When Ralph and I published our book Value Acceleration, we were asked for ideas on the steps to take to get Value Acceleration for your company. We came up with seven. We will post them here over the next several of weeks for your amusement. BTW, the book hit #1 Industrial Marketing book on amazon.com on May 1 and again in mid-July.
Step #5 is to translate that value into products/services. Once you know how you are valuably different, you have to take that knowledge and use it to create new products and services your customers will want to buy … from you. Knowing what to bring to market increases new product/service success rates and maximizes the return on this critical investment. Marketing, with their knowledge of the customer and your value differentiation, should be partners with the development group to specify new products/services that will succeed in the marketplace.
To quote Philip Kotler: “…most of the impact of marketing is felt before the product is produced, not after.”