An established SME developing a new product, aiming to broaden their offer and step-change their growth curve.
They have a disruptive idea, and are on to a winner. They also have a team of sector experts who really know their stuff and understand their customers. here's how it goes...
- Feature design comes easily, they're soon ready to build
- It looks amazing
- Testing – yep, it all works
Then no-one buys it, because no-one really needs it enough to pay for it.
And even if they did, the features aren’t quite right for the target market.
18 months of development time and investment wasted, and the core business has also suffered because the focus was on the exciting new idea.
Is the CEO’s jacket on a shoogly peg?
So let's rewind…
Got a disruptive idea…ask potential customers what they think. Do they need it, does it address their challenges, would they pay for it?
Feature design comes easily…ask potential customers what they think. Do they need it, does it address their challenges, would they pay for it?
Ready to build? No, not yet. Create a prototype and ask customers what they think.
Now build. With the confidence that you’ve designed a propositioned based on the true needs of your target audience.
Understanding the true needs and challenges that customers face is key to creating a successful proposition, yet very few businesses get their customers properly involved in the process. Why is this?
For start-ups it can be a daunting prospect, the fear of negative feedback. What if people don’t like my idea, think I’m daft, wasting my time and money?
For an SME what’s the excuse? Over-confidence? Not enough time? Don’t know how? Think insight is too expensive?
Never even considered it is a more likely scenario.
PB, Proposition Builder
An end-to-end innovation process that includes 3 different stages of customer testing before you commit to building your new product.