90%. This course is about why products fail and what you can do to increase your odds of success.

This lecture is a part of series of 12 lectures. In my classes I use a lot of videos. If you’d like to see the presentations with videos, go to: http://www.fast-bridge.net/resources/new-product-marketing/

I hope in the pages that follow you will find new ideas and inspiration… If you’d like to download the whole class go to: http://www.slideshare.net/bryancassady2/2009-course-new-product-management-by-bryan-cassady

If you have ideas on ways to improve this course or would like help with your new products, I’d love to here from you…

Bryan Cassady bryan@fast-bridge.com +32-475-860-757

A less-than-optimal "configuration" of product or service attributes and benefits is selected.

Lack of a strong sustainable position in the market

Marketers fall in love with a product no one else loves

The marketing plan for the new product or service is not well implemented in the real world.

Marketers assess the marketing climate inadequately.

The plan is too complicated

A failure to ask the right questions and a belief that everything is a big idea

No Support to get things done

A questionable pricing strategy is implemented. A weak positioning strategy is used.

Cannibalization underestimatedThe advertising campaign generates an insufficient level of new product/new service awareness.

Over-optimism about the marketing plan leads to a forecast that cannot be sustained in the real world.

Too focused on the internal game not enough on the market

The Lemming effect

Starbucks is a sign of the times….

It is to the Age of Aesthetics what McDonald’s was to the Age of Convenience or Ford was to the Age of Mass Production—the touchstone success story, the exemplar of all that is good and bad about the aesthetic imperative. … ‘Every Starbucks store is carefully designed to enhance the quality of everything the customers see, touch, hear, smell or taste,’ writes CEO Howard Schultz.”

—Virginia Postrel, The Substance of Style: How the Rise of Aesthetic Value Is Remaking Commerce,

Culture, and Consciousness

1 + 1 + 1 + 1 = Beauty

1 + 1 + 1 + 0 = Failure

“Having spent a century or more focused on other goals—solving manufacturing problems, lowering costs, making goods and services widely available, increasing convenience, saving energy—we are increasingly engaged in making our world special. More people in more aspects of life are drawing pleasure and meaning from the way their persons, places and things look and feel. Whenever we have the chance, we’re

adding sensory, emotional appeal to ordinary function.”

—Virginia Postrel, The Substance of Style: How the Rise of Aesthetic Value

Is Remaking Commerce, Culture, and Consciousness

A company with fantastic operations, but no sales ? = DEAD

Fantastic controls and procedures, but no clients = Just as DEAD

In its purest form, advertising is a form of salesmanship. It does not exist independently. That is, the only criteria by which to judge an advertisement is the same criteria by which to judge any salesman - does it produce the results?

Claude HopkinsScientific Advertising

Every day

You are bombardedby up to 4,000 ads

Too much information vying

for consumer

ATTENTION

Telecommunications bandwidth is NOT a

problem, but

human bandwidth IS

Consumers seek to take control over

media consumption

In today’s economy, the scarcest business resource isn’t ideas, talent or even capital. All of these are actually available in plentiful supply. Instead, the rarest resource of all is attention itself. There is now so much information competing to be noticed that the limiting factor isn’t supply but demand - the ability of people to absorb and take notice of all the pieces of information they are constantly being presented with.

THE ATTENTION ECONOMYUnderstanding The New Currency Of Business

THOMAS DAVENPORT and JOHN BECK

Typical Advertising

Narrowing Phase Decision Phase

His/her character…

Or at least your impressions of character

When consumers get cheated they share their experiences and companies are getting caught…

The future is about honest dialogues, not rather than broadcasting half-truths about products and services.

Should also be the

marketer of the year

Robert B. Cialdini,Influence:

The Psychology of Persuasion(revised; New York: Quill, 1993)

Question

3 ways to use reciprocity in your job search

Question

3 ways to use consistency in your job search

Question

3 ways to use social proof in your job search

Question

3 ways to use authority in your job search

Question

3 ways to use authority in your job search

Question

3 ways to use scarcity in your job search

Class Break

More Suds

More dishes

Mild to hands

Squeaky Clean

Your Class NumOvert

BenefitReason to

BelieveDramatic

DifferenceBudget

Allocation

Budweiser - Sheep Is Big Fan

Fedex - Caveman

Going To Disney World

Gm Hummer - Monsters Make Baby Hummer

Unilever/Dove - Self Esteem Fund Promo

Toyota - Tachoma Pick Up Rides Waves

Slim Fast - Hunger Control Manager

Sharpie - Retractable

Gillette - Fusion 5-Blade Razor

[ ] Cinderella [ ] Frog prince [ ] Start over

€ 900

Group EvaluationOvert

BenefitReason to

BelieveDramatic

DifferenceBudget

Allocation

Budweiser - Sheep Is Big Fan

Fedex - Caveman

Going To Disney World

Gm Hummer - Monsters Make Baby Hummer

Unilever/Dove - Self Esteem Fund Promo

Toyota - Tachoma Pick Up Rides Waves

Slim Fast - Hunger Control Manager

Sharpie - Retractable

Gillette - Fusion 5-Blade Razor

[ ] Cinderella [ ] Frog prince [ ] Start over

€ 900

PersuasionRank

PopularityScore

PopularityRanking

Budweiser - Sheep Is Big Fan 2.30% 7.81 6

Fedex - Caveman 17.50% 7.95 3

Going To Disney World 18.00% 7.22 7

Gm Hummer - Monsters Make Baby Hummer 2.80% 6.37 23

Unilever/Dove - Self Esteem Fund Promo 20.80% 6.96 16

Toyota - Tachoma Pick Up Rides Waves 17.60% 6.16 28

Slim Fast - Hunger Control Manager 28.30% 4.28 57

Sharpie - Retractable 3.10% 6.82 17

Gillette - Fusion 5-Blade Razor 41.00% 5.27 47

New Product Marketing: Don’t ever forget sales... Everything is sales, the rest is details!

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Don't forget

Never forget

NEVER FORGET !