Congratulations! You have a great product idea, but is it fully defined?
Do you know...
Who your target users are?
What do they expect your product to do?
How big your opportunity is?
How much you should invest?
What are the right requirements?
Who are your competitors?
What segments of the market are your "sweet spot"?
What is the best way to reach your users?
How should you price your product?
Where should it be distributed?
Defining a product is more than meets the eye. Here's how we can help ...
This is the time where you need to make the key decisions that will shape the future success of your product. We will assign two senior level product consultants to guide you through this challenging and critical phase. Leveraging their 25+ years of product realization experience and utilizing our suite of checklists and tailored tools, developed and used in over 50 new product introductions, they will help you define all aspects of the product, including the "4 Ps" (Product, Price, Promotion, and Placement or Distribution).
Some important elements of focus during the definition phase include:
- Product & Accessory Concepts -- Your first models are rarely what your customers will expect. The creation of a "prototype model kit" that includes variants of the product to review with customers and investors is always useful. Accessories are often an afterthought, but they can make or break a great product concept. Our senior product managers and designers will help take your product and accessories from concept to prototypes. With a selection of models to choose from, we'll walk you through the process of rapid prototype iterations, validation and decision making.
- Target Market & User Definitions -- The key to a product's success is typically the right segmentation. Knowing your users allows you to intentionally tailor your product for them. You can't leave this to chance! Your target users have to identify with your product. LLAMAX will assist you throughout the segmentation and personification of your market. We will help you storyboard the usage of your product to make sure you are considering all use cases and capture critical inputs for your detailed requirements.
- Focus Group & Survey Planning -- Early engagement with your customers gives you the opportunity to ensure you have the right incorporation of features, functions, and accessories that will meet their expectations. Let us help you identify customers, design and deploy targeted surveys or even assemble and manage focus groups to collect the relevant inputs.
- Mapping Of Routes To Market -- The last of the 4Ps (Placement) is usually overlooked. This is how your product will reach your customers. You will need to identify available and appropriate channel options along with associated costs. We will help you evaluate options and compare with your competitors so you can make the right choices.
- Product & Accessory Pricing -- Understanding the features that differentiate your product from your competitors and how your customers value those features is among one of the many key factors of determining an effective pricing strategy. Don't stifle sales by overpricing or leave money on the table by under pricing. Let our product analysts help you do the necessary research and assessment of critical factors to ensure you get it right.
- Development & Product Costs -- Your product cost and how much you need to invest to bring it to market are key inputs to your business plan. At this early stage and with many unknowns, these can be difficult to estimate. Leverage the extensive knowledge and experience of our project, product and engineering experts to help you avoid mistakes and discovery of unpleasant impacts to your business case later.
- Business Case & ROI Analysis -- Before you spend "the big bucks" you need to understand how long it will take to be profitable and what your working capital and cash-flows might look like. Your investors will need to be confident that it is a profitable business they are investing in, not just a great product idea. Using our proven tools and customized templates, we will help you identify and capture the necessary inputs and forecasts to confirm your pro-forma or preliminary business case and return-on-investment (ROI) calculations.
- User Requirements -- The outputs of your user research need to be captured and documented appropriately. LLAMAX can help you with the creation of prioritized user stories, minimal viable product definition and subsequent releases, rapid prototyping feature sets or a full market requirements document (MRD). This is a critical input for engineers so they can create feature backlogs or detailed product specifications enabling them to scope development and map user needs to product functions. This also provides means for design and compliance traceability.