Product innovation strategy for a more agile business

Product innovation strategies for a more agile business

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.

How Logic20/20 can help

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:

• • Total available market (TAM): Total market demand for a product or a service
• • Serviceable available market (SAM): The reachable portion of the TAM
• • Serviceable obtainable marketing (SOM): The portion of the SAM that your product or service can capture

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.