Episode B.019 Upgrading Your Offer

Author's Notes
We are introducing a new format to our Show Notes and Broadcasts. We received feedback our podcasts are too long (average 26 minutes). The shows have been restructured into 13 minute segments - each with a specific objective. Segment 1: What the show will cover and why it is important. Segment 2: What do you need to know to take action. Segment 3: How do you apply it and the tools available, and Segment 4: Tips and Insights from our experience. Thanx for the Feedback and keep it coming.

What are Today's Topics & Why is it Important?​
We have covered this topic from several view points - strategic and marketing. Now it is time to discuss the hard part - somebody has to create and build it. It doesn't matter if you are producing a product or delivering a service your concern is for 'manufacturability', in other words if marketing is right can we build or deliver this at the price point, quality, and with the features needed. This issue is no small thing and getting it right, both for a single product or service, or for a series of new products and services added to your offer - this is a major competitive advantage.

Knowledge to Take Action
It doesn't matter if you are doing this alone or have a group of people to help or delegate to, the steps are the same. It is simple common sense of defining the product or service to be created, what you need to build in to sell it, how can you produce it consistently with minimal defects, and meet the needed price point and still make money.

​The following is an approach we use, condensed from our manufacturing experience, that anybody can use.

What You Need to Do

1. Definition of Product or Service: both an internal and external description;  Internal to produce, External to sell.
2. Customer Priorities: based on customer feedback, what are their expectations - Assumed, Expected, and Plus
3. Comparison to Competitors Product or Service: strengths and weaknesses.
4. Marketing & Sales Points - Features/Benefits information required to market and sell the new product or service.
5. Technical Specifications: Quality, Features, Experience, Volume, Price, Margin.
6. Create Prototype: something to test.
7. Document Production Process: how did you build it for standardization after Beta Test.
8. Beta Test: try it out with a real customer to gain feedback on success of original design.
9. Redesign: use customer feedback on features, quality, and use to improve for release.
10. Formalize Production Process: using documentation from building the prototype, create a repeatable process that delivers promised quality and features at price point.
11. Release the Product or Service: expand beyond test to all appropriate customers