How research can help avoid major mistakes in new-product development
At some point in your career, chances are you’ve gotten a call from a salesperson excited about a new product their company has developed. But chances are also that it was developed with the seller’s needs in mind, not yours. In the media business, new-product development is an insular process. It’s frequently driven by insular executives—people who rarely speak to customers and don’t understand timing or the pain points in the market. They just know they’re under pressure to produce revenue, so they push out a flawed idea.
The result is predictable. The salesperson ends up behind the eight ball. The client doesn’t have the budget. The idea doesn’t sync with their current priorities. They lose trust in the media brand, which they believe has lost traction in the market.
In the end, it becomes an “Oh, no, here comes Bob,” dynamic, when a formerly valued partner (the salesperson) becomes a nuisance to be avoided.
That’s devastating, but it doesn’t have to be that way. With a little bit of planning, any sales organization can raise its game to ensure its product development syncs with what the market needs. I recently spoke with Jack Semler, the owner and CEO of Readex Research, about this common and potentially crippling sales mistake. Here’s our conversation, edited for brevity by Tony Silber.Read More