How to think about new product opportunities.

Most of us chase new product opportunities; it’s part of every businessperson’s DNA.  Sometimes we succeed in managing the opportunity and sometimes we struggle.  Many times we act on a new product opportunity before giving adequate thought to how that opportunity might impact the overall wellbeing of the business.  We might ask ourselves: how does this new opportunity fit within our overall strategic plan? Might this new product introduction create additional opportunities? How will it impact our current year financials?   There are many more questions we typically ask ourselves.  And wouldn’t it be great if we could minimize the risk and maximize the potential of each new product opportunity?  At Campisi Manzella, we help you to navigate the unknown twists and turns new product opportunities present through an orderly and disciplined process.

Yes, the objective of every business is to create a sustainable business model capable of producing profitable growth on a consistent basis.  And yes, that’s a very daunting task especially in a changing or unstable business environment.  That tells us we should proceed with both assertiveness and thoughtfulness when these opportunities present themselves.  If we want to minimize our risk and maximize our potential, we will want to fully understand our market and the people that make it tick.  We might ask ourselves: first, do we understand the market, its customers, their needs and wants? Who specifically does our new product appeal to?  Can we define the exact market opportunity? Do we know what makes the market tick? Do we know how to compete? How does the market allow us to make money? What is the profit stream? Can we mold it or does it turn us upside down?  Many of these questions require an understanding of the purchase behavior of both your trade and end consumer customers.  And in order to maximize the opportunity for a successful new product introduction, you will want to understand the behavior of your direct and indirect customers.  So is your business fully equipped to answer those questions today and embrace those opportunities?  At Campisi Manzella, we believe these questions need to be answered by everyone in your organization and we are fully prepared to help facilitate that outcome.

Those businesses that are truly market oriented possess the instincts and intellectual capital to help ensure the greatest success with new product introductions.  Market oriented, or customer oriented, whatever your linguistic preference, is about knowing and understanding your markets and the people who decide whether to buy your products or not.  We call that an outside – in organization.  It is both an art and science. It takes a philosophy and culture that go deep in the organization to create a market oriented company.