New Product Development

Developing a Winning Strategy...

Identify & Engage the Determinants of Success

It's well documented in the marketing literature that 8 out of 10 new products introduced into the marketplace ultimately FAIL to realize their market potential; when, by employing the appropriate tools, 8 our of 10 new products/services introduced into the marketplace can, and should, SUCCEED!

The traditional approach begins with tailoring the respective product/service to the perceived desires and needs of those in the target market; but, that's not enough. It is also essential to: (a) identify opinion leaders/influentials within the target market (or market niche) and (b) compare their perceptions (e.g., definition of "value") with those who comprise the mainstream market. The final step is to construct and implement a strategy that will capitalize upon this form of market intelligence.

Toward this end, we:

Identify the determinants of making a decision to purchase.
Identify barriers to the decision to purchase; and "test" strategies/tactics for overcoming these barriers and/or avoiding them altogether.
Test and rank-order product attributes that appeal to consumers in the target market; then identify differences between opinion leaders and those in the mainstream market.
Identify/develop message strategies, with the end product being PULL vs. PUSH marketing, promotion, and sales strategies/tactics.

To learn more, read Diffusion of Innovations: Closing the Chasm™

[1] Rogers, Everett M. (1995). Diffusion of Innovations (4th edition). New York, NY: The Free Press.