Know-How Exchange : Strategy

I agree with the previous posts. Here is my own prioratized list:
1) Who would need your product?
2) How many people like that exist?
3) What problem are you solving?
4) what is the value of solving that problem?
if the numbers above make sense go to the next steps.
5) does somebody else already provide the same solution?
6) why are you better?
7) How can you reach the people in #1 above?
8) What will your message to them be?
9) How will you deliver the product?
Hope this helps...

Hello Al,
I'm responsible for rolling out technology services for the entire state. We have eight steps before the service is actually developed. Roughly, they look like this:

Before Developing Product or Service

1) Service Concept
This is the initial stage of awareness that a product or service is needed.
- Frame ideas in terms of providing solutions to customer problems.
- Brainstorming.
- Informal talks with customers and vendors.
- Limited market research on competitive offerings.

Successful Products
- Are unique, superior.
- Enter market when there is awareness, branding, promotion.
- Support other products, provide synergy.

Unsuccessful Products
- High price with no clear advantage.
- Compete in markets with satisfied customers.


2) Customer Focus Group
Meet face to face with customers to understand their needs/desires/budget. Survey both formal and informal customer and market research.
- Screens which needs can/should be met.
- Evaluate each idea based on their merits and suitability to company and customer.
- Continually refine the definition/scope of the service.
- Customers must see products within the context of current choices.
- Customers take risks when buying new products. Help them minimize these risks as much as possible.
- New products must have an obvious relative advantage to overcome risk.
- Consumers see relative advantage when a product alleviates pain and/or creates pleasure.
- Extensive research suggests that alleviating pain is the most powerful element in creating relative advantage.


3) RFI
- Costs and other resources required for service procurement are requested from vendors.


4) Market Research and Report
Extensive research is conducted:
- Market offerings.
- Competitive pricing.
- Market size, share.
- Market risk, potential, life cycle (stage) of the service in the market.
- Special consideration should highlight the service uniqueness, superiority, advantage, ability to fill a niche, ability to support/synergize existing service line.

How does the service compare in these areas?
- High growth potential
- Early entry
- Experience curve potential
- Competitive attractiveness
- Low investment requirement
- High returns on investment
- Low risk or uncertainty



5) Alpha Test/Demonstration
Prototypes are set up and evaluated within lab and if applicable within customer location(s).
- Does the service perform as expected?
- Estimate costs.
- Rate service on uniqueness, superiority, advantage, ability to fill a niche, ability to support/synergize existing service line.
- Customer feedback.
- A test market may succeed because consumers are sampling a new product out of curiosity. Don’t get carried away by initial results. Test long enough to get a real sense of a product’s potential.


6) Service Plan
- Management decides whether or not to pursue further development of the service.
- If the service is not pursued, periodic revisit of the market and the service concept is considered.
- If the service is pursued, a marketing/business plan is initiated.
- The marketing plan is completed during the service development process, and before production of marketing support materials is initiated.


7) RFP
- Request for proposal.

8) Service Selection/Budget
- After vendor selection from the RFP process, the service is selected and made ready for sale.
- A formal budget is determined for all steps after this. The service is purchased from the vendor.


After stage 8 is complete, and management decides to pursue the service, there are 11 further stages. We have many checks and balances, because of the amount of money involved in fully offering a new service for sale. And, because our services affect how technology is used in state and local government, and health care.

Feel free to ask more questions.

https://straightforward-marketing.p5.org.uk/develop.htm

This article might be of use!