Developing New Products

Matching Customer Needs With Your Capabilities

The most critical component in the development of any new product is…customers.

If you think otherwise, talk to Ford about the Edsel…Apple about the “Lisa”…Coca Cola about New Coke. There is a hugely steep price to pay for developing new products, even product line extensions, without engaging customers.

Our approach is simple but effective:

• Understand the customer’s need, or problem.

• Determine how the problem can be solved, and verify if the problem can be solved in a way that is not yet already available in the marketplace.

• Decide if the solution can be developed and launched at a price that the customer will gladly pay – and if it can be sold at a profit margin that is acceptable to you.

• Figure out how to do it, if you want to do it and then do it.

In a more technical sense, those are the underlying principles of how we develop an idea and then take it from concept to prototype to engineered solution to launch to full-scale production.

In the past decade, Sloan has commercialized more than 400 new products – all based on a clearly identified customer need and a well-defined expectation for profit margin.

WHEN YOU’RE READY TO FIND YOUR NEXT BIG PRODUCT,

WE HAVE A LOT TO TALK ABOUT.

FOR A FREE CONSULTATION, CLICK HERE.