Business Development Specialists - FYI - Bizdevelop.com
Introduce New Products Successfully
Business Development Specialists ~ Key Success Indicators for New Products When planning to introduce new products into the marketplace (independent retailers, chains, and mass markets), it is important to avoid neglecting the fundamentals. The best way to do this is to immerse yourself in the process of strategic planning. Any successful marketing model for your new product must address, in a step-by-step manner, all elements of the marketing mix to ensure that the business model is understood and that strategic action items can be implemented effectively. The following is a list of Key Success Indicators that should be carefully considered before any new product launch.
1. Points of Differentiation. ·Why should the product exist? ·What will make the consumers try it? ·What will make consumers try it again? ·Will the retailer put it on the shelf? ·Why would they? ·Will the distributor stock it? ·Will the distributor sales reps talk about it? ·What products are similar? ·How is the product different than its competitors? 2. Where will it be sold? ·What channels? ·What part of the store? ·Is the consumer there? ·How will the consumer know it's there? ·How will it be differentiated on the shelf? ·What is the go-to-market strategy? 3. Will the economics support 1 & 2? ·Gross margin (net of freight) ·Sell price versus closest competitor per unit / per oz. ·Channel cost analysis ·Velocity used in analysis 4. Does the product have a soul? ·Will the consumer pick up on the passion? ·Who has the passion? ·Who is the face behind the product? ·How does the marketing represent the soul? ·What socially conscious benefit derives from this purchase? Strategic planning and careful consideration of the aforementioned KEY SUCCESS INDICATORS can dramatically improve your chances for success.Will this approach work for your business? Of course it will, and Business Development Specialists can help.We develop winning new products, develop and implement strategic plans, and design innovative, effective marketing models. Contact us by telephone, at (928) 282-6766, or email us at info@bizdevelop.com to discuss the possibilities.
