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Andrew Penny, January 14 2020

New services. New products. Nine Steps.

One of the big problems with chainsaws is that they can be hard to start. High compression models mean you need to yank really, really hard to get them going, multiple times. I bought a new one from Stihl recently which has what they call a recoil starter. You still pull on a starter cord but you can pull as slowly and easily as you want because all you are doing is winding up a starter spring. Once the spring is fully wound up it releases a catch that turns over the motor with enough force to start the saw. Easy-peasy. I’ll never buy another saw without this cool new feature. 

Products and services are becoming stale and non-competitive at an ever-increasing rate. Phone books were viable for about 120 years. Fax machines were around for about 40 years. The Walkman was on the market for about 20 years. There are a host of other products and services that are simply no longer valuable – to anyone. 

In light of this, when did you last update or create a new product or service to monetize the new realities?

Why bother? 

Interested?

Here’s my 9 Step Program for inventing new products and services:

1.Meet with your top three customer and ask:

2.Value stream analysis / Value stream change analysis

3.Products / Features - development

4.Product / Service Selection
i.Ease of selling (channels, training, provisioning, etc)
ii.Ability and capacity to manufacture, source or create
iii.Ability to differentiate (think ‘Best in World’)

5.MVP
i.For services, a chart, diagram or brochure is often enough
ii.For tangible products a physical mock-up is most powerful

6.Pricing and forecasting – value derived – (Pricing pyramid)

7.Go to market plan

8.Budget

9.Commit

If you, or someone you know, would like to move faster this year follow this link.

Thanks for reading,
Andrew Penny

This blog is the second in a series providing serious ideas involve a bit more effort that our last series on ‘easy things to do now’. (If you missed them – you can read them all here).

Let us know what you think. Questions, comments, complaints and suggestions are always welcome! 

Written by

Andrew Penny

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