product development

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3 Tempting Ideas that are Potentially Disastrous for Your New Product

Giving birth to a new product idea, developing it, designing it and launching it can envelope a dizzying and daunting array of steps. The amount of time you invest in each step relies on which one you give more preference to – rapidly manufacturing the product or taking your time ensuring top quality. However, it is also a truism that in a majority of cases, you may have to pick either. And this compromise can either make or break your product launch.

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More Than Great Products | Extraordinary Business

More Than Great Products: A Journey to Product/Market Fit

We all want to be the first to introduce a new product to the market. We dream of being the creative genius that brings the next best thing to market and makes a fortune. But lightbulb moments come and go, and if they don’t fit into today’s consumer needs like a puzzle piece, they’re worthless.
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Better! | Extraordinary Business

Intentional Steps to Building a Better Brand

As a business owner who has been around for a while, you are good at what you do. No question about it. Your company wouldn’t still be around if you didn’t. Question for you: What makes your company good? What makes it great? What makes it better than the competition?

How many times have you received a marketing message wherein a company or their products claim to be pretty good, adequate or good enough? Probably not too often, or at all. Perhaps there might be the company that claims to be the cheaper (think “knock off!”) version of a very expensive item or brand, but even they describe their products as “just as good without the price tag.”

Question is: What is better? How does a company present itself as truly better? [···]

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Better! | Extraordinary Business

Intentional Steps to Building a Better Brand

Better at delivering products and servicesAs a business owner who has been around for a while, you are good at what you do. No question about it. Your company wouldn’t still be around if you didn’t. Question for you: What makes your company good? What makes it great? What makes it better than the competition?

How many times have you received a marketing message wherein a company or their products claim to be pretty good, adequate or good enough? Probably not too often, or at all. Perhaps there might be the company that claims to be the cheaper (think “knock off!”) version of a very expensive item or brand, but even they describe their products as “just as good without the price tag.”

Question is: What is better? How does a company present itself as truly better? [···]

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Product Development – Follow the Plate

How a good product development process can save you time, productivity and money

Over the past 10 years, nearly all of our clients have been entrepreneurs – people who spotted needs in the marketplace and built companies to meet those needs. So, by nature, we all – myself included – constantly think of new ways to sell more stuff – products or services. Based on experience, my guess would be those in the restaurant industry that run their own stores or have the flexibility to be creative must be masterful at this due to the need to come up with some new menu items that will sell nearly every day.

If you think about it, restaurateurs have to be good at this or they subject themselves to losing a lot of money, quickly. When they commit to a special, they are immediately investing ingredients and time into the development of the menu item without necessarily being able to get the investment back. So while the cost of a plate might be 1/4 – 1/3rd of the price of the product (raw goods) the time associated with developing the item adds additional costs.

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It All Starts With a Boom | Extraordinary Business

Observing trends and planning for change in your industry

Technology in the hands of businessmenWhen looking at a growth strategy for your company, where do you look for direction? Are you looking at your company? Your market? Your industry? Do you know what drives change in consumer spending? What about change in your industry? Where is your industry headed? How do you know?
Observing trends in all three – your company, your market and your industry can help predict where things are going and help you to predict what actions and investments your company will need to make in order to grow and be successful in the future.
If you have been paying attention to trends in the IT industry, one of the latest trends in consumer technology has been wearable tech, from the fitness gear that is becoming somewhat mainstream that tracks your fitness goals, to the more practical watches and headsets, such as Samsung’s Gear lineup, to the tech fringe gloves, glasses, clothing and sport accessories. Additionally, companies are selling components to aid others in the development of unique wearable items to the degree that you may not always know when someone is wearing something.
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It All Starts With a Boom

Observing trends and planning for change in your industry

When looking at a growth strategy for your company, where do you look for direction? Are you looking at your company? Your market? Your industry? Do you know what drives change in consumer spending? What about change in your industry? Where is your industry headed? How do you know?

Observing trends in all three – your company, your market and your industry can help predict where things are going and help you to predict what actions and investments your company will need to make in order to grow and be successful in the future.

If you have been paying attention to trends in the IT industry, one of the latest trends in consumer technology has been wearable tech, from the fitness gear that is becoming somewhat mainstream that tracks your fitness goals, to the more practical watches and headsets, such as Samsung’s Gear lineup, to the tech fringe gloves, glasses, clothing and sport accessories. Additionally, companies are selling components to aid others in the development of unique wearable items to the degree that you may not always know when someone is wearing something.

 [···]

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If Nobody’s Buying | Extraordinary Business

How some firms get the right product to the right target

customer-centric
Have you ever spoken with the eternal optimist who sounds like this?

Who is your customer?
Any and everybody. Everyone needs what I am selling and everyone will buy it.

Who is your competition?

No one. No one is doing what our company does the way that we do it. We are unique. We are innovators.

Why aren’t you successful?

We need some more capital in order to get the message out to the marketplace. Once we do that, everyone will tell their friends and family and we will be in great shape. The world will beat a path to our door!

 
Hmmmm…if business were only that simple. Build a better mousetrap and the world will beat a path to your door, they say.
Perhaps. [···]

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If Nobody’s Buying | Extraordinary Business

How some firms get the right product to the right target

customer-centric

Have you ever spoken with the eternal optimist who sounds like this?

Who is your customer?
Any and everybody. Everyone needs what I am selling and everyone will buy it.

Who is your competition?

No one. No one is doing what our company does the way that we do it. We are unique. We are innovators.

Why aren’t you successful?

We need some more capital in order to get the message out to the marketplace. Once we do that, everyone will tell their friends and family and we will be in great shape. The world will beat a path to our door!

 

Hmmmm…if business were only that simple. Build a better mousetrap and the world will beat a path to your door, they say.

Perhaps. [···]

Read More