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Ray Attiyah's presentation from PMPA, April 2011. Innovation, the Mother of Success.
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PMPA TECHNICAL CONFERENCE:
MANAGING A NEW PRODUCT LAUNCH
Product Innovation Pyramid
§ Most value added activity
Successful New Product Launch
1. Know your customer’s behaviors better than they do
2. Establish best product positioning
3. Simplify
4. Be Nimble
5. Communicate Customer Centric Bene!ts
Expand Your Thinking
§ A product is a part of a process
BUYER
USER BENEFICIARY
A WOW Product Launch
§ What Goes Well
1. The product meets or exceeds needs of the buyer, user and bene!ciary
2. The bene!t is well communicated
3. Conversion & adoption is smooth and swift
A Weak Product Launch
§ What Goes Wrong
1. Needs are not well addressed
2. The bene!t is not clear
3. Resistance & slow adoption
Step 1: Customer’s Behaviors
Customer’s Behaviors
§ Solves a problem previously accepted as normal
§ Eliminates or condenses a step
§ Simpli!es ownership
§ Improves performance
Establish New Standard
Customer Behaviors
§ The buying experience
§ Order automation/customization
§ Lead time/"exibility
§ The handling experience
§ Packaging/labeling
§ Shipping/delivery
§ Warehousing solutions
§ Customer Service
§ Warranty/service/solutions
Blue Focus
Step 2: Product Positioning
Innovation
Value Add
Commodity
Product Positioning
§ Commodities
§ Many providers of like items
§ Little or no differentiating bene!ts
§ Price centered purchasing behavior
§ Commodities rarely establish sustainable relationships
Product Positioning
§ Value Add
§ Competing providers of like items
§ Differentiating bene!ts others can easily copy
§ Cost/bene!t purchasing behavior
§ Relationships based on ability to continue to add value
Product Positioning
§ Innovation
§ New way to solve a problem
§ Unique supplier
§ Dif!cult to duplicate
§ Purchasing behavior based on dependency
§ Solutions cement relationships
Take Charge
§ Break out of the victim mindset
§ You have more ability to in"uence a customer than you think
§ Add value
§ Solve problems
§ Demonstrate an understanding of the entire process
§ Demonstrate and understanding of your customer’s business
Innovation Products
Elite Service
Set a New Standard
Step 3: Simplify
Simplify
§ Case Study: 3M Easel Pad
§ Well known brand
§ Industry standard
Simplify
§ Observation
§ What happens before product is used?
§ Display area is needed
§ What happens after the product is used?
§ Paper is posted, requiring tape or tacks
§ Tape or tacks damage walls
Simplify
§ Opportunity
§ Eliminate the need for a stand
§ Eliminate the need for tape or tacks
Simplify
§ Case Study: 3M Easel Pad
§ Solution
§ Product board includes a stand
§ Post-it paper for af!xing to walls
Simplify
§ Case Study: 3M Easel Pad
§ 3x price of standard easel paper
Step 4: Rapidly adjust
Adjust with the Courage to stay BOLD
§ Review assumptions
§ Listen to feedback
§ Don’t over-react to initial negatively
§ Low lead-user rates
§ Focus on entire solution, not only technical aspect
Step 5: Communicate Customer Centric Benefits
Step 5: Communicate Customer Centric Benefits
§ Details of Grapefruit Diets
§ Anyone under a grapefruit diet plan would not hesitate to term it a great fruit diet plan for the virtues. A grapefruit diet menu lets you the freedom of eating as much as you like to while silently helping to burn fat. So, here are the directions to grapefruit diet.
§ Drink 8 glasses of water every day. And how much do you consider a glass would contain? A glass should contain 8 oz and by 8 glasses a dietician means that you need to drink 64 oz or 2 liters.
§ Eat till you are full without leaving or eliminating anything
§ Don't change the quantity of grapefruit or its juice intake for anything as it is the thing that kindles the burning of fat.
§ Cut up on coffee intake and give up eating white vegetables and potatoes. So also desserts.
§ Foods fried in butter are okay and you can use that butter too. There is no restriction on meat too.
§ Repeat the course in stretches of 12 days with a 2 days break thrown in.
§ Remember to stick to the grapefruit diet plan for at least 2 ½ months for it to show credible results.
Step 5: Communicate Customer Centric Benefits
Your Wow Launch
§ Your product solved the customer’s problems
§ The bene!t was communicated in the customer’s language
§ Conversion issues were addressed in advance
§ Adoption is swift
Finding time to Innovate & Take Charge
§ Run – Improve – Growtm
§ Leadership’s most value added
§ Solve problems your customers don’t believe are problems