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Aligning Business Strategy & New Product Development (Branding and…
Aligning Business Strategy & New Product Development
Marketing
Highlight customers benefits
What makes this product stand out
How does it affect their every day lives
Why do they need this new product
Posting on billboards, TV or Radio
Does your target audience watch certain TV programs?
Can you reach them through radio or Pandora advertisements
Is a streaming programs more suitable? Ex. Netflix or Hulu
Study the product
How were they successful
How were they not successful
Research similar products
What is the price margin?
How is this product different?
How is this different from similar products
Does it stand out?
Is there something to keep it apart from competitors?
Is there a price difference between similar products?
Target Audience
Is the main audience children, young adults, families?
Who would use this product
Working smarter
All employees on same plan
Plan for issues ahead of time
Hire the right people for the right job
Marketing Road Map
Set schedules
Focus points
Set Goals
Check on status of the Road Map Continuously
Growth
Plan for 12 months, 3 years, and 10 years in the future
Conduct a touch point audit and innovate the experience
Ensure the direction of the product is right
Strategy
Language (ways to connect, social channel, style of the presentation)
Plan for the execution of that plan
Is it the right time?
The Right Team
Assess skill gaps and find talent internally or externally
Identify critical roles that need to be held
Offer training, leadership support and incentives
Information
Industry Leader
Outsourcing Tasks
Adaptation to new tech
Maintain Industry Pace
Specific Goals
Thoughts on Future Expansion
Innovate with a Purpose
Sales Revenue
If a product fails to meet the demands or needs of the consumer it will not generate revenue. Therefore understanding one's target market is key.
Products must also be priced cautiously to meet the business needs with decent margins but still fall within an acceptable price for the consumer.
Success or failure of products determines the overall business revenue. Quality of the product and product launches must be well well planned to align with the business strategies for success.
Communication
Use continuous communication throughout a project creating proactive conversation to avoid the need to be reactive when deadlines approach or issues arise.
Discuss a course of action to set goals and be sure everyone involved understands their responsibility.
Ensure purposeful communication to answer the question of why it is important, in order to motivate and encourage it throughout the process.
Long Term Investments
Recognizing the need to investment in research such as R&D to leap frog in the industry becoming known as the innovator.
Technology investment is important to reduce costs and improve profitability.
Invest in manufacturing to create new innovative products to become more competitive in the market while ensuring to get product out the door to match the demand.
Collaboration
Choosing open innovation by collaborating with third parties who specialize in specific areas to improve the launch of a new product
Utilize design thinking to better understand the target consumer, brainstorm new ideas, and experiment with prototypes and testing of a new product.
Involve employees in the collaboration process to gain different perspectives and strengths.
Customer-centric strategies
Provide excellent customer service to make the consumer feel supported and the priority.
Develop close relationships with consumers to create trust that encourages loyal customers.
Create great quality products that are reliable.
Branding and Cost
Creating a Design/Label That is Unique to your competitors
Making sure that the quality of the product is reflected and leads to brand loyalty
Looking for ways to reduce the cost of production while not affecting quality
Partner with other established brands as part of your offerings.
Always look for ways to enter new markets.
Research and Development
Having focus groups to test the product
Tweaking product to increase revenue
Looking for possible add-ons
Using revenue to create more products
Making Adjustments via feedback
Mirror your competitor's successes, as you can learn from what others do well.
If not the leader in the market, follow the leader. Make a similar product at a discounted price offering.
Always asking "What is next?"
Adaptation
Reinvention/Afterthoughts
Competition Testing
Innovation
Team work
COST