This white paper provides insight on the process behind relaunching products that have failed the first time through. Most of the author’s clients had been for Technology based products, however the methodologies described could be applied to almost any product or service. In order for this to occur, the help of an external party who is untarnished from the first failure of the product is necessary; in addition to assessing the ways in which the product failed to meet the value needs of the different customers and assess the quality of the actual execution. Below I will summarize the key findings and ways to go about doing this, as discussed in the white paper. The first step however is to address the question of “What is failure?” because in order to determine where you went wrong, one needs to establish the true definition of failure through their eyes. In addition one needs to determine how they will measure success (Market share success, profit success, cash flow success, cash flow after reinvestment to grow business success, multi-period success, etc) The paper lists and discusses the different types of failures which include a product that has never broken even, a product where repeat purchase never occurred, a product that was never launched, a product that you were never able to put sufficient resources behind to determine whether it would sell, a product where the cost/length of the sale is too great for you to go any further with it, etc. The paper then goes on to discuss the different components of these failures that are most likely the causes and their respective solutions. Potential causes are failure in product concept, product design and implementation, product competitive positioning, product value proposition, product messaging, product distribution, product servicing, product repeat purchase, product cross selling, and failure in external events.
My takeaways of the solutions to each problem are as follows: If the product concept...
Please join StudyMode to read the full document