new product marketing: great ideas don’t earn money...you need to make good ideas happen!
TRANSCRIPT
Bryan Cassady Guest Professor, [email protected]
KU Leuven Master Class: New Product Marketing9/11 Execution
Great ideas don’t earn money
You need to make good ideas happen…
Bryan Cassady Guest Professor, [email protected]
About this courseIt is a sad fact that most new businesses, products and service fail. Some estimate the failure rate is as high as 90%. This course is about why products fail and what you can do to increase your odds of success.
This lecture is a part of series of 12 lectures. In my classes I use a lot of videos. If you’d like to see the presentations with videos, go to: http://www.fast-bridge.net/resources/new-product-marketing/
I hope in the pages that follow you will find new ideas and inspiration… If you’d like to download the whole class go to: http://www.slideshare.net/bryancassady2/2009-course-new-product-management-by-bryan-cassady
If you have ideas on ways to improve this course or would like help with your new products, I’d love to here from you…
Bryan Cassady [email protected] +32-475-860-757
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
1 Distinguish your product from competition in a consumer-relevant way
2 Capitalize on key corporate competencies / brand strengths
3 Develop and market to people’s needs and habits
4 Market to long-term trends, not fads
5 Don’t ignore consumer research… but don’t be paralyzed by it
6 Make sure your timing is right
7 Be a marketing leader, not a distant follower
8 Offer a real value to consumers
9 Determine the product’s short- and long-term sales potential
10 Gain legitimacy and momentum for the brand
11 Give the trade as good a deal as the consumer
12 Clearly define, understand, and talk to your target
13Develop and communicate a distinctive and appealing brand character … and stick to it
14 Spend competitively and efficiently, behind a relevant proposition
15 Make sure the consumer is satisfied… and stays that way
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Initiatives & Programs
PERFORMANCE
STRATEGY
BALANCED SCORECARD
BUDGET
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Obje
ctiv
e
Measu
res
Targ
ets
Initia
tives
Obje
ctiv
e
Measu
res
Targ
ets
Initia
tives
Obje
ctiv
e
Measu
res
Targ
ets
Initia
tives
Obje
ctiv
e
Measu
res
Targ
ets
Initia
tives
Source: A Management Guide for the deployment of strategic metrics, Ratheon
Bryan Cassady Guest Professor, [email protected]
What will drive operating efficiency?”
More customers on fewer planes
How will we do that?
Attract targeted customer segments who value price and on time arrivals
What must the internal focus be?
Fast turnaround
Will our people do that?
Educate and compensate ground crew regarding how they contribute to the firm’s success
Employee stockholder program
Financial
Customer
Internal
Learning
Illustrative Example: Southwest Airlines
Bryan Cassady Guest Professor, [email protected]
Fast ground turnaround
On Ground Time On-Time
Departure
30 Minutes 90%
Cycle time optimization
Financial
Customer
Internal
Learning
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
30 million in 3 years
Profits Customer base Growth Rates
1.1 profits 40% Growth
vs. year 2
Build consumer & customer base
Heavy spending to jump start growth
Financial
Consumer & Customer
Internal
Learning
Bryan Cassady Guest Professor, [email protected]
A brand consumers trust
First stop for loan info
Approval ratings MGM activity Image vs. key
competition
98% trust 20% reco. to a
friend 75% customers
trained
Consumerchampionsurvey
How much could you save ?
Cust. Training/systemintegration
Financial
Consumer & Customer
Internal
Learning
Bryan Cassady Guest Professor, [email protected]
Understand value for consumers &customers
Customer &consumerratings
95% say they under-stand me
Research on customer/consumerneeds
Industry roundtables
Financial
Consumer & Customer
Internal
Learning
Bryan Cassady Guest Professor, [email protected]
A focus on new consumer insight
Review participation
Level of consumer/customer interaction
100 clientcontacts per day
Monthly analysis
Feedback links on the site
Insight manager
Financial
Consumer & Customer
Internal
Learning
Step 4: Does it make sense ?Could you explain it to someone else
Is it action driven
If not, start again
Step 5: Bring the high level objectives, targets and initiatives to an
operational level
This is beyond the scope of our exercise
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]
Bryan Cassady Guest Professor, [email protected]