Monday, November 15, 2010
Managing Product Innovation With Increasing The Probability Of Success.
Product & Probability: Very funny product and probability are interrelated with each other. In the basic principals of marketing the 4 P’s are the back bone for any business success.
The first P is product it may be tangible or even non tangible. Strategist and marketers are talking about innovation. New product development which I think as sub set of innovation which drives any business engine.
The speed at which the products are developed are to be developed and catered to the market place shows the efficiencies and effectiveness of the management.
Customers always look out for new features in product and services. The USP can only be maintained by the features which enhance the probability of selling and retaining the market share and capturing new markets.
I found an exiting lecture by Kawasaki which he delivered in Cisco seminar in California last year.
According to him there are four factors which matters the most for a successful innovation and product establishments.
Deep= Multiple usage, if it can be multitasking the probability increases by leaps and bound.Sony was the first to come out with the Two-in-One.The success of Sony
was really prompted other players to come out with new products with multiple features.Guy has called this to be innervation. Primarily Apples success is due to this, rather the whole revolution in the computer world has happened because of deep
features which are stable and continuous. Functionality has been the main issue for a successful innovation. Even in pharmaceutical industry , discovery of a new molecule
change the and combat fatal and dreadful diseases.Great Firms like Pfizer works on
R&D, puts money on R&D, makes things happen.
Intelligent and problem solving:Problem Solving is business. "Business is marketing", or "Marketing is Business".You and your team require intelligence to solve complex problems.Some body must be able to solve the problem, bigger the problem solving capacity, bigger the money.All successful business are successful as they can solve bigger problem successfully.Capacity building,core competence are real big words in solving problems.Excellence in solving problem leads to excellence in innovation.Solved features increases the probability of selling the product.Management consultancy firms can solve problems , and get paid for, it's a question of the magnitude and complexities of the problem, proportionately you or the demands shoots up, and can ask a price for it.
Completeness: They have to be complete, in other words they must be excellent, in new software there should not be any bugs. Customers buys and enjoys it , the WOM , brand/product advocacy happens. If it can be complete and can be tailored globally the probability of success increases.Customers requires a complete product. Completeness increases probability of marketing.It's all in the loop what we call the
perception-expectation-experience.If the loop gets destroyed the whole cycle gets destroyed , you have to call back your product from the market , a dent on your reputation. SLA( Service Level Agreements) , after sales services, warranty and promise that you make while selling the products.
Elegant: Good finishing matters a lot , it's important the finishing must be excellent. Finishing matters a lot. Sleek elegance matters a lot.
"Neighbor's envy owners pride" that's very much applicable in an elegant looks and features of a product.
I think all the four factors that Guy Kawasaki has mentioned in his lecture are in interrelated with one another. It's important for management ,as it overlaps on one another, and all the permutation and combination that your team working upon to make it a successful innovation and in turn a successful product and business....