PMPA Presentation, Product Innovation
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Transcript of PMPA Presentation, Product Innovation
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PMPA TECHNICAL CONFERENCE:
MANAGING A NEW PRODUCT LAUNCH
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Product Innovation Pyramid
§ Most value added activity
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Successful New Product Launch
1. Know your customer’s behaviors better than they do
2. Establish best product positioning
3. Simplify
4. Be Nimble
5. Communicate Customer Centric Bene!ts
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Expand Your Thinking
§ A product is a part of a process
BUYER
USER BENEFICIARY
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A WOW Product Launch
§ What Goes Well
1. The product meets or exceeds needs of the buyer, user and bene!ciary
2. The bene!t is well communicated
3. Conversion & adoption is smooth and swift
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A Weak Product Launch
§ What Goes Wrong
1. Needs are not well addressed
2. The bene!t is not clear
3. Resistance & slow adoption
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Step 1: Customer’s Behaviors
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Customer’s Behaviors
§ Solves a problem previously accepted as normal
§ Eliminates or condenses a step
§ Simpli!es ownership
§ Improves performance
Establish New Standard
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Customer Behaviors
§ The buying experience
§ Order automation/customization
§ Lead time/"exibility
§ The handling experience
§ Packaging/labeling
§ Shipping/delivery
§ Warehousing solutions
§ Customer Service
§ Warranty/service/solutions
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Blue Focus
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Step 2: Product Positioning
Innovation
Value Add
Commodity
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Product Positioning
§ Commodities
§ Many providers of like items
§ Little or no differentiating bene!ts
§ Price centered purchasing behavior
§ Commodities rarely establish sustainable relationships
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Product Positioning
§ Value Add
§ Competing providers of like items
§ Differentiating bene!ts others can easily copy
§ Cost/bene!t purchasing behavior
§ Relationships based on ability to continue to add value
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Product Positioning
§ Innovation
§ New way to solve a problem
§ Unique supplier
§ Dif!cult to duplicate
§ Purchasing behavior based on dependency
§ Solutions cement relationships
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Take Charge
§ Break out of the victim mindset
§ You have more ability to in"uence a customer than you think
§ Add value
§ Solve problems
§ Demonstrate an understanding of the entire process
§ Demonstrate and understanding of your customer’s business
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Innovation Products
Elite Service
Set a New Standard
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Step 3: Simplify
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Simplify
§ Case Study: 3M Easel Pad
§ Well known brand
§ Industry standard
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Simplify
§ Observation
§ What happens before product is used?
§ Display area is needed
§ What happens after the product is used?
§ Paper is posted, requiring tape or tacks
§ Tape or tacks damage walls
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Simplify
§ Opportunity
§ Eliminate the need for a stand
§ Eliminate the need for tape or tacks
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Simplify
§ Case Study: 3M Easel Pad
§ Solution
§ Product board includes a stand
§ Post-it paper for af!xing to walls
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Simplify
§ Case Study: 3M Easel Pad
§ 3x price of standard easel paper
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Step 4: Rapidly adjust
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Adjust with the Courage to stay BOLD
§ Review assumptions
§ Listen to feedback
§ Don’t over-react to initial negatively
§ Low lead-user rates
§ Focus on entire solution, not only technical aspect
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Step 5: Communicate Customer Centric Benefits
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Step 5: Communicate Customer Centric Benefits
§ Details of Grapefruit Diets
§ Anyone under a grapefruit diet plan would not hesitate to term it a great fruit diet plan for the virtues. A grapefruit diet menu lets you the freedom of eating as much as you like to while silently helping to burn fat. So, here are the directions to grapefruit diet.
§ Drink 8 glasses of water every day. And how much do you consider a glass would contain? A glass should contain 8 oz and by 8 glasses a dietician means that you need to drink 64 oz or 2 liters.
§ Eat till you are full without leaving or eliminating anything
§ Don't change the quantity of grapefruit or its juice intake for anything as it is the thing that kindles the burning of fat.
§ Cut up on coffee intake and give up eating white vegetables and potatoes. So also desserts.
§ Foods fried in butter are okay and you can use that butter too. There is no restriction on meat too.
§ Repeat the course in stretches of 12 days with a 2 days break thrown in.
§ Remember to stick to the grapefruit diet plan for at least 2 ½ months for it to show credible results.
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Step 5: Communicate Customer Centric Benefits
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Your Wow Launch
§ Your product solved the customer’s problems
§ The bene!t was communicated in the customer’s language
§ Conversion issues were addressed in advance
§ Adoption is swift
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Finding time to Innovate & Take Charge
§ Run – Improve – Growtm
§ Leadership’s most value added
§ Solve problems your customers don’t believe are problems