What are the best practices for introducing new products to your portfolio?

In my experience, having a deep understanding of your customer and their requirements along with the more macro industry specific requirements you can start the process of introducing new products. Next step is to then understand your product category and competitive landscape in side out.

The introduction of new products in a portfolio, is a great opportunity to rethink not only the positioning of the new ones, but also the positioning of our total portfolio especially if there are overlapping areas of our products or complementary areas. I remember some years ago when we had four promoted hypertension products at the same time. The clear and distinctive positioning of each product, according to different patient needs, gave us a unique position in the market, bringing value for each different patient group.

Market Research: Conduct thorough market research to understand the needs and preferences of your target audience. Analyze competitors to identify gaps in the market that your product can fill. Use surveys, focus groups, and market trends to gather insights.

Core competency of the segmented customer should be the defining point to launch new products in the organization. Segmentation strength will further augment brand building process for the organization. If there is no clear core competency for the organization, it becomes difficult to build great brands.

Segmentation should align your launch with specific customer types. Everyone learns differently, segmentation will assist in how to approach each customer. Lunch and learns, online learning, one on one visits, peer reviews or rewards offered are just some examples of how to respond to each consumer type.

Segmenting your customers is a crucial step in introducing new products to your portfolio. This process involves dividing your customer base into distinct groups based on common characteristics, enabling you to tailor your marketing and product development strategies more effectively. Here are some key practices for customer segmentation: 1. Identify Segmentation Criteria. 2. Analyze Customer Needs and Preferences. 3. Tailor Product Offerings. 4. Customize Marketing Strategies. 5. Optimize Sales and Distribution Channels. 6. Set Segment-Specific Goals and KPIs. 7. Continuous Feedback and Adaptation. 8. Legal and Ethical Considerations. Simple... DM me for more.

Evaluation of the real market need and the purchasing power of your customers is crucial as this will affect your pricing and availability Also your past portfolio access to main key accounts or organisations can affect your new product accessibility or price Also your competitors presence before if any and its sales records and feedback can affect your decision

Segmentation is one of the most important jobs to be done but also on of the most difficult to rely on! Many times, represent only a behaviour screenshot on a time, as customers constantly change, of course with different speeds. So, yes to segmentation, but double yes to the product positioning!

Conhecer bem a região onde vc pretende implantar as inovações e expor ao cliente sua ideia com uma visão macro do negócio dele, detalhando bem sua estratégia com o bom conhecimento do produto que vc está levando, isso faz o cliente enxergar fora da caixinha (seu mundo), muitas das vezes o cliente quer escutar sua experiência de mercado e com isso tomar atitudes que melhore e/ou amplie seu negócio, trazendo clientes novos. A consequência é vc virar um grande parceiro de negócio para esse cliente.

Creating a compelling value proposition is essential when introducing new products to your portfolio. A value proposition clearly communicates why a customer should choose your product over competitors' offerings. It encapsulates the unique benefits and value that your product delivers. Here's how to create an effective value proposition: 1. Identify Customer Pain Points. 2. Highlight Unique Selling Points (USPs). 3. Link Benefits to Customer Needs. 4. Make it Simple and Clear. 5. Tailor to Different Segments. 6. Integrate Emotional Appeal. 7. Test and Refine. 8. Communicate Consistently Across Channels. 9. Align with Your Brand. 10. Use Visuals and Stories. DM me for more.

Cross-selling strategically is an effective way to increase the value of customer transactions and enhance customer satisfaction by offering complementary products or services. Here's how to implement cross-selling strategies effectively when introducing new products to your portfolio: 1. Identify Complementary Products. 2. Understand Customer Needs. 3. Segment and Target Appropriately. 4. Train Your Sales Team. 5. Leverage Digital Platforms. 6. Create Bundled Offers. 7. Incentivize Customers. 8. Ensure a Seamless Experience. 9. Use Timing Wisely. 10. Monitor and Analyze Performance. 11. ALWAYS Maintain Ethical Practices. DM me for more.

Soliciting feedback is a critical step in the process of introducing new products to your portfolio. Feedback helps you understand customer reactions, refine your product, and improve your overall strategy. Here are some best practices for soliciting feedback effectively: 1. Identify the Right Timing. 2. Use Multiple Channels. 3. Develop Structured Surveys. 4. Incentivize Feedback. 5. Engage in Active Listening on Social Media. 6. Facilitate Focus Groups or Interviews. 7. Implement Feedback Widgets on Websites. 8. Analyze and Act on Feedback. 9. Follow Up with Respondents. 10. Create a Culture of Continuous Improvement. 11. Needless to say, Ensure Privacy and Data Protection. DM me for more.

Customers have their own "Hands-on experience" so, their opinion is gold and valuable for us to "re-understand" our products.

Application of multichannel sales strategy by using all available sales channels. Ordinary distribution is the main sales channel, but we should take the opportunity of digital transformation using social media promotion and sales, B2B e-commerce, B2C e-commerce, mbile applications, and any new nontraditional channel.

Does it provide a solution to the problem? Many disease states are a compounding problem that’s never addressed. For example Metabolic syndrome… Five to ten pound weight loss improves cardiovascular, diabetes and obesity.

The Freshness Index. You have to be creative enough to think outside the box. If you are up against several competitors which deliver what your product offers then you need to ask : How am I going to differentiate my product. As you are also adding to an already existing basket you need to also consider what kind of a basket offering you have. What is the difference between each offering? You need to then look at how you are going to position each offering and how you are going to creatively tie it all together. There has to be a common unifying thread but each product needs to retain its uniqueness