Go to market for products & services
Non-obvious perspectives on launching new products or services.
Launching a new product or service in a fast-changing environment or new region or context will always be a high stakes enterprise and it too often doesn’t meet expectations that are set out. An effective go to market strategy goes beyond social media, Ad-campaigns and setting up a sales force. These are critical elements of your launch excellence approach but in order to increase your commercial success you should consider/rethink:
Customer segmentation & understanding
Understanding what problem you’re solving and whom your solving for is half the battle. Customer segmentation is too often driven by purely demographic considerations that don’t take into account behavioral drivers.
Having a solid understanding of who your patients/consumers are and what drives their behavior is key to developing solutions that are desirable from a customer perspective and that are financially viable.
Example: Suppose you’re preparing a private market launch of a new product in SEA having an in-depth understanding of behavioral drivers across segments will help unlock vast parts of the population with a lower social-economic status that you otherwise would not have considered.
Developing non-obvious customer-centric solutions
By starting with an in-depth understanding of the problems of patients/customers the challenge becomes developing non-obvious solutions that meet the specific needs of your target group.
Doing this effectively requires a flexible hands-on approach of co-creating solutions with the customer and working in cross-functional teams that look beyond your own industry for inspiration.
Example: Suppose you’re developing a service geared at digital purchasing of beauty products you can use learnings from the food & fashion industry and apply it to your service.
Validated customer journeys
Customer journeys are a critical tool to ensure that your solution makes sense in the overall context of the target persona. Rather than being a one-dimensional account of how a customer interacts with your product or service, it is essential to blueprint the touchpoints of influencers and other relevant stakeholders.
Example: Suppose you’re planning the development or roll-out of a next-generation skin diagnostic device. By having an understanding of the pain points of different stakeholders along the current journey, you can identify the opportunities to solve for as you design the future state journey and product blueprint.
Business models & pricing
Developing sustainable business models should not be an afterthought. Without a sustainable business model you won’t be able to improve the standard of care for your customers. Testing and validating the viability of your solution should happen throughout the development journey from initial whiteboard problem sizing exercises to in-depth pricing experimentation.
Example: Suppose you’re developing a go to market strategy for a new detergent for professional use. In order to identify the right revenue model and price point, you should run multiple experiments that go beyond quantitative surveys and benchmarking.