Avoiding the Top 7 Mistakes In Bringing New Products to Market By Steve Tennant

Meet Alex

Also known as…

Ms. Product Manager

Alex lives in…

Flickr: http2007

and went to school at…

Flickr: matsuda.yukihiro

She drives a…

and has been asked to bring a new …

Can she avoid common new software product …

Today, 50-95% of new products fail.

Why do new products fail ? Inadequate Market Analysis Product Problems or Defects Lack of Effective Marketing Effort Higher Costs Than Anticipated Competitive Strength or Reaction Poor Timing of Introduction Technical or Production Problems All Other Causes 10%20% 30% 50% 40% 0% Percentage of Companies Citing (n=233) Source: Conference Board as cited by R.G. Cooper, Winning at New Products Primary Causes of Product Failure

The reasons products fail can be addressed. The reasons products fail can be addressed Flickr: Cynfreelancer

To do so requires a paradigm shift that challenges many of your current beliefs.

These Flawed Beliefs Help Cause Train Wrecks 1.We need to complete the product before I can show it or talk to customers. 2.Our (business and/or compensation) plan says we must ship a new product in six months. 3.Once were done building, well give it to sales… 4.Were opportunistic. If we find one customer who wants something, well build it. 5.The answers to our most important questions can be found from inside our four walls, or on the Internet.

Alex began to wonder, what can I do to make my new product…

that question ? How would you help Alex answer

Before we build a better mousetrap, we need to find out if there are any mice out there. - Yogi Berra

Tip 1 Clarify your target market

Tip 2 Draft the buyer personas: titles, roles, goals, top 2-3 problems

Tip 3 Validate the problem, roles, goals and your prototype with prospective customers Whats frustrating about doing Job X? Our new employees run screaming they hate it so much.

Sample Interview Questions What are your top 3 goals? Challenges? Typical day in your life? How do you solve this problem today? Who would you trust for advice? How would you want to buy it? What would you expect to pay? What services would come with it? If you had three choices in front of you, what criteria would you use to evaluate them? What did you expect to talk about that we havent?

Tip 4 Perform a market sizing, market analysis and competitive analysis

Tip 5 Use a new product process

Tip 6 Prove with early adopter customers before launching

Tip 7 Develop a realistic marketing plan and customer-centric message

Tip 8 Use a Proven Sales Model and Enable Sales With What They Need to Win Transactional Selling Transactional Selling Consultative Selling Consultative Selling Enterprise Selling Enterprise Selling Unprofitable: You lose Poor service: You lose Investment in each transaction by Your Company Investment in each transaction by Customer Recommended reading: Neil Rackham, Rethinking the Sales Force

Now Alex knows…

What her customers need

…how her product is different

…what her sales force needs

…and how to make her new product

Thanks to…

Grow your technology company. Faster.

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Tennant Consulting Services Organization Design, Staff Recruiting & Development Collaborative Operating System Alliance Assessment Alliances Alliance Strategy Alliance Programs Alliance Marketing Alliance Partner Recruiting Relationship Rescue/Facilitation Alliance Scorecard & Metrics Marketing Assessment Marketing Positioning & Messaging Website Strategy & Content Marketing Plan & Budget PR & Thought Leadership Trade Shows & Events Sales & Customer Conferences Product Mgmt Assessment Products Market Needs Interviews Win/Loss Analysis Win/Loss Analysis Product Business Plan Product Messaging Beta Customers Launch Financing Assessment Business Plan Investor Presentation Investor Meetings Due Diligence Support Term Sheet Support Board Communications Capital Project Management Leadership Feedback & Coaching Executive Team Facilitation Vision & Mission Market Trends & Analysis Competitive Analysis Opportunity Assessment Opportunity Assessment Strategy Development Strategy Execution & Metrics Strategy

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