New Product Marketing: Great ideas don’t earn money...You need to make good ideas happen!

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Transcript of New Product Marketing: Great ideas don’t earn money...You need to make good ideas happen!

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

    KU Leuven Master Class: New Product Marketing9/11 Execution

    Great ideas dont earn money

    You need to make good ideas happen

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

    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 youd 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 youd 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, Id love to here from you

    Bryan Cassady bryan@fast-bridge.com +32-475-860-757

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

    1 Distinguish your product from competition in a consumer-relevant way

    2 Capitalize on key corporate competencies / brand strengths

    3 Develop and market to peoples needs and habits

    4 Market to long-term trends, not fads

    5 Dont ignore consumer research but dont 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 products 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, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Linking strategy to business metrics and action plans

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

    Initiatives & Programs

    PERFORMANCE

    STRATEGY

    BALANCED SCORECARD

    BUDGET

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

    Quality of Management Rank

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

    Knowledge, Skills, Systems, and Tools

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

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    Initia

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    Source: A Management Guide for the deployment of strategic metrics, Ratheon

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

    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 firms success

    Employee stockholder program

    Financial

    Customer

    Internal

    Learning

    Illustrative Example: Southwest Airlines

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

    Fast ground turnaround

    On Ground Time On-Time

    Departure

    30 Minutes 90%

    Cycle time optimization

    Financial

    Customer

    Internal

    Learning

  • Dare2compare Example

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

    Financial

    Consumer & Customer

    Internal

    Learning

  • Step 3: Split the business in parts

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

    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, Bryan@fast-bridge.com

    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, Bryan@fast-bridge.com

    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, Bryan@fast-bridge.com

    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, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com

  • Bryan Cassady Guest Professor, Bryan@fast-bridge.com