Are You Great At Product Development and Lousy At Product Commercialization?


InventionHow often have you heard that innovation and new products are the life blood of a company? Too many times to count.

And who can disagree? Not us. But we also know that the product development process is often woefully inadequate when it comes to product commercialization.

The truth is that companies spend so much time on developing products that they forget that the sales force – and the customer – don’t know what the product is or why they need it. The customer mantra is “if it ain’t broke, don’t fix it.” No one wants to be a pioneer, take up valuable shelf space or add inventory.

What good are new products if your commercialization handicaps success?

Slow-SignProduct managers are often focused on the product development process and not the commercialization of their new products. This can leave the sales team out in the cold when it comes to knowing and understanding how to position the new product with customers.

A simple way to overcome this is to create a New Product Introduction—Field Communications Template. This tool will help you develop a robust communication to the field sales team. And not miss any critical details or facts in the process.

What’s In a New Product Introduction—Field Communications Template?

Driving sales New Product Introduction—Field Communications TemplateThis tool is a fact-builder. It is a reminder of what’s necessary to think through all the critical elements a sales person will need to help successfully commercialize your new product. It will help you build a story that will highlight how your new product fits into the marketplace and delivers solutions that your customer is looking for.

A note of caution: It is only part of the commercialization process and not the end of the work you need to do to launch a new product. For more on how to better communicate new products to the sales team, take a look our post “How to Get Knowledge Out of Your Product Manager’s Head and Into the Hands of the Sales Team”.

The template breaks into multiple sections.  Think through each one and put down all the information you can.  Ask yourself, what’s missing – what more do I need to find out to make this a flawless launch.

  1. Product name
    • Trademark
    • Generic name
  2. Product definition – what is the product and what problem does it solve better than anything else in the market today?
  3. Audiences
    • First buyer
    • Second buyer
    • End user
  4. Features/Benefits
    • Features – list the top 5
    • Benefits – list the top 5
  5. Differentiation – outline what sets this product apart in the market
  6. Positioning -=- how have you positioned the product in your offering and for the customer?
  7. Competitive environment – List the top competitors and what their strengths and weaknesses are in this product segment.
    • Competitor A
    • Competitor B
    • Competitor C
  8. Pricing / Value Proposition – Answer the question of “How are you the best economic value?” not just put in your pricing structure
  9. Market/marketing research – What third party insights help support your product
  10. Market size – Know not just the size but what drives the market, too
  11. Social/economic/business environment—market dynamics
  12. Marketing strategies
    • Strategy 1
    • Strategy 2
    • Strategy 3
  13. Packaging
  14. Technical support – 3rd party testing and documentation
  15. Brand identity
  16. Other factors specific to your product or market (regional issues, health & safety, etc.)
  17. Communications elements – pick the tools that drive your marketing strategies and fit you budget
    • Advertising
    • Co-op/Ad elements
    • Distributor/Channel programs
    • Incentives
    • Industry relations
    • Literature
    • Packaging
    • Point-of-sale/Merchandising
    • Presentations
    • Public relations
    • Sales support
    • Samples
    • Social media /website
    • Trade shows
    • Training – and don’t forget the customer service team
    • Trade advertising

CommentsWhat else would you add to make this template even more robust?  Share your thoughts in the comments area so we can all benefit from your perspective.

For more insights on successful product commercialization, see the Channel Instincts posts “Are You Using This Simple Product Commercialization Checklist?” and “8 Steps to Building a Customer-Focused Commercialization Strategy”.

Good Selling!

 

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