The New Product Development Process
Know what you are trying to do
Teams only succeed if they understand their goals and each member’s responsibilities. Get buyin for both by asking ‘what are your responsibilities’ or ‘who is responsible for…’
Set the stage…
Some product team jargon: BOM, GA EnPeeDeePee…
Help new Team members fit.
Go throught he deliverables and get point person responsible for each. UPFRONT PLANNING IS BEST DONE UP FRONT!
Dealing with negative personalities…this can be difficult.
Market requirement: a customer need
Product feature: something a product has or does
Product attribute: a trait or characteristic
Product benefit: the reason the customer finds the feature useful
Tech specs: implementation of attributes
Example of Definitions – calculator
Market requirement—user needs to be able to figure out weekly budget…
Product feature—product adds, subtracts, multiplies and divides
Product Attribute—buttons, display
Product benefit—does math accurately
Tech specs—batteries, buttons, case, display characteristics
Value proposition—benefits/favorable points of difference, resonating value
Positioning Statement—Statement that incorporates all of the above, succinctly.
Elevator pitch—6 floors or 30 to 60 secs. To tell an important stranger why they should be interested in what you have.
Exercise: Describing who your target market is—who is your customer?
What do you think the key values of your product are?
Think about: why your customers should buy from you, what the points of difference between your product and your competitors products are, and what the RESONATING value your customer sees…
The New Product Delivery Cycle
Market Analysis product concept/strategyproduct planproduct design/development etc.–> back to market analysis
Another way to show it:
Discovery Development Commercialization
Seven General Phases
Strategy: corporate mission/values, market sensing, trend analysis, competitive landscape, etc.
Assessment: Market segmentation, user needs analysis, target, match to core cometencies, positioning, financial and technical feasibility, sales structure, business plan
Requirements: prioritization, resorce planning, trade offs, preliminary specifications, preliminary launch plan, message articulation, roadmap (and exception handling)
Product Development: Technical requirements, spec, QA plan, final schedule, development, documentation, support plan, packaging, pricing, bundling, refine targets, BOMs, prototype, deliver alpha, alpha magmt, deliver beta, deliver gold
Marketing Plan: value proposition, message, development, promo plan, collateral, sales training, beta mgmt, beta analysis, testimonials, success stories
Programs and Tactics: collateral matrix, web, tradeshow, roadshow, field support white papers, case studies, media placement schedule, sales support materials, product brief, competitive analysis
Readiness & Launch: sales training, promo, build, awareness and interest, PR, build and ship the products