One of the best way to keep customers interested is by creating New Products and Services that are innovative to your industry.
Growth = Finding New Opportunities
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As markets continue to evolve, businesses that are successful in growing profits have one thing in common.
They have evolved to meet new opportunities and reduced their dependence on their market history as it has faded away.
The formula for profitable change lies in an organization’s belief in combining the wisdom of analytics with the innovative ability of the entrepreneur.
The design of a new prototype product or service for the purpose of solving different problems or leveraging changing needs in marketing segments is the path to growth.
Phase 1-Ask Questions
When a manager of a service business asks, “what kind of new service or product could we offer that our customers would be interested in purchasing?”
…or when the owner of a construction company asks “what new services could we offer that will help our customer’s building needs, reduce costs, or design for higher productivity?”
…or when a salesperson sees a competitor’s new successful venture and wonders “why can’t we do that?”
…or using market research, observation of needs or the mystery of asking how could we improve the situation?
These are all questions related to creating a new product or service. It all starts with a question.
Phase 2-Develop a Concept Strategy
The next phase I call the concept strategy. The concept strategy can be in the form of a design, what is happening in a different industry, or an idea that could come just by observing other market needs.
It must be in a form that provides a simplified understanding. With good questions and sufficient thought, a first level of understanding takes place. This approach is heuristic or rule of thumb.
Phase 3-Developing the Right Algorithm
An algorithm is a step by step method for solving a problem. An algorithm takes time as understanding moves from the first simple concept to a detailed specific engineered design.
The algorithm develops as others get involved in asking and answering questions which in turn leads to trial and error which increases knowledge. The knowledge funnel strips away complexity and simplifies the algorithm to work with the finished prototype. The algorithm is what most designers miss and why prototypes fail.
Why Companies Grow Stagnant
Companies grow stagnant because management fails to grasp what customers want next or what new competition is doing. The reason management fails is that it loses the balance between administrating the current business with the need to research and develop the next product which creates a never ending loop of administration and invention.
Want to Grow Your Business With a New Product?
I have helped businesses Develop New Products for over 25 years. I know what works and what doesn’t.
If you would like to learn more about the steps involved and how to generate growth in the rebounding economy, Download my FREE GUIDE: 21 Steps to Successful New Product Development (or click on the button below.)
Interested in other ways to grow your business? Take a look at this page on our website
How are you going to grow your business in this NEW Economy? Let us know in the comments below.