So you want to create a new product? You will need to go deep before you go big.
We often assist companies with creating a new product or growing an existing one, but too many times people jump straight to advertising. While advertising works, we often find answers by digging into the soul of the product user.
Yes, this sounds obvious, but most products get stifled due to a lack of harmony between the consumer need, product access and buyer targeting. This lack of harmony stems from a lack of understanding all aspects of the consumer’s mindset and need, as well as his/her relationship to your solution.
There are countless books written about product marketing, some focused solely on a specific stage of a product’s life cycle. Regardless, if you are planning to launch a new product, the recipe for long-term success usually leads back to the consumer’s need for your product (or not!).
User need
Brands do not begin with design; they begin with a need. This is not as simple as finding a square peg for a square hole. Beyond what they need, how will they use the solution? Where is it used? Does it travel? Is it shared? Is it used in combination with other products? How long does it last?
Research is the crucial starting point for any product. Speak with customers one-on-one. You can always use surveys, but qualitative research is priceless. As part of this discovery process, intentionally seek out and explore the aspects of your product that make it truly different.
As technology continues to enable efficient product development, a crowded market no longer creates an insurmountable fear of competition,
thus reducing traditional barriers to entry. You must anchor your product with a differentiating aspect. And understanding the consumer use for your product is the ideal way to discover this unique attribute. Listen to your customers. Listen to more of them. And then, keep listening.
Target the buyer
Your buyer and user may not be the same. Consumer packaged goods companies know this dynamic best, especially related to household products. In many cases, the amount of time to conduct proper consumer research takes longer than building and launching the actual product.
Identify the individual participants in the product buying process. Based on their unique roles in the process, position your product toward the real buyer accordingly. How do you reach them? What is the point of influence? What is their mindset at the point of purchase? What channels do they use?
Shopping experience
The challenge of creating product awareness has varying solutions: inbound marketing, traditional advertising, social media, etc. But what happens next? Excluding large grocery retailers, the path for your target buyer will involve a shopping experience that you can most likely influence.
So, develop the easiest path for your buyer to purchase your product. While there is much to be said about the emotional influence of a gorgeous Apple Store, put the majority of your effort into designing the more practical aspect of the shopping experience.
Amazon sets the bar in this regard with its one-click ordering. Adobe also does a great job of nudging you along the buying process with constant email and online advertising engagement. Sit down and count every step in your buying process, then unleash your brainpower toward removing each one that is not a critical requirement. Chances are that you will increase conversion by getting out of the way.
Launch and learn
There are many steps in building a new product. As mentioned, this can take a significant amount of time. This timeline will vary based on your company’s philosophy, competitive pressures, cash flow and many other variables. In typical entrepreneurial environments, terms like “lean startup” and “minimum viable product” are used to reflect a speedy go-to-market timeline.
Regardless of your pace, schedule intentional pit stops in the infancy stages of your product development/launch to research and adjust your product, if needed. A healthy balance of speed and quality is critical to bring a new product to market successfully, but being nimble and quick to adjust is one of the most important ingredients to ensure long-term sustainability.
When you want to build a new product, map out the entire consumer mindset, recalibrate, listen some more, and evolve. Most of the time, you
have to go deep before you go big.
Cathy Ackermann, founder and president of Ackermann PR, may be reached at [email protected].