|
Offering unique features not available in competitive products |
|
Meeting customer needs better than competitive products |
|
Having higher relative product quality |
|
Solving a problem the customer has with a competitive product |
|
Reducing the customer's total costs — high value in use |
|
Being innovative — the first of their kind on the market |
If a proposed new product scores low on the above
criteria, then the odds of success are low.
Impact of Product
Advantage on New Product Success
Superiority must be defined from the
customer’s standpoint, based on an in-depth understanding of customer needs &
wants, and the competitive situation. Developing a product with real advantages &
benefits to customers entails: |
|
Identifying the target market — exactly who the intended user is |
|
Conducting extensive market research to identify customer/user needs,
wants & preferences, and to define what the customer sees as a better product |
|
Translating customer needs or problems into a technically viable solution — product features,
attributes, requirements & specifications |
|
Defining the product concept — what the product will be and do, and the benefits to be delivered |
|
Testing & verifying — e.g., concept testing, prototype testing, field trials or test
markets — to ensure that the final product scores high with the customer.
The customer should be exposed to the product as it takes shape, not solely as an
after-the-fact check. |
