Avoiding the Top 7 Mistakes In Bringing New Products to Market

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

2. Meet Alex

3. Also known as…

4. Ms. Product Manager

5. Alex lives in…

6. Flickr: http2007

7. and went to school at…

8. Flickr: matsuda.yukihiro

9. She drives a…

11. and has been asked to bring a new …

13. Can she avoid common new software product …

15. Today, 50-95% of new products fail.

16. 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

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

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

19. 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.”

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

22. that question? How would you help Alex answer

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

24. Tip 1Clarify your target market

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

26. Tip 3Validate 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.

27. 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 haven’t?

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

29. Tip 5Use a new product process

30. Tip 6Prove with early adopter customers before launching

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

32. Tip 8Use 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

33. Now Alex knows…

34. What her customers need

35. …how her product is different

36. …what her sales force needs

37. …and how to make her new product

39. Thanks to…

40. Grow your technology company. Faster.

41. Tennant Consulting Services 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

42. Tennant Consulting Services 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

43. Drop me a business card for freebies and to • Handout • Product Concept Questionnaire • 22-Page Article – How to Conduct “Quick & Dirty” Market Analysis • Email newsletter Follow me on Twitter: steve811 Email me at steve@tennantconsulting.com Call me at (925) 788-1092 learn more