photo © 2005 Ben and Kaz Askins | more info (via: Wylio)
We should periodically step back and look at some of the lessons learned during our careers. Every post that I write includes a “Takeaway” or lesson learned. I always include the Takeaway to provide a bit of advice boiled down to one or two sentences. Here are 9 lessons I learned about Product Development.
Product Development is important to the whole organization. It is an intellectual discipline that innovates and renovates products and services that are the lifeblood of companies. Full article here.
Breakthrough products or categories are hard to define for the audience. A descriptive name can break through to potential purchasers. Full article here.
Marketers must strive to utilize our precious resources: people, time and capital. Opportunity costs are indeed high when a new product fails. Full article here.
Product Development that is driven by solid analysis coupled with considered ideas and opportunities has a higher opportunity for success. Full article here.
Taking action to steer clear of faulty reasons for developing new products will assist you and your firm in having a higher success rate in business-to-business new product introductions. Full article here.
To get the full picture, we must examine the foundations of why we launch new products and eliminate those approaches, which by their nature, are most likely to lead to failure. Full article here.
Margins are increased when purchasers value their convenience and efficacy of the product versus the competition. Full article here.
Adroit business people will spot trends early on or identify products or services that can be the start of a trend. Acai and Pomegranate are two recent food trends that immediately come to mind. Full article here.
A customer-in approach to pricing allows a more accurate cost model and attaining the desired profit margin. Full article here.
Product Development is an ever-evolving discipline that requires us to look at our successes and failures to improve the new products and services that we develop.
Those are the lessons learned. How about you? Please comment below.
1. What other lessons learned can you add to the list?
2. Do you periodically step back and consider the lessons you have learned in your career?
3. Would you change any of the lessons above? If yes, why?