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New Product & Service Development

“Winning isn't everything…it’s the only thing” -Vince Lombardi. New Product & Service Development. AG. Introducing BarterQuest. BarterQuest is a New York startup that was founded in 2006 as a global cashless e-market for members to trade products, services and real estate.

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New Product & Service Development

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  1. “Winning isn't everything…it’s the only thing” -Vince Lombardi New Product & Service Development AG

  2. Introducing BarterQuest • BarterQuest is a New York startup that was founded in 2006 as a global cashless e-market for members to trade products, services and real estate. • Although membership is increasing at a rapid rate, many companies are now emulating them and their service is becoming commoditized. • The company understands that new innovative capabilities that are true to their vision and completely unique will be the differentiator between them and their competitors.

  3. Phase-Gate Process • Cross-functional teams develop ideas into successful products in a logical cost & time efficient manner. • Little money is spent until the ideas have been truly vetted • Risk is mitigated by combining logically phased due diligence, strict gate criteria, and honest gate keepers

  4. Current Idea Selection Process • The idea is either chosen via: • Senior Management Executive Order • Brainstorming Session • Vendor / Client demand

  5. Ideation: Creating The BarterQuest Idea Bank • Build a formal process & structure to capture, action, and store ideas • Entry: • BarterQuest will place an idea / suggestion box on the footer of all its web pages. This link will open the idea entry screen • Periodic emails will be blasted out to customers with this link to an idea entry screen • All employees will be tasked with entering 5 ideas per week • Vendors will be asked to participate (hopefully new efficiencies will be found) • Competitive intelligence will be up to date to ensure we are reviewing our competitors capabilities • Process: • New ideas will be reviewed and scored on a biweekly basis. All ideas will have a status of Good / Dead / Hold / Clarification • The Idea Bank owner will provide feedback to the submitters • The “Good” ideas will be promoted to the Expansion & Surface Evaluation • The “Dead” ideas will be killed • The “Hold” ideas will be subject to periodic review • The “Clarification” ideas will be returned to the submitter and asked for more in depth clarification

  6. Desired Idea Selection Process • The idea funnel is now widened and Ideas are coming from many different sources both internal & external

  7. Ideation • Objectives: • Identify unmet market and customer needs • Don’t be afraid of the really big disruptive ideas; Embrace them • The ideas should be differentiators • Live in the Future • Activities • Meet or talk with the top 20% of our customers that make up 80% of our business • ***Build and update a list of customers to serve on a Customer Advisory Board (CAB)*** • Meet with vendors to discuss their roadmaps • Research market trends

  8. Ideation Screen • Criteria • Do they match with our e-market vision? • Is the idea a strategic fit for our niche? • e.g.: BarterQuest does not want to compete with Ebay or Craigslist • What is the value to the company, potential for reward? • Likelihood of technical & marketable feasibility (Roughly) • Output • The idea pool should be weeded down from 100 to 7 • Go / Kill / Hold / Recycle • Gatekeepers: • Product Management

  9. Ideation Screen Continued • Example ideas that may pass • Private Labeling the platform and marketing it to B2B bartering exchanges • Creating an API to integrate with other Bartering e-market portals. This will be a symbiotic relationship with our competitors to extend our reach and offering. • Setup a project alliance with PayPal to create a currency for uneven trades • E.g. I want notebook computer but only have a few DVDs in exchange • Example ideas that would probably fail • Cash / Credit Card auctions • Providing Bank services for transactions • Selling digital identities as an additional security mechanism and a revenue generator

  10. Expansion & Surface Evaluation • Objectives: • Gentle Screen for Market opportunity and ability • Activities: • Preliminary Market assessment • Preliminary Technical assessment • Preliminary Business & Financial Assessment • Recommendation for Stage 2 (Go / Kill)

  11. Surface Evaluation Screen • Criteria: • BarterQuest is a startup that is still in the red; hence, a lot of weight will be put on the market and business / financial assessment. • The ROI must be exponential • Must be a strategic match • Can be completed in-house • Output: • Go / Kill / Hold / Recycle • The idea pool is now brought down to the final three • Gatekeepers: Market Manager

  12. Detailed Evaluation: Building the Business Case • Objectives: • Define the opportunity, business model, and explain how business success will be measured • Activities: • User Needs and wants study: Customers have completed a “Concept” test questionnaire • Competitive Analysis • Market analysis • Technology department provides a detailed technical assessment • Concept testing with operations & providers • Financial / Business Analysis (supporting numbers cost, projections, etc) • Placing something in front of the customer for feedback, whether its screenshots, mock drawings or a limited prototype

