How to research new products.

By | September 1, 2017

I’ve spend quite a lot of  my working life developing and launching new products. One interesting insight from the Entrepreneurial Marketing course I teach is that the informal way I use is more usual than the official Kotler view taught in mainstream marketing. This video tells you more about this 4 stage process.

  1. Talk to the customers
  2. Find out what they want (or can be persuaded to buy)
  3. Figure out how to deliver it without going bust in the process
  4. Do it!

However it turns out that this is the process followed by software developers, service businesses and a great chunk of manufacturing.  In my first job the firm I worked for made Steelworks Cranes.  How do you develop one of those (or an aero engine come to that).

Well you don’t hold a focus group.

What we used to do was to lock our chief projects engineer in a room with his opposite number from the client. They had two assistants each and an infinite supply of coffee. Whatever they came up with WAS the product.

And it turns out that in the business to business world – that is the norm.

So here is my video on the subject that embeds this into a few more rigourous markeing ideas like the ansoff matrix, analysing points of difference with competitors and how to hang onto whatever value you create.

I hope you enjoy it – please feel free to ask questions or comment – this is a blog after all 🙂

 

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