“All economic value accruing to your firm has as its source, the customer’s perception that they will receive greater economic, emotional, political or physical value from your product or service, than it costs them economically, emotionally, politically or physically to acquire and use.” jerry Vieira, CMC
The Four Boxes of Product Evolution: The figure illustrates the basic four boxes of product development evolution. Along the horizontal axis we have Explicit and Implicit customer needs and wants. Along the vertical axis we have Conscious and Subconscious customer needs and wants. The intersection of these dimensions creates 4 boxes, or quadrants, each defining the level of basic and/or differential value your new product might provide to customers.
The Product Development and Management Association Glossary of Terms defines failure rate as the percentage of a firm’s new products that make it to full market commercialization, but which fail to achieve the objectives set for them. By that measure, it is not surprising that a quick internet search on the subject of product failure rate yields studies that claim anywhere between 50% (commercial) and 90% (retail food) of new product or service offerings fail. A lot can be done to improve the odds.
"You can’t build a durable building on a weak foundation." We’d like to share an insight that has helped executives and business owners sort through all the hype and claims over the last several years about an ever growing list of “gotta-do” new marketing and sales techniques. If you’re a General Manager, business owner or C-level executive, your marketing team probably approaches you annually with a laundry list of funding requests to support their critical marketing and sales programs for the coming year. Those requests may include any or all of; a website upgrade, a branding program, a social media expansion program, a blog, a publicity and PR program or maybe even a new six-figure trade show booth