Originally posted on LinkedIn on September 13, 2017.
The Rapid Value Assessment Process
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 “How does the market value our concept?” Some of the more innovative RVA approaches include
- Vertical RVAs: Vertical RVAs are co-sponsored by both an upstream and downstream player in the value adding chain. These development partnerships not only identify even more promising innovations, but also accelerate the development process even faster.
- Hybrid RVAs: Hybrid RVAs add some key quantitative questions to the engagement. They are especially critical when we want to marry outcomes to the concept features. They add clarity to expectations. Some have even added pricing options to the value assessments.
- Clustering RVAs: Clustering RVAs involve investigating related concepts simultaneously, giving the participants the opportunity to compare value to cost options.
- Extended RVAs: Extended RVAs involve moving on to a quantitative product evaluation on the fly. Learnings lead to an opportunity to prototype concepts early on to better align product features to user needs.
Have you seen or are you utilizing similar innovation acceleration tools? Let us know!
About the Author
Ron Sullivan is a Senior Partner at Breakthrough Marketing Technology. He has worked with many businesses on innovation, new product development processes, strategy, building new business models, channels and distribution, and pricing optimization. He has significant expertise in study design, data analysis, and market intelligence.