Introducing New Products/Services is vital for the growth and longevity of your business. When a company reaches its 3 to 5 years mark, it enters the Growth stage and needs new sources of additional revenues.
Did you know that 9 out 10 new products do not even make it to the shelf? And that 90% of those that do are usually being introduced by Large Companies.
What is your process in introducing New Products/Services to your marketplace?
Do you have a Process?
Does it Align with your Strategy? And Do you have a Strategy?
Are these New Prod/Serv an expansion on existing current lines? And Do they build on their Success?
Is it a cosmetic addition? Looks good, Let’s add it
Is it based on “I think” or on Market demand?
What Features/Benefits do you plan to incorporate?
Have you allocated the funding for such Prod/Serv?
Very Simple Questions and Yet Quite Important.
Understanding how you make decisions on adding new products/services has a major impact on your Growth Stage and the longevity of your business.
Small businesses keep their Prod/Serv that have reached the Decline stage for a long period of time, due to the lack of New Prod/Serv to replace them, and are supposed to be these new sources of revenues. FYI, Product stages are: Introduction, Growth, Maturity & Decline, in that latter stage you either keep the product if it is still generating profit or discontinue it— Thus the need for New Products Today and Tomorrow.
The reason most new Products/Services do not make it to market is due to the fact that the technical steps below are ignored. This list is designed to introduce the new product development process and the steps to follow:
- Idea Generation and Concept Development
- Concept Testing
- Marketing Strategy
- Product Development
- Market Testing
- Product Launch
- Evaluation & Results
The above process applies to Products & Services as well. Obviously, the success of Concept Testing and Marketing Strategy will determine whether you proceed to the next steps.
Creating New Products and introducing them to the market is very expensive and it takes years to recuperate your investment as it is on ongoing basis.
I would like to clarify the following misconceptions:
1- Once a Product is introduced to the market, it can No longer be changed, improved, revised, revamped and the list goes on. The Tide you buy, the Soup you like, your favorite Toothpaste are the same exact Product every time you buy them and Do Not change.
2- Anytime you change an ingredient, add a feature to a Product, it becomes a New Different Product (or Service). Very Simple.
3. Extremely important, What happens next? What is your Plan? What are your Next Generation Products or Family of Product lines or Services?
You have to think of the Next Generation Launch as you introduce that New Prod/Serv, learn about the: Good, Better & Best Concept in order to incorporate it in your Prod/Sev line expansion.
Ahhh, you don’t know what that is—
Don’t know how the Pricing structure works
How to Position your Good/Better/Best Prod/Serv
Ask me, I am an Expert at Good, Better & Best Concepts.
How is your business doing?
We can help you introduce successfully New Products & Services.
One Simple question, What is Your Strategy?
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