  13. Detailed Evaluation Screen: Building the Business Case • Criteria: • Project Financial , Risk, and Business Assessments pass • Marketing, Operations, Technology and Test plans pass • Customer approval • Value / Benefit to the customer; meets unarticulated needs • Not just delights the customer but answers their hot button issue • Output • Completed “Concept” test questionnaire validates assumptions • Plan of Action; high level project plan that answers the “how” & “by whom” questions • Detailed Evaluation Screen: Final check before heavy spending • Go / Kill / Hold / Recycle • Gatekeepers: President, CTO, Operations, and Marketing

  14. Cross-Functional Development • Objectives • Physical Development will commence across all work-streams (Sub-NPSD funnels) • Activities • Master project plan is created • Business Case Plans are being translated into deliverables • Prototype creation and review with the “CAB” customers often • When Questions arise there will be constant customer contact • Parallel Actions: Sub NPSD Phase Gate Processes (Funnels) commence • Sales & Marketing will commence their full blown marketing and launch plan • Objectives, Strategy (including Go-To-Market), Tactics, Distribution, etc • IT & Engineering • Operations, Support, and Logistics will develop their processes • Intellectual Property: BarterQuest currently owns several patents • New Patents may need to be filed • Commence development Alpha Test (Pre-Test Test)

  15. Cross-Functional Development Gate • Criteria • Milestones are being hit on time. • Project is operating within budget • Market, Business, Technical, and Operation requirements have been addressed • Output • Prototype created • Business Case Plans translated into deliverables • Post Development Review & Quality Assurance • Budget Review • Signoffs form the other NPSD Sub Funnels • Go / Kill / Hold / Recycle • Gatekeepers: Finance, Marketing, Operations, Product Management, & Technology ***Project definition or market requirement may change, if so the idea must start over and be re-evaluated***

  16. Testing and Validation • Objectives: • Validation of the new product, capability, or service • Activities: • End-to-end Internal Technology and Business UAT testing • Including stress & connectivity test with vendors systems when applicable • Setting up Beta, and Pilots with “CAB” customers • Letting customers test drive the application • Operations will test their processes and workflows • Fix bugs in the product, optimize pricing and refine operation process • Defects are tracked differently than enhancement request • Send enhancement request to the idea bank • Marketing will need to update their collateral with screenshots, slip sheets, etc. • Soft Launch a Test Market for CAB and “Opt in” customers

  17. Testing and Validation • Criteria: • The product or full working Prototype is now complete • Product quality and workflows have been evaluated across all work streams e.g. Technology, Marketing, Operations, Sales, etc • All “Critical” & “High” bugs have been fixed • Product completeness has been verified • Back-out / Rollback plan has been tested • Output: • Empower Marketing & Sales with a working Demo for prospective customers, road & trade shows • Go / Kill / Hold / Recycle • Gatekeepers: • Marketing, Operations, & Product Management

  18. Deployment • Activities: • Sales, Operations, Logistics, and Support (Help Desk) are in the Readiness / Deployment State • Marketing executing their “Go-To-Market” strategy • PR, Coordinated product reviews, customer quotes, etc • All online help and other legacy documents are updated to reflect the new capabilities • Product Management will provide the final Go/No recommendation • Objective: • Mobilize the work-streams and ensure all units are ready for the launch

  19. Deployment • Output: • Marketing, Sales, Technology, Operations, Logistics, and Support (Help Desk) have signed off on the launch • Marketing is executing their “Go-To-Market” strategy • Launch Date & Backup Launch Date have been planned • Final refinements are tweaked for the Launch commencement • Go / Kill / Hold / Recycle • Gatekeepers: • Marketing, Operations, Product, Technology, & Senior Management • Criteria: • All work-streams are in the readiness state • Market conditions have not changed • If the market has changed its still cheaper to call this off before the launch

  20. Launch Phase • Activities: • Update the home page with a positive awareness note on the upcoming capabilities • Posted 2 weeks prior to cutover • Marketing continues executing the final stages of their “Go-to-Market” strategy • Launch occurs on the previously agreed upon date • The site closes for a 3 hour maintenance window • Development promotes the code • Internal business tester check out the code • Go/No-go decision is made • Promoted code is now the new production • Operations and support are on a heightened sense of alert for 72 hours • The site comes back online • Objective: • Releasing the new product, capability, or service on the web site

  21. Post Launch Review • Objectives: • Assess the quality and effectiveness of the deliverables and the process • Activities: • Conduct a performance review • Usage • Updated project costs • Revenue and Projections • Capability Evaluation • Strengths • Weaknesses • Lessons learned

  22. Post Launch Review Gate • Criteria: • The product is achieving the desired goals: Sales & Usage • Output: • Performance review • Continue / Kill decision • Gatekeepers: • Product Management & Senior Management

  23. Thank You

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