We all struggle with it. We’ve worked hard to gain a plethora of ideas for new products and new markets from our insights, customers, suppliers, employees, the marketing department and now it’s time to choose. The big moment has arrived. What do we do?
Well, hopefully some thought has been put into this before we arrive at this point. There are many things to consider when selecting the new products and opportunities that will propel the most significant growth for your company. Among these include strategic fit, the technical difficulty of implementation, time to revenue, expected revenue, expected profitability and more.
The key lies in selecting the key measures that are most appropriate for your company – and no two companies are exactly the same. For example, some companies’ new products can bring a lot of technical difficulty – other companies have simpler products to launch and it’s the marketing that’s a challenge. Some companies are focused on revenue – others on profit. In addition, each company has its own unique strategies to consider. PCW offers expert advice on selecting the most appropriate measures for your company. Keep in mind, too, that the criteria used can be honed over time.
Once the criteria for new products and opportunities are determined, each opportunity can be assessed based on these criteria. Of course, in the early stages the information will be a rough guide and imperfect. However, the top projects can still rise to the top. These ones need to be researched further, to determine the priority projects to devote resources to. When decisions on the priority projects are being made, it’s a best practice to include experts in each business function – operations, research and development, marketing, finance, regulatory, and any other relevant ones – to be sure all aspects of the project are considered upfront.
Follow these steps and you are on your way to focusing resources on the projects that will yield the most return. Bon voyage!
Partners Creating Growth works with companies to realize their profitable opportunities. We have considerable experience both launching and commercializing new products as well as connecting to new markets. We offer coaching, strategic planning, market research and financing expertise worldwide to help organizations grow & disadvantaged regions thrive. Email: Tove@PartnersCreatingGrowth.com
Photo credit: Sean MacEntee