New Products and Services Development
Managing new products and services involves balancing new product strategy formation, customer needs assessment, creative concept development and marketplace execution. It is best accomplished using a disciplined strategic framework and other proven new product consulting tools and techniques.
As a leading new product consulting firm, EquiBrand works closely with cross-functional client teams to establish new product objectives, strategies and plans. Using proprietary creative-analytic tools, we help clients develop innovative new product concepts which are then optimized in “real time” with target customers. Plans for commercialization and launch are then developed, guided by strategic, financial and operational screening.
New Products and Services Development Issues
- What is the full set alternative strategic growth opportunity areas to consider (drawing on strategic direction setting and focused ideation)?
- What benefits (both internal and external) does each SGOA offer?
- Which of these are judged to be most attractive? How do the SGOAs pass various screens, across strategic, customer and financial/operational screens?
- Can an initial business case be made to demonstrate market success potential?
New Products and Services Development Approach
- New product consulting and innovation consulting projects often begin with a diagnostic audit to identify the strengths and improvement opportunities of the current approach
- A new products strategy is then created, which clearly outlines the growth gap and expected roles of new products
- A market needs assessment is performed, including an environmental scan, which helps identify potential new product platform opportunities
- Concept ideation and iterative optimization follows, leading to fully developed concepts and prototypes ready for commercialization and launch