Develop a unique market position
Once you’ve identified the ideal market position for your brand the goal then is to develop a unique impression of your business in the mind of your competitors, distinct from other companies within your space. This exercise will enable you to outline who you are as a company and more importantly, who you are not. Subsequently your main task here will be to ascertain how best to cater to the customer base that will be best served by working with you.Qualitative and quantitative testing of your market positioning
Plan to start your business
Developing a new product for your business needn’t be a painstaking exercise. If you’ve got an exciting and potentially profitable product idea, the last thing you want is to be constrained by an outdated product development process that stunt the speed of getting the product to market.
For new product development i.e. a process of creating a new product that’s never been developed by your team before, there will undoubtedly be a string of uncertainties and hurdles to overcome along the way. In order to combat those challenges, a structured road-map is needed to give you and your team a clear route to market.
Let’s take a look at some of the key aspects of any new product development process:
Idea generation & conceptualization
The development of a new product starts with idea brainstorming and conceptualization. As a business you will source inspiration and ideas from all manner of sources: customers, competitors, journals, suppliers etc. Start-ups and smaller businesses will naturally be more limited in terms of technical research. At the Company247 Business & IP Centre, we offer up-to-date information for researching key industries – hand-picked by our experts – absolutely free.
Alternatively, we offer a range of paid services that enable you to enlist the help of our experts to conduct research on product development and new business ideas.
Once you’ve outlined the final concept of your brand positioning, the final key step is to test your own model on your industry and target audience. The methodology of your testing should feature a blend of qualitative and quantitative research: from focus groups and in-depth one-on-one interviews to surveys and polls that can be sent out en-masse. Based on the response of these tests, your market positioning strategy can then be solidified across all internal and external communications.