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Product Development How To Develop A Product Line

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How to develop a product line presentation from the Digital Retailers Association Product Line Building Workshop. These materials cover interactive exercises to develop product lines using Lateral Thinking, Product Category Differentiation, Value Curve for building products, the Product Line Grid, The New Product Canvas, Product Funnel Grid, Product Innovation Mapping, Leverage in Product Development, Trend-Driven Product Development, Kaizen and Product Pivots,

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Product Development How To Develop A Product Line

  1. 1. #DRA @RolandFrasier Digtal RetailersAssociation Digital Retailers Assoc. Exercises + Slides
  2. 2. This is a sample of bold text on a full color slide. This is good for quotes,stats, dividers,etc. Perspective Before We Get Started #DRA @RolandFrasier
  3. 3. Can You Finish The Maze In 20 Seconds Using Just Your Eyes? Start Finish #DRA @RolandFrasier
  4. 4. Can You Finish The Maze In 20 Seconds Using Just Your Eyes? Start Finish #DRA @RolandFrasier
  5. 5. Lateral Thinking: Move outside the implied rules of the system Start Finish #DRA @RolandFrasier What assumptions are impeding your speed right now?
  6. 6. DisruptiveThinking: Make new rules or a new system Start Finish #DRA @RolandFrasier What assumptions are impeding your speed right now?
  7. 7. Think Laterally • What products can help my business grow 10x… 100x? • Optimization yields Linear Growth • But Innovation yields Exponential Growth #DRA @RolandFrasier
  8. 8. The police receive an anonymous tip and raid a house to arrest a suspected murderer. They don’t know what he looks like but they know his name is John and that he is inside the house. #DRA @RolandFrasier The police bust in on a carpenter, a taxi driver, a mechanic and a fireman all playing poker. Without hesitation or communication of any kind, they immediately arrest the fireman. How do they know they've got their man?
  9. 9. Apply Lateral Thinking • What pre-conceptions about your life or business are currently holding you back? • What factual assumptions are you making that may not be actual facts? • What language patterns are you using as you frame possible solutions that may lead you to make incorrect assumptions? • Frame growth questions in terms of ideal desire + constraint... #DRA @RolandFrasier
  10. 10. This is a sample of bold text on a full color slide. This is good for quotes,stats, dividers,etc. Differentiate Your Brand Category #DRA @RolandFrasier
  11. 11. People Think In Ordered Lists • On A Scale Of 1 To 10… The Top 3… • You currently occupy a rung on some ladder • To move up, you really have only 3 strategies – Move up the ladder by “paying your dues” – Hop to a different ladder – Create a new ladder where you are #1 #DRA @RolandFrasier
  12. 12. Beer #DRA @RolandFrasier Imported Beer Mexican Beer German Beer Japanese Beer Domestic Beer #1 In USA #1 In Germany Lite Beer Craft Beer Beer With An Orange
  13. 13. Brands Find New Categories #DRA @RolandFrasier 32,000 Types Of Beer In Over 100 Categories
  14. 14. There’s Always A New Category There Are Over 2,800 Categories + Sub-Categories For Kindle Books #DRA @RolandFrasier
  15. 15. This is a sample of bold text on a full color slide. This is good for quotes,stats, dividers,etc. Create Brand, Product + Industry Value Curves #DRA @RolandFrasier
  16. 16. #DRA @RolandFrasier DifferentiateYour Value Curve Step 1: Identify 3 to 7 key value factors for your industry,product or service Step 2: Which factors should be reduced below industry norms Step 3: Which factors should be raised above industry standards Step 4: What new benefits should be created that are not currently offered Step 5: Which features should be eliminated that the industry offers
  17. 17. #DRA @RolandFrasier DifferentiateYour Brand FromYour Industry OfferingLevel Low High KeyValue Factors Industry Your Brand
  18. 18. #DRA @RolandFrasier DifferentiateYour Product From Competitors’Products OfferingLevel Low High KeyValue Factors Competitor’s Product Your Product
  19. 19. #DRA @RolandFrasier DifferentiateA New Product From Existing Products OfferingLevel Low High KeyValue Factors Existing Product Your Product
