Do you know the NUMBER ONE reason that new or existing product initiatives fail?
Management falls in love with their product. They believe they have an excellent product and often act in reliance on the assumed fact the product is great. Don’t make this mistake!!! Follow the steps below to ensure your success.
Product Development/Research
Step 1: Conduct research to see if the product is a good one (not excellent).
Step 2: Make any required changes to improve the product.
[If the product fails, then stop here.]
Product Marketing
Step 3: Assume that the product is “terrible” and the management has “inventoritis”.
Inventoritis n. Any of a group of disorders usually characterized by withdrawal from reality, illogical patterns of thinking, paranoia, delusions and hallucinations accompanied in many cases by a portfolio containing granted patent applications and other forms of intellectual property including trade secrets. Inventoritis is associated with depressed or non-existent product sales and defects in marketing programs and is caused by excessive reliance on the assumed idea that one’s product or idea is an excellent one.
Step 4: Assess financial capability to support product-marketing initiatives.
Step 5: Create an inventory of all the tangible and intangible assets available to the company.
Step 6: Understand the value proposition, target market, goals and environment.
Step 7: Clarify timeline, plan, target market needs, priorities and objectives.
Step 8: Examine all processes within the company (operations, financial and internal / external marketing).
Step 9: Make all required improvements to the internal processes.
Step 10: Improve the marketing materials.
Step 11: Design an external marketing strategy and process. (considerations below)
Positioning – competitive strategy, differentiation, brand and pricing strategy
Selecting – distribution channels, marketing vehicles and service providers
Step 12: Finding the Leverage Point (Strategic Leveraging) by analyzing networks, trends, technology and alliances.
Strategic Leveraging is a proprietary process developed by Atomica Creative and involves the following 5 steps:
1. determining the opportunities for improvement from the status quo.
2. evaluating strategic improvement opportunities.
3. creating a strategy centered around a Leverage Point (LP).
4. establishing a position.
5. executing the strategy using sufficient leverage and force to drive the process to completion.
Team
Step 13: Get the right people into the right places at the right time.
Execution and Review
Step 14: Leverage all the appropriate tangible and intangible assets and execute on the strategy and process.
Step 15: Review the process and make any necessary changes.
Good Luck!
