{"id":6235,"date":"2012-11-20T19:03:00","date_gmt":"2012-11-20T19:03:00","guid":{"rendered":"https:\/\/websitedemonow.com\/profitpro\/3-phases-to-growing-a-business-with-new-product-development-strategy\/"},"modified":"2022-06-09T07:00:52","modified_gmt":"2022-06-09T07:00:52","slug":"3-phases-to-growing-a-business-with-new-product-development-strategy","status":"publish","type":"post","link":"https:\/\/websitedemonow.com\/profitpro\/3-phases-to-growing-a-business-with-new-product-development-strategy\/","title":{"rendered":"3 Phases to Growing a business with New Product Development Strategy"},"content":{"rendered":"
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One of the best way to keep customers interested is by creating New Products and Services<\/a> that are innovative to your industry.<\/strong><\/p>\n

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Growth = Finding New Opportunities<\/strong><\/h2>\n
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close-up wooden cut texture<\/p><\/div>\n

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As markets continue to evolve, businesses that are successful in growing profits have one thing in common.<\/p>\n

They have evolved to meet new opportunities and reduced their dependence on their market history as it has faded away.<\/strong><\/em><\/p>\n

The formula for profitable change lies in an organization\u2019s belief in combining the wisdom of analytics with the innovative ability of the entrepreneur.<\/p>\n

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.<\/p>\n

Phase 1-Ask Questions<\/h2>\n

When a manager of a service\u00a0business asks, “what kind of\u00a0new service or product\u00a0could we offer\u00a0that our customers would be interested in purchasing?”<\/p>\n

…or when the owner of a construction company asks “what new services could we offer that will help our customer\u2019s building needs, reduce costs, or design for higher productivity?”<\/p>\n

…or when a salesperson sees a competitor\u2019s new successful venture and wonders “why can\u2019t we do that?”<\/p>\n

…or using market research, observation of needs or the mystery of asking how could we improve the situation?<\/p>\n

These are all questions related to creating a new product or service.\u00a0 It all starts with a question.<\/p>\n

Phase 2-Develop a Concept Strategy<\/h2>\n

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.<\/p>\n

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.<\/p>\n

Phase 3-Developing the Right Algorithm<\/h2>\n

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.<\/p>\n

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.<\/p>\n

Why Companies Grow Stagnant<\/h2>\n

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.<\/p>\n

Want to Grow Your Business With a New Product?<\/h2>\n

I have\u00a0helped businesses Develop New Products for over 25 years.\u00a0 I know what works and what doesn’t.<\/p>\n

If you would like to learn more about the steps involved and how to generate growth in the rebounding economy, Download<\/strong><\/span><\/em> my <\/a>FREE GUIDE: 21 Steps to Successful New Product Development<\/a> (or click on the button below.) <\/strong><\/p>\n

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