  20. 20. #DRA @RolandFrasier DifferentiateYour Value Curve OfferingLevel Low High KeyValue Factors Price Quality Package Newness Origin Service Speed Your Industry
  21. 21. #DRA @RolandFrasier DifferentiateYour Value Curve OfferingLevel Low High KeyValue Factors Price Quality Package Newness Origin Service Speed Competitor Your Product
  22. 22. #DRA @RolandFrasier Body Shop Example
  23. 23. This is a sample of bold text on a full color slide. This is good for quotes,stats, dividers,etc. The Product Line Grid #DRA @RolandFrasier
  24. 24. The Product Line Grid #DRA @RolandFrasier
  25. 25. omersThe Product Line Grid Products Existing Extended New Markets/Customers Existing What are your current product(s) that you sell in your existing markets? Can you add features or benefits to change or modify existing products to sell to your current market? What new products can you create to sell to your existing customers? Extended In what additional channels can you sell your existing products that you aren’t selling them now? What customers or markets in additional channels would buy products with different features/benefits? In what additional channels could you sell new products? New In what completely new markets can you sell your existing products to new customers? What completely new markets would be a fit for products with new features and benefits? What new products can you sell in completely new markets to new customers? #DRA @RolandFrasier
  26. 26. The Product Line Grid Products Existing Extended New Markets/Customers ExistingExtendedNew #DRA @RolandFrasier
  27. 27. This is a sample of bold text on a full color slide. This is good for quotes,stats, dividers,etc. The New Product Canvas #DRA @RolandFrasier
  28. 28. The New Product Canvas Problem Solution Unique Value Proposition Unfair Advantage Customer SegmentsTop 3 problems Top 3 Benefits Single, clearcompelling message states why you’re different, worth paying attention to. Can’t be easily copied or bought Target customers Key Metrics Key activitiesyou measure Channels Path to customers Cost Structure Customer acquisitioncosts Distributioncosts Hosting, People, etc. Revenue Streams Revenue Model LTV, Revenue, Gross Margin Problem Solution #DRA @RolandFrasier
  29. 29. The New Product Canvas Problem Solution Unique Value Proposition Unfair Advantage Customer SegmentsTop 3 problems Top 3 Benefits Single, clearcompelling message states why you’re different, worth paying attention to. Can’t be easily copied or bought Target customers Key Metrics Key activitiesyou measure Channels Path to customers Cost Structure Customer acquisitioncosts Distributioncosts Hosting, People, etc. Revenue Streams Revenue Model LTV, Revenue, Gross Margin Problem Solution #DRA @RolandFrasier
  30. 30. This is a sample of bold text on a full color slide. This is good for quotes,stats, dividers,etc. The Product Funnel Grid #DRA @RolandFrasier
  31. 31. The Product Funnel Grid Product | Test 1 | Test 2 | Winner Lead Gen Device $2 Cost/$10 Value Contest Product $500 Membership Site, Assoc., Buyer’s Club Core Products + Profit Maximizers Contest #1 Cost $____ CR __ Contest #2 Cost $____ CR __ Launch Contest Cost $____ CR __ Tripwire #1 Cost $____ CR __ Tripwire #2 Cost $____ CR __ Launch Tripwire Cost $____ CR __ Continuity #1 Cost $____ CR __ Continuity #2 Cost $____ CR __ Launch Continuity Cost $____ CR __ Product Set #1 Cost $____ CR __ Product Set #2 Cost $____ CR __ Launch Product Set Cost $____ CR __
  32. 32. This is a sample of bold text on a full color slide. This is good for quotes,stats, dividers,etc. Product Innovation Mapping #DRA @RolandFrasier
  33. 33. Uber Product Innovation Mapping Business Model Primary Secondary Tertiary PricingModels Primary Broker: Connect Drivers With Passengers Landlord/Tenant: Drivers Rent Car Space Affiliate Volume: Charge 15%- 30% Brokerage Fee Tiered based on type of car requested Referral Fees For New Customers Secondary Volume (Distance/Miles) Referral Fee For New Drivers Tertiary Time of Day Premium #DRA @RolandFrasier
  34. 34. Disruption = Applying Different Business Models To Your Industry • Landlord (Physical/IP) • Affiliate • PayAs You Go • Publisher • Franchise • Manufacturer/Sales Rep • Wholesaler #DRA @RolandFrasier • Broker • Reseller/VAR • Retailer • Network Marketing • All you can eat • Direct Seller • Subscription
