Stop Creating Your Solutions with a New Product Development Methodology
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Picture this scenario – you’re a Product Development Manager or Director at a large B2B company, and you’ve just been asked to develop a new “solution”. Instead of being asked to design an upgrade or add new features or functionality to a single product, you’re now responsible for integrating two or more separate hardware products, multiple software applications, and at least 3 separate professional and support services into a broad solution that your customers will pay handsomely for. What do you do? Will the Stage Gate development method still suffice? Should you adapt the Waterfall model since there is software embedded in the solution? What’s the best approach for an experienced product development manager to successfully design, develop and launch such a complex solutions offering?
Solutions Insights, a B2B consulting and training firm that specializes in assisting companies to develop, market, and sell high-value solutions, recently conducted a benchmark survey on issues related to the new solutions development process. The survey was taken by nearly 75 companies that are in the solutions business. The majority of these companies indicated that they generate more than $1 billion in annual revenues.
In order to ensure that the survey participants are providing similar data that can be aggregated and compared, we asked them if they shared our perspective of what a “solution” is. Our definition is:
Of the 73 companies that responded, 80% of them were totally aligned with our definition.
What were the results of the survey? What did Solutions Insights find out in terms of how some of the best companies in the world create new, complex solutions? Here are some of the findings:If you’re interested in learning more about what to do – and what not to do – in order to develop new solutions, here are a couple of resources for you:
Remember – while products, services and solutions are managed within the same portfolio and may share some IP and other assets, they are unquestionably different animals. If you want them all to succeed and thrive in their respective markets, you need to understand their differences and tailor how you create, market and sell them. The first major step in being a successful solutions company is to use an NSD process, tailored to your unique business characteristics and offerings.
Interested in getting more information about how to create new solutions, and what to do to get your product developers skilled and capable of handling solutions? Give us a call or send us an email. We’ll share with you our ideas and experiences of how to create the right NSD blueprint, and how to transform superb product developers into outstanding solutions developers.Contact us at: www.solutionsinsights.com, firstname.lastname@example.org or at 781-686-1607