Marketing tools transform intentions into actionable results.
Good marketing leads to increased profitability and innovation. There are a few ways this is done:
- Enable a price premium by creating preference
- Deliver revenue in new markets with existing products
- Generate portfolio growth by rapid development and launch of the right new products
- Improve productivity by limiting resource allocation to only profitable, value-added activities
The Tools and Resources You Need
Pricing optimization: Price is the one component of the marketing mix that has a direct and straight path to the bottom line, so price optimization is key. Proven analytics operationalize pricing.
Breakthrough Innovation Hub™: The Breakthrough Innovation Hub defines the new products and services that deliver the experience your most desired customers value.
Rapid Market Assessment℠: The Rapid Market Assessment is a disciplined approach for validating a market opportunity. By accelerating the opportunity analyses before you invest in building your offering, your business can make better decisions.
Rapid Value Assessment℠: The Rapid Value Assessment Process has grown over time to stay abreast of changing innovation needs. Although the basic premise hasn’t changed, there are some innovative twists to addressing the question “How does the market value our concept?”
Growth process analysis: Future Business History℠ is part of a process designed to lead a company/business through developing a vision and an aggressive growth strategy.
Agile and Lean applied to marketing: Many Six Sigma practitioners have demonstrated success using Lean Six Sigma to “improve” their operational, sales, and engineering processes, and these successes have resulted in enhanced business performance. Quality, process simplification, and cost-avoidance benefits have all brought lower costs, but does that drive growth?
The Innovation Process
New product development is driven by market facts.
Establish growth ideas or concepts that represent potential: Conceptualize your opportunity. Screen and prioritize to identify opportunities to validate.
Develop an initial business concept to be validated: Create a hypothesis that is evergreen and meant to be tested and changed. Test your hypothesis in the marketplace. Understand the marketplace. Validate the market potential of your opportunity.
Analyze: Understand what it will take to win, and assess the value to your business. Assess overall the value of the potential offering to your business. Come up with a recommendation to either go forward, redirect, or stop. If you decide to go forward with the potential offering, resource recommendations, and complete the First House of Quality.
Evaluate the value proposition: Come up with the value chain analysis and the value chain picture and/or power distribution. Who are the customers you need to contact? Find creative ways to minimize risk, and create new business opportunities.
Evaluate your key learnings from the process: Search for new potential opportunities and/or upgrades to your current potential offering.
