AIM Archives - Tag: new product

Just think of all the mistakes you can make developing new products.

185-Mistakes

You can miss an important customer need… pursue the wrong need… over-design and add unneeded costs… measure customer success the wrong way… overlook a competing alternative… over-estimate what customers will pay… under-value your product… use improper messaging. So many chances to err. Fortunately, B2B producers can use a “science” to avoid all of these.

More in article, How to Avoid New-Product Commercial Risk

In true customer-centered B2B innovation, you’re actually not developing your new product.

177 New Product

You’re developing your customer’s new product. It’s like this: “Mr. Customer, we’ve assembled a team aimed at developing something you’ll love. As you can see, we even brought a lead R&D person with us to listen to you. So can you tell us everything you think we should know before we going into our labs? We want to get this right so the innovation makes you a hero at work.”

More in article, Is Your Innovation Supplier-Centric… or Customer-Centric?

Should you take a Do-It-Yourself approach to customer insight?

166 DIY

B2B producers often take a DIY approach, while B2C marketers hire research firms. Why? For one thing, consumer products often have bigger annual revenues: Think of all the small B2B parts in a big-ticket item like a smart phone. For B2C it’s all about that launch. But B2B companies often “turn the crank” on many smaller new products… so its economical to develop in-house expertise.

More in article, You Already Answered 4 Questions, but… Correctly?

Stage-and-gate processes are necessary, but not sufficient.

154 Stage and Gate

A new product development process with stages and gates provides helpful discipline. But most suffer from two limitations: 1) Internal focus… talking to ourselves instead of customers. 2) Analytical thinking… promoting a checklist mentality. You also need discovery thinking, with a focus on learning. Unlike analytical thinking, this is fragile and must be nurtured.

More in article, Should Your Stage-Gate® Get a No-Go?

Consider an important—if awkward—question to ask new-product project teams.

144 Time Spent Talking

If any process in your company should be customer-driven, it should be the one developing products for customers, right? So try this at your next review: Ask team members how many hours they spent talking to customers… and how many hours working internally. You may be surprised at how little time was spent understanding customer needs.

More in article, Should Your Stage-Gate® Get a No-Go?

If you think your employees are passionate about earnings per share, you’re out of touch.

104 Bored Employees

When recruiting John Sculley from Pepsi, Steve Jobs asked, “Do you want to sell sugar water the rest of your life, or do you want to come with me and change the world?” Most employees paid no attention to your last quarter’s earnings-per-share. But they’ll tell their grandkids how their new product turned an industry upside-down.

More in article, Why Maximizing Shareholder Value is a Flawed Goal (Originally published in B2B Organic Growth).

As in the country song, many firms look for new product ideas “in all the wrong places.”

99 Where to Look 1

Those wrong places are usually inside your company. In a study examining best idea sources, 8 voice-of-customer methods and 10 other methods were examined. In terms of effectiveness, the VOC methods took 8 of the 9 top spots. At the very top? Customer visit teams and customer observation. Most companies need to “get out” more.

More in article, Where New Product Ideas Begin (Originally published in B2B Organic Growth).