product launch decisions in one month or less

Product Launch Decisions in One Month or Less

Primary Research CX/CI Experts

www.market-awareness.com

Monthly Intelligence Webinar Series:



VoiceoftheBusinessAcademy.com

•  On-demand courses and roadmaps

•  Accreditation and certification

•  “How” in addition to “why”

•  Templates to implement in your organization

•  Created by professionals who have implemented in the real-world

•  Organizations can select courses to create their own training programs


Monthly Intelligence Webinar Series:


Current State

•  Organizations think that since they created an offering– they therefore know what should be added to make it more valuable


Current State


•  Most are heavily invested in new products or enhancements to existing offerings


Current State


•  Most are heavily invested in new products or enhancements to existing offerings

•  Pressures to remain competitive with their offerings


Example #1

•  Medium sized company

•  Online solution to manage employees

•  Hired a fleet of programmers to code future releases and enhancements

•  The baseline product is already being sold and used by customers

•  Lots of company buzz about the great product they were creating

•  Stressed that coding deadlines were missed by programmers

“Are your buyers telling you that they want that functionality?”

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Example #2

•  Fortune 100 company

•  Thousands of employees around the world

•  Dozens of protocols for launching a single product

•  12 to 16 month internal product life cycle

•  Board approval needed

•  Various internal groups would create assumptions and issue lists

“Are your buyers telling you that they want that functionality?”

????????????????


Example Summary

1.  Nobody included buyer intelligence to any large extent, if at all

2.  Might quickly run ideas by an Advisory Board

3.  Need input from sources that are willing to be critical and objectionable

4.  Organizations are going to implement – they simply inform others what they plan to do


What They Need Really Need to Know

1.  Is the product/service valuable to buyers?

2.  What attributes are the most/least valued, and why?

3.  Is it valuable enough that they would purchase it, and for how much?

What if your product isn’t viewed as valuable to buyers…?

What if it is valuable but they would only pay little for it…?


Obtaining Buyer Intelligence


Obtaining Buyer Intelligence – Task 1


Value Grid Example

Open-ended questions added and comments captured:

•  What price range would you be willing to pay for that future functionality?

•  Comments to justify the score they provided


Obtaining Buyer Intelligence – Product Viable?


Obtaining Buyer Intelligence – Beta Phase


Example #1 Update

•  Of 48 attributes, 32 were valued with a 3 or lower (67%...!)

•  The top comments from people were: "stop adding additional functionality when your base functionality doesn't work consistently."


Example #2 Update

•  Completed changed their go-to-market strategies

•  Minimized resources involved and able to make more focused decisions based on intelligence

•  Decreased internal product life cycle

•  Able to shelf less valuable offerings – streamline their product pipeline


Conclusion

•  Buyer intelligence can be valuable in many aspects – in addition to just the value of an offering or enhancement

•  Few organizations spend the time to obtain true buyer intelligence

•  Buyer intelligence can drive pricing strategies

•  Buyer intelligence can dramatically decrease development costs

1.  Is the product/service valuable to buyers?

2.  What attributes are the most/least valued, and why?

3.  Is it valuable enough that they would purchase it - and for how much?

•  Buyer intelligence takes the guesswork, and internal political aspects, out of the equation

•  Allows organizations to quickly understand the valuable proposition of that offering



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