Is it time launch a new product or service? In this episode, we discuss the process of creating a new product and what you need to know. In the first segment[2:11], we explain how from keeping a journal to spinning a fidget spinner can be vital to spark creativity in making a new product. Honestly, it starts by understating that you are a creative person in the first place. In the second segment[10:07], we explain the product development process. We start with idea generation/screening process when you begin to start writing down potential new product ideas and what role your “red team” serves. We also explain the difference between a staple product and a passion product. We wrap up the segment with the commercialization process and bringing the product to market. We even break down the difference between a Wal-Mart customer and a Target customer and introduce the concept of a SWOT analysis.
After the break in the third segment[23:43], we discuss the launching of a new product. We consider being proactive in getting the word out about your upcoming product or service and how industry influencers can help get the word out which can lead to significant presale numbers. Later, we discuss creating content to promote the product not only leads to establishing credibility in the market but also educates the consumer to be successful with your new product or service. We also touch on making sure your outreach allows you to differentiate your product in the marketplace….like driving an ugly car to promote a new product. Lastly, in the fourth segment[37:09], we discuss the product lifecycle. We start with the introduction phase as you are letting the customer get to know the new product. Then it ends with the decline phase as sales begin to decline and the marketplace is not bored with your product.