  35. 35. Experiment With Different Pricing Models • Free (Ad Supported) • Freemium • Value Based • Tiered/Volume • Feature + Add-Ons • Low Price • MSRP/MAP #DRA @RolandFrasier • Free + Paid Support • “Cost +” or“x Cost” • Portfolio/Suite • Commodity • Razor + Blade • Premium/Luxury • Discount
  36. 36. New Product Innovation Mapping Business Model Primary Secondary Tertiary PricingModels PrimarySecondaryTertiary #DRA @RolandFrasier
  37. 37. This is a sample of bold text on a full color slide. This is good for quotes,stats, dividers,etc. Leverage + Product Development #DRA @RolandFrasier
  38. 38. Leverage“TIME COP DOC” • Trends • IT • Momentum • Employees • Customers #DRA @RolandFrasier • Ops • Platforms • Distribution • Overstocks • Content
  39. 39. #DRA @RolandFrasier OPP = Other People’s Platforms
  40. 40. Successful Leverage Plays… • Dropbox, Uber, Harry’s, Groupon, Blue Apron = Bribes • One Plus, Naked Wines + Gmail = Waiting List + Invites • Etsy, Udemy, Tinder = Live Events • Facebook, Lyft + Yelp = Geo Launch #DRA @RolandFrasier
  41. 41. This is a sample of bold text on a full color slide. This is good for quotes,stats, dividers,etc. Trend-Driven Product Development #DRA @RolandFrasier
  42. 42. Trendwatching.com is an excellent source of info on innovations and trends across all industries #DRA @RolandFrasier Source: TrendWatching.com
  43. 43. The Expectation Economy • Ever higher customer expectations applied ruthlessly to every purchasing decision – Rising quality – Positive impact – Personal expression #DRA @RolandFrasier Source: TrendWatching.com
  44. 44. Basic Needs & Wants • Excitement • Honesty • Connection • Self-Improvement • Social Status • Social Interaction • Identity • Transparency • Fairness • Creativity • Entertainment • Relevance • Love • Simplicity • Recognition • Security #DRA @RolandFrasier Source: TrendWatching.com
  45. 45. Trend Driven New Product Opportunities A new expectation about a basic human need, want or desire… Driven by shifts (urban transition, aging populations, climate change) + triggers (new tech, political events, economics, environmental incidents, etc.), that are… Creating innovations (start-ups, new products, services, experiences, and marketing campaigns) #DRA @RolandFrasier Source: TrendWatching.com
  46. 46. #DRA @RolandFrasier Source: TrendWatching.com
  47. 47. #DRA @RolandFrasier Source: TrendWatching.com
  48. 48. #DRA @RolandFrasier Source: TrendWatching.com
  49. 49. #DRA @RolandFrasier Source: TrendWatching.com
  50. 50. This is a sample of bold text on a full color slide. This is good for quotes,stats, dividers,etc. Kaizen #DRA @RolandFrasier
  51. 51. #DRA @RolandFrasier Product Iteration Should Never Stop PSF/PMF + PFM (People + Fun + Money) Kaizen “ABI”ALWAYS Be Iterating If you don’t someone else will be… It’s why AirBnB isn’t Hilton or Marriott It’s why Newspapers didn’t start Craigslist It’s why Blockbuster never saw Netflix coming Image Source: Ash Maurya
  52. 52. Build > Measure > Learn • Shorten the BML loop with Fast Feedback • Build MVP First OR Start With Your Existing Product/Service, then Test it. • Measure Results • Learn What To Test Next From Data Analysis • Create Product Iteration that better solves the customer’s problem. Verify leaps of faith, value hypothesis + growth hypothesis #DRA @RolandFrasier
  53. 53. This is a sample of bold text on a full color slide. This is good for quotes,stats, dividers,etc. Pivots: When Good Products Go Bad #DRA @RolandFrasier
  54. 54. Product Line Pivots Zoom-In: Many products become 1 product Zoom-Out: 1 product becomes many products Technology: New tech can improve price or performance. Platform: Switch between house product, affiliate or marketplace Channel: Change distribution channels but not product #DRA @RolandFrasier Value Capture: New rev model Growth Engine: Move between viral, paid or sticky growth engine Customer Need: Tweak product to solve more important need Customer Segment: Same product to different customer Architecture: High margin, low volume to or from Low Margin, High Margin
  55. 55. This is a sample of bold text on a full color slide. This is good for quotes,stats, dividers,etc. Thank you!

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