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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 ….

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Slide1 l.jpg

Avoiding the

Top 7 Mistakes

In Bringing New

Products to Market

By Steve Tennant


Meet alex l.jpg

Meet Alex


Also known as l.jpg
Also known as…


Ms product manager l.jpg
Ms. Product Manager


Alex lives in l.jpg
Alex lives in…



And went to school at l.jpg
and went to school at…




And has been asked to bring a new l.jpg
and has been asked to bring a new …


Can she avoid common new software product l.jpg
Can she avoid common new software product …


Today 50 95 of new products fail l.jpg
Today, 50-95% of new products fail.


Why do new products fail l.jpg
Why do new products fail?

Primary Causes of Product Failure

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

0%

10%

20%

50%

30%

40%

Percentage of Companies Citing (n=233)

Source: Conference Board as cited by R.G. Cooper, Winning at New Products


The reasons products fail can be addressed l.jpg
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 l.jpg
To do so requires a paradigm shift that challenges many of your current beliefs.


These flawed beliefs help cause train wrecks l.jpg
These Flawed BeliefsHelp Cause “Train Wrecks”

  • “We need to complete the product before I can show it or talk to customers.”

  • “Our (business and/or compensation) plan says we must ship a new product in six months.”

  • “Once we’re done building, we’ll give it to sales…”

  • “We’re opportunistic. If we find one customer who wants something, we’ll build it.”

  • “The answers to our most important questions can be found from inside our four walls, or on the Internet.”


Slide20 l.jpg

Alex began to wonder, what

can I do to

make my new product…


That question l.jpg
that question?

How would you

help Alex answer


Slide23 l.jpg

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 l.jpg
Tip 1 there are any mice out there.”Clarify your target market


Tip 2 draft the buyer personas titles roles goals top 2 3 problems l.jpg
Tip 2 there are any mice out there.”Draft the buyer personas: titles, roles, goals, top 2-3 problems


Tip 3 validate the problem roles goals and your prototype with 20 30 prospective customers l.jpg
Tip 3 there are any mice out there.”Validate the problem, roles, goals and your prototype with 20-30 prospective customers

What’s frustrating about doing Job X?

Our new employees run screaming they hate it so much.


Sample interview questions l.jpg
Sample Interview Questions there are any mice out there.”

  • 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 haven’t?


Tip 4 perform a market sizing market analysis and competitive analysis l.jpg
Tip 4 there are any mice out there.”Perform a market sizing, market analysis and competitive analysis


Tip 5 use a new product process l.jpg
Tip 5 there are any mice out there.”Use a new product process


Tip 6 prove with early adopter customers before launching l.jpg
Tip 6 there are any mice out there.”Prove with early adopter customers before launching


Tip 7 develop a realistic marketing plan and customer centric message l.jpg
Tip 7 there are any mice out there.”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 l.jpg
Tip 8 there are any mice out there.”Use a Proven Sales Model and Enable Sales With What They Need to Win

Unprofitable:

You lose

Enterprise

Selling

Investment in each transaction by Your Company

Consultative

Selling

Transactional

Selling

Poor service:

You lose

Investment in each transaction

by Customer

Recommended reading: Neil Rackham, Rethinking the Sales Force


Now alex knows l.jpg

Now there are any mice out there.”Alex knows…


What her customers need l.jpg
What her there are any mice out there.”customers need


How her product is different l.jpg

…how her product there are any mice out there.” is different


What her sales force needs l.jpg

…what her there are any mice out there.”sales force needs


Slide37 l.jpg

…and how to make her there are any mice out there.”

new product


Thanks to l.jpg
Thanks to… there are any mice out there.”


Grow your technology company faster l.jpg
Grow your technology company. Faster. there are any mice out there.”


Tennant consulting services l.jpg
Tennant Consulting Services there are any mice out there.”

Strategy

Capital

Products

Marketing

Alliances

Executive Team Facilitation

Financing Assessment

Product Mgmt Assessment

Marketing Assessment

Alliance Assessment

Vision & Mission

Business Plan

Market Needs Interviews

Positioning & Messaging

Alliance Strategy

Market Trends & Analysis

Investor Presentation

Win/Loss

Analysis

Website Strategy & Content

Alliance Programs

Competitive Analysis

Investor Meetings

Product Business Plan

Marketing Plan & Budget

Alliance Marketing

Opportunity

Assessment

Due Diligence Support

Product Messaging

PR & Thought Leadership

Alliance Partner Recruiting

Strategy Development

Term Sheet Support

Beta Customers

Trade Shows & Events

Relationship Rescue/Facilitation

Strategy Execution & Metrics

Board Communications

Launch

Sales & Customer Conferences

Alliance Scorecard & Metrics

Project Management

Leadership Feedback & Coaching

Organization Design, Staff Recruiting & Development

Collaborative Operating System


Tennant consulting services42 l.jpg
Tennant Consulting Services there are any mice out there.”

Strategy

Capital

Products

Marketing

Alliances

Executive Team Facilitation

Financing Assessment

Product Mgmt Assessment

Marketing Assessment

Alliance Assessment

Vision & Mission

Business Plan

Market Needs Interviews

Positioning & Messaging

Alliance Strategy

Market Trends & Analysis

Investor Presentation

Win/Loss

Analysis

Website Strategy & Content

Alliance Programs

Competitive Analysis

Investor Meetings

Product Business Plan

Marketing Plan & Budget

Alliance Marketing

Opportunity

Assessment

Due Diligence Support

Product Messaging

PR & Thought Leadership

Alliance Partner Recruiting

Strategy Development

Term Sheet Support

Beta Customers

Trade Shows & Events

Relationship Rescue/Facilitation

Strategy Execution & Metrics

Board Communications

Launch

Sales & Customer Conferences

Alliance Scorecard & Metrics

Project Management

Leadership Feedback & Coaching

Organization Design, Staff Recruiting & Development

Collaborative Operating System


Drop me a business card for freebies and to l.jpg
Drop me a business card for there are any mice out there.”freebies and to

  • Handout

  • Product Concept Questionnaire

  • 22-Page Article – How to Conduct “Quick & Dirty” Market Analysis

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    Email me at [email protected]

    Call me at (925) 788-1092

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