When you diversify your offering with innovative products, you set your business apart from the competition and open new opportunities for revenue growth — even in the face of disruptions. Agile businesses understand that offering the right product to the right people at the right time is the key to winning your market, regardless of external conditions. And it all starts with a data-driven strategy.
Logic20/20 creates a comprehensive strategy to set your product up for success. Our innovation development plan starts at idea inception with market sizing and continues through customer segmentation and the creation of a dynamic go-to-market plan:
Every innovative product starts with an idea. Some ideas are fully formed, while some are scribbled on the back of a napkin, and it’s important to understand the idea’s potential before you invest in it. In the market sizing phase, we define three key variables:
In this phase we also validate the product idea and perform a constraint analysis to assess whether it’s worth the investment.
Every potential audience for your product speaks their own language, and each might use your product for different reasons. In the customer segmentation phase, we help you understand targeted consumers by creating fully fleshed-out personas. This phase is a key step in delivering targeted, impactful messages to support future market activities and customer experiences.
Launching your product into the market requires careful planning. In the channel development/go-to-market planning phase, we provide deeper insights into both the market and the customer, and we develop a plan to capture the ROI that our market-sizing efforts have modeled.