new product marketing: increased your odds of new product success...30 hours of lectures in 60...
TRANSCRIPT
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Bryan Cassady Guest Professor, [email protected]
KU Leuven Master Class: New Product Marketing11/11 Course Summary
Increase your odds of new product success
30 hours of lectures in 60 minutes
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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
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Bryan Cassady Guest Professor, [email protected]
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Bryan Cassady Guest Professor, [email protected]
When I was growing up, my parents told me, “Finish your dinner. People in China and India are starving.” I tell my daughters, “Finish your homework. People in India and China are starving for your job.”
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Bryan Cassady Guest Professor, [email protected]
“Let’s make a dent in the universe.”Steve Jobs
Apple Computer
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Bryan Cassady Guest Professor, [email protected]
Let’s make sure we follow the books…A typical Marketing MBA
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Bryan Cassady Guest Professor, [email protected]
An interesting book…Counterintuitive Marketing
Studying brands in 48 categories
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Bryan Cassady Guest Professor, [email protected]
Airlines Gas Stations Mid-priced American Cars Athletic Shoes Haircare Products Mid-priced Foreign Cars Auto Insurance Headache Remedies Motor Oils Banks Health & Fitness Clubs Newspapers Beers Home Entertainment Equip. Office Supply Stores Bookstores Hotels Personal Computers Bottled water Household Cleansers Pet Supply Stores Catalog clothing Internet Search Engines Pet Supply Stores Cigarettes Internet Service Providers Political Parties Colas Jewelry Potato Chips Cold Cereals Laundry Detergents Rental Cars Cookies Liquor Soaps Cosmetics Long-Distance Telephone Spaghetti Sauces Credit Cards Luxury American Cars Toothpastes Department Stores Luxury Foreign Cars TV Networks Fast Food Restaurants Major Household Appliances Weight Loss Programs
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Bryan Cassady Guest Professor, [email protected]
The study also showed that in two-thirds of all product categories, a low price is becoming more important than brand driven product features, attributes, and benefits.
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Bryan Cassady Guest Professor, [email protected]
The study led us to conclude that far more brands are being transformed into commodities than commodities are being transformed into brands.
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Bryan Cassady Guest Professor, [email protected]
14% Above
Average
2% Well below
average
68% Average Marketing
Program
The Zone ofExceptional Marketing
The Zone ofConventional Marketing
14%Below Average
2% Well above
average
The Marketing Performance Bell Curve
Source: Counter-Intuitive marketing (2002)
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In a connected world, little incremental stepsare the slow death of a brand
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Bryan Cassady Guest Professor, [email protected]
“Learn not to be careful.”—Photographer Diane Arbus to her students
(Careful = “The sidelines,” per Harriet Rubin in The Princessa)
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Bryan Cassady Guest Professor, [email protected]
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Bryan Cassady Guest Professor, [email protected]
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Bryan Cassady Guest Professor, [email protected]
Google, 9/11, the Internet
Banking: : 1982/Default Latin America = Total historical earnings; 1992/S & L; 2002/dot.com
Wall Street: “In the last 50 years, the most extreme days in the financial markets represent half of the returns. Ten days in 50 years. Meanwhile, we are mired in chitchat.”
The 3 of biggest inventions of the 20th century were accidents: The Laser, the computer, The internet
The Black Swan: The Impact of the Highly Improbable, Nassim Nicholas Taleb
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Bryan Cassady Guest Professor, [email protected]
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Bryan Cassady Guest Professor, [email protected]
“This book is about luck disguised and perceived as non-luck (that is, skills) and more generally randomness disguised and perceived as non-randomness. It manifests itself in the shape of the lucky fool, defined as a person who benefited from a disproportionate share of luck but attributed his success to some other, generally precise reason.”“We underestimate the share of randomness in just about everything, a point that might not merit a book—except when it is the specialist who is the fool of all fools.”“Mild success can be explainable by skills and labor. Wild success is attributable to variance.”
Source: Fooled by Randomness: The Hidden Role of Chance in Life and the Markets —Nassim Nicholas Taleb
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Bryan Cassady Guest Professor, [email protected]
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Bryan Cassady Guest Professor, [email protected]
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Bryan Cassady Guest Professor, [email protected]
Scientific Research Biotech Movies Publishing Venture Capital
Military Catastrophe insurance Homeland security Banking, lending
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Bryan Cassady Guest Professor, [email protected]
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10Class Summary
Thoughts to leave with
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1Meaningful
differentiation
Is there something that makes you special Normal = nothing !
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Bryan Cassady Guest Professor, [email protected]
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Bryan Cassady Guest Professor, [email protected]
218
142
100
McMaster UniversityHamilton, Ontario, Canada
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2Your advertising needs to
be as good as yourbest salesman
Clarity in communication
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Every dayYou are bombarded
by up to 4,000 ads
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Bryan Cassady Guest Professor, [email protected]
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Bryan Cassady Guest Professor, [email protected]
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Bryan Cassady Guest Professor, [email protected]
Let a customer say NO because what you offer
doesn’t apply to them.
But NEVER let a customer say NO because they don’t understand
what you’re offering.
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Bryan Cassady Guest Professor, [email protected]
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Bryan Cassady Guest Professor, [email protected]
3 Chefs - 3 Years - World Cooking Competition Medalists
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3Are you offering, value, innovation
or service(you need to choose ! )
Everything Sells
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Bryan Cassady Guest Professor, [email protected]
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Dramatic differencesClarity in communicationEverything Selling
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4Candor Counts !
Be Real
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Bryan Cassady Guest Professor, [email protected]
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Bryan Cassady Guest Professor, [email protected]
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5Good advertising = nice
Good word of mouth = Great !
Be connected
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Bryan Cassady Guest Professor, [email protected]
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Bryan Cassady Guest Professor, [email protected]
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6Develop gut feelingsTalk to non-experts
Don’t be fooled by the experts !
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Bryan Cassady Guest Professor, [email protected]
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Bryan Cassady Guest Professor, [email protected]
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2 out of 10 real differences, the rest statistically significant
Yes
Yes
Source: New products what separates winners from losers Cooper & Kleinschmidt
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Bryan Cassady Guest Professor, [email protected]
Personal opinion:
All the success criteria identified in the winners/losers article are relevant. But what makes a product a success is
An exceptionally high score on 1 criteria or more likely…
A good score on a range of criteria
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7If you enjoy what you do… you’re likely
to do it wellIf you believe you’ll do it even better
Have fun
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8Good marketing is about business
and people.Understanding business is easy…
understanding people takes lifetime
Expand your horizons
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Bryan Cassady Guest Professor, [email protected]
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9Never think you own your
customer… you earn them every day
Share of customer
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Bryan Cassady Guest Professor, [email protected] MarketingBryan Cassady 07/08
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11 Representative FMCG Brands
69% tothe competition
the brand31% to
Not Aware
Sole Buyer
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Bryan Cassady Guest Professor, [email protected] MarketingBryan Cassady 07/08
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Dramatic differencesClarity in communicationEverything Selling
What… How…
Be Real Be connectedDon’t be fooledHave funLearn
Measures
Share of customerOngoing dialogue: what do they say
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Thomas L. FriedmanNew York Times ColumnistAuthor “The World is Flat”
When I was growing up, my parents told me, "Finish your dinner. People in China and India are starving."
Today I tell my daughters, "Finish your homework. People in India and China are starving for your job."
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Bryan Cassady Guest Professor, [email protected]
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