With so many new products available, it is critical to understand how to leverage your new product development strategies. Creating successful new products and services is critical to your organization retaining your role as a market leader. I have found there are several new opportunities that can help you grow sales and profits.
The first opportunity is that you can sell your operational expertise to other organizations who don’t want to focus on your key capabilities. Many large technology organizations such as IBM, Cisco, and Saleforce.com have all created HR, talent development, and recruiting systems. Many of their clients were looking for these systems when it came to attracting, developing, and retaining key talent to their growing organizations. During the high growth stages of their business, their clients were able to leverage the HR systems of others to create their winning teams faster and more effectively than developing their own processes. These practices have added significant top line growth and profits to these organizations allowing them to recoup their investments in talent management and HR related competencies.
The second opportunity is for your business is to become a premium provider for many of the services that you provide to the market. By creating breakthrough products you can set the standards that others in your industry strive for. By enlarging your margins at the beginning of a new product rollout you can optimize your profits and continue investing more into your new product development process. As an added bonus, many Generation X&Y’s prefer working for well-known premium brands because they see your organization as innovative and, dare I say, cool. I know I should have stuck with innovative, but I thought cool might actually fit better, even if it doesn’t fit me.
The third opportunity is you can create multiple streams of income with your new products and services. In many cases, many small and mid-market companies use more business models to help saturate their markets during early phases of the product rollout. This increases buzz and raving fans for their new products long before these products come to market. Watch how many new partnerships and alliances are being launched with the new Man of Steel movie coming out in June. From the United States Army to Wal-Mart to Amazon, all have created a separate launch strategy to create unique connections and experiences with their customers and target markets. I will share several ideas from this promotion and new product rollouts you can apply to your business to help you create additional streams of income faster next week.
The fourth opportunity is to use what other industries are doing. Not invented here used to be the standard excuse in many leading industries here in North America. As we see marketing evolving, we see many new ideas being adopted from outside your industry to create a significant opportunity for the first adopter in your industry. Many of the most successful marketing strategies recently have been borrowed from other markets and then quickly deployed to give companies an edge in their own markets. Steve Jobs spent many years looking at how other industries created opportunities in their markets before applying similar strategies to create many of his breakthrough products and services.
The final opportunity exists for all of us who see how customers are changing and how we can change how we develop client and customer relationships. Because of changing wants and needs of our customers, there is more business available than ever before. Organizations that work to identify and leverage these opportunities find themselves in a situation where they remain a market leader even if the market is more fractured than it has been in the past.
We will see you next week where we will talk about helping to turn your customer relationships from plain vanilla Clark Kent into the Man of Steel.