SHOW & CHAPTER 50: IMPLEMENTATION PLAN FOR LOWEST COST PRODUCER & FIRST TO MARKET - WILLIAM EASTMAN
It is the last week of Season 9 and the focus is on pulling the material together into an implementation plan.
The following is a summary of the last 12 weeks and the shape of our newest book on Recession Proofing Your Business by Achieving LCP & First to Market.
Successful product launches are one of the most important contributions a marketing team can make on behalf of their organization. Product launches are a dynamic, exciting opportunity for marketers to shine––but they are also a highly collaborative and risky endeavor with multiple moving parts, any of which can go sideways.
Messaging - keep it tight to the initial development cohort buying persona, Multiple endorsements - use beta group, during the soft launch A/B/C test to get the messaging right, keep the agilean team together for soft and hard launch.
Prototyping is the first step in the journey to market, revealing hidden obstacles and unforeseen challenges, and the initial look and feel of the part. Why would you wait until the manufacturing stage to discover problems, when you could have uncovered and solved them earlier at a much less expensive price?
An experimental process where design teams implement ideas into tangible forms from paper to digital. Teams build prototypes of varying degrees of fidelity to capture design concepts and test on users. With prototypes, you can refine and validate your designs so your brand can release the right products.
Products and services are designed and developed to meet specific customer specifications which ensures a better solution to market quiCker at a lower costs, plus the initial offer is usUally presold.
Co-development is when businesses include outsiders in the ideation and development process. Most companies keep new products and processes strictly internal; some even work hard to keep them secret.
S9 E29-32 (Building Success Habits) Make Failure Work For You with Londina Cruz & Donna Kunde
Londina Cruz & Donna Kunde - “Building Success Habits”
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Make Failure Work For You
Failure type personalities show signs and symptoms that can be avoided when we know what to look for. We need to be able to recognize failure symptoms in ourselves so we can take corrective action and do something about them. When we learn to recognize certain personality traits as signposts to failure these symptoms can act automatically as negative feedback. Noone is immune to these negative feelings and attitudes. The important thing is to recognize them for what they are and take positive action to correct the course.
This is a structured approach to defining customer needs or requirements and translating them into specific plans to produce products to meet those needs. Reduces the likelihood of late design changes by focusing on product features and improvements based on customer requirements
S9 E25-28 (Building Success Habits) Examine Your Success Habits with Londina Cruz & Donna Kunde
Examine Your Success Habits
Many people hate and reject themselves because they compare themselves to other people’s norms and standards. We are all individuals that are fully capable of acquiring a success-type personality .. and it can be easier than you think. Accept yourself. Be yourself. You cannot realize all the potential and possibilities within you if you keep turning back on it, feeling ashamed of it, hating it or refusing to recognize it.
As a business best practice, being first to market with a superior offer provides an unbeatable competitive advantage. Within the context of responding to the business cycle, having a new offer ready at the beginning of an economic expansion guarantees gaining a tremendous multiple for the new product or service development - and leave no money on the table.
Margins are the most critical part of the operation - what do you retain after all the bills are paid from a sale. A safe target is set 60% as the goal, anything below 40% will probably become unprofitable. Margins are the difference between what you can sell it for and subtracting all the costs associated with making, delivering, and servicing the product or service. It is the basis for all profitability.
This is the third show of six looking at how a business can find ways in an inflationary market contain costs and stay competitive. During the early stages of inflation companies can pass on additional costs until the customer cannot afford it, its called Demand Destruction.
Before we can determine where to add value to a company we need to identify the value of current assets. The answer you are looking for is your ROA - Return on Assets. The math is simple and it is nothing more than an extraction from your balance sheet. Once we know how well your investment into tangible and intangible assets perform, it will present the next question - what do I need to do to increase its value or what do I need to add to realize the full potential of my processes. The question is for next week.
The quality of your suppliers will have a major impact on the quality and margin of the products and services you will deliver. Additionally you want to find marque suppliers to use as part of your brand association. Life cycle costs: defects requiring rework, defects requiring return, warranty or guarantees, durability. Also consider payment terms.
In order to be competitive, a company must provide superior value to customers while maintaining healthy margins. This allows businesses greater flexibility to use price as a competitive advantage and self-fund improvements. This requires analyzing and improving internal costs (variable and fixed costs) and external costs.
All the evidence is the United States, and therefore the world, is on the edge of a recession. This is a fact that business owners don't control, except in response. Using the perspective of managing the business based on the economy, there are two rules: in a (1) contraction - strengthen your core to (2) gain a multiple in the next expansion from processes under control and therefore better margins.
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