The following technical reports provide sultions for problems, occuring quite common in industrial companies.
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Product Launch - Key Elements
Approximately 75% of the new product launches in the capital goods industry fail!
What are the causes that even technically sophisticated products are not successful in the market? What key elements should be considered at the time of market introduction?
Why product launches fail
Lack of research on actual customer needs or customer expectations (tasks, pains, gains) and inadequate market analysis (market segment / target group, structure, potential, price level, competition) are two of the main causes of failed launches and these errors are due to lack of care or insufficient focus already committed at an early stage of the innovation process.
Further causes are misjudgements in the development effort or the implementation in production. Furthermore, disproportionate marketing budget and poor timing are additional reasons for failure.
Weiterlesen: 0-Product launch - key elements
In which category do your Product managers fall?
According to statistics more than 95% of all Product Managers never conducted a training or a qualification in their discipline. Due to the missing knowhow often the strategic Product Management (PM) tasks are assumed too little and PM tools are homemade in time-consuming manner or even not used. Lacking focus and reactive execution of administrating PM tasks are the consequence. Beside the negative effect to the enterprise, this leads also to demotivation for the concerned Product Manager. More than a third of all Product Managers with missing training opportunities seriously consider a job change!
Hand on heart – look your Product Managers in to their eyes. In which category does your PMs belong to? Into the well-trained, ambitious and motivated 5% or into the 95% others?
Weiterlesen: 4-PM Training
Technical Documentation – Differenciation via useful online-service
For industrial Companies technical documentation raises several questions:
«In which areas of the pre- or aftersales phase can technical documentation offer a benefit to the customer? How can you differentiate yourself through useful documentation? What additional benefit can an up-to-date technical documentation offer? »
In the competitive market environment, many industrial companies for capital goods recognize that differentiation through the pure core product is becoming increasingly difficult. Performance differentiation nowadays takes place more and more due to the offered service package. In addition to service paid by the customer also supporting services in the form of up-to-date technical documentation ensure the success of established products in the market. The importance and benefits of the free of charge documentation services are underestimated in many companies.
Weiterlesen: 1-Tech Doc - Differentiation
Innovation – involve customers in product development
Have you ever asked yourself what differentiate successful products from mediocre ones? Successful products are much quicker accepted in the market and convince by outstanding values.
As a starting point for a development of a new product or service it is crucial to understand the customer pains and needs in detail.
When the apparent customer requirements are clear, unfortunately the development teams in many companies leave the customer ground and go back in splendid isolation to develop their own product concepts which will directly end in prototypes or even in final products.
Is this approach of concept ideation really appropriate to maximize the market acceptance and value for the customer? Has market orientation herewith not already been left halfway?
Weiterlesen: 5-customer integration
Product Launch – Promotional Efficiency
When approx. 75% of product launches fail, what are the causes that even technically sophisticated products are not successful in the market?
How to achieve an efficient promotion at the product launch?
Handy message with tangible value proposition
Good market knowledge makes it possible to simply derive tangible arguments for product benefit. However, this must now be converted into a handy and striking advertising message in a language that is understandable to the target group. It is important that the entire life cycle during product usage is considered and that the arguments focus on the touch points of the respective target group within the customer journey.
Weiterlesen: 2-Product Launch - Promotional Efficiency
Intensified market segmentation – gaining more satisfied customers and long-term success
In the booming last decades many Industrial companies gained a vendors’s tray full of products and a variety of customer groups. In many cases the former decision was probably right to provide dedicated products to certain customers. But does this former decision still hold up with today’s long-term strategy of the company?
Many industrial companies have just divided their sales revenues into different customer groups and call it “market segmentation”. But does this fiscal market segmentation really add value to the company?
Weiterlesen: 6-Market segmentation
How to fill the strategic gap?
Aspiring revenue targets for the coming years are nowadays easily set. But how to close the gap between the entrepreneurial vision and the actual organic sales progression? Key for success is a strategic planning, which is focused on few considerable cornerstones and a consequent, but market-oriented realization.
Visionary goals are necessary and important for a company’s development. To build a bridge between current status and desired target, the so-called GAP-Analysis is commonly used.
Weiterlesen: 3-Strategic Gap
True customer proximity makes the difference in Product Innovation
Why are companies like Apple, Google, Tesla or Samsung so successful and innovative? They do not enquire the needs from their own sales forces, but they earnestly ask their customers. Further they are verifying the value of their development results not only with test in their own labs, but also conduct several field testing with customers and in the market.
To achieve sustainable growth in the hard-fought markets, it is not sufficient in the world wide destructive competition only to own today successful products and services in a defined market segment and within a target customer group. Markets, competitors and the consumption behaviour of customers will be under rapid and steady change in the future. As a result, a couple of European corporations are focusing in enhanced development of innovative premium goods.
Weiterlesen: 7-Need analysis