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New Product & Service Development AG Winning isn't everything…its the only thing -Vince Lombardi.

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Presentation on theme: "New Product & Service Development AG Winning isn't everything…its the only thing -Vince Lombardi."— Presentation transcript:

1 New Product & Service Development AG Winning isn't everything…its the only thing -Vince Lombardi

2 Introducing BarterQuest BarterQuest is a New York startup that was founded in 2006 as a global cashless e-market for members to trade products, services and real estate. Although membership is increasing at a rapid rate, many companies are now emulating them and their service is becoming commoditized. The company understands that new innovative capabilities that are true to their vision and completely unique will be the differentiator between them and their competitors.

3 Phase-Gate Process Cross-functional teams develop ideas into successful products in a logical cost & time efficient manner. – Little money is spent until the ideas have been truly vetted Risk is mitigated by combining logically phased due diligence, strict gate criteria, and honest gate keepers

4 Current Idea Selection Process The idea is either chosen via: – Senior Management Executive Order – Brainstorming Session – Vendor / Client demand

5 Ideation: Creating The BarterQuest Idea Bank Build a formal process & structure to capture, action, and store ideas – Entry: BarterQuest will place an idea / suggestion box on the footer of all its web pages. This link will open the idea entry screen Periodic emails will be blasted out to customers with this link to an idea entry screen All employees will be tasked with entering 5 ideas per week Vendors will be asked to participate (hopefully new efficiencies will be found) Competitive intelligence will be up to date to ensure we are reviewing our competitors capabilities – Process: New ideas will be reviewed and scored on a biweekly basis. All ideas will have a status of Good / Dead / Hold / Clarification The Idea Bank owner will provide feedback to the submitters The Good ideas will be promoted to the Expansion & Surface Evaluation The Dead ideas will be killed The Hold ideas will be subject to periodic review The Clarification ideas will be returned to the submitter and asked for more in depth clarification

6 Desired Idea Selection Process The idea funnel is now widened and Ideas are coming from many different sources both internal & external

7 Ideation Objectives: Identify unmet market and customer needs Dont be afraid of the really big disruptive ideas; Embrace them The ideas should be differentiators Live in the Future Activities Meet or talk with the top 20% of our customers that make up 80% of our business ***Build and update a list of customers to serve on a Customer Advisory Board (CAB)*** Meet with vendors to discuss their roadmaps Research market trends

8 Ideation Screen Criteria – Do they match with our e-market vision? – Is the idea a strategic fit for our niche? e.g.: BarterQuest does not want to compete with Ebay or Craigslist – What is the value to the company, potential for reward? – Likelihood of technical & marketable feasibility (Roughly) Output – The idea pool should be weeded down from 100 to 7 – Go / Kill / Hold / Recycle Gatekeepers: – Product Management

9 Ideation Screen Continued Example ideas that may pass – Private Labeling the platform and marketing it to B2B bartering exchanges – Creating an API to integrate with other Bartering e-market portals. This will be a symbiotic relationship with our competitors to extend our reach and offering. – Setup a project alliance with PayPal to create a currency for uneven trades E.g. I want notebook computer but only have a few DVDs in exchange Example ideas that would probably fail – Cash / Credit Card auctions – Providing Bank services for transactions – Selling digital identities as an additional security mechanism and a revenue generator

10 Expansion & Surface Evaluation Objectives: – Gentle Screen for Market opportunity and ability Activities : – Preliminary Market assessment – Preliminary Technical assessment – Preliminary Business & Financial Assessment – Recommendation for Stage 2 (Go / Kill)

11 Surface Evaluation Screen Criteria: – BarterQuest is a startup that is still in the red; hence, a lot of weight will be put on the market and business / financial assessment. – The ROI must be exponential – Must be a strategic match – Can be completed in-house Output: – Go / Kill / Hold / Recycle – The idea pool is now brought down to the final three Gatekeepers: Market Manager

12 Detailed Evaluation: Building the Business Case Objectives: – Define the opportunity, business model, and explain how business success will be measured Activities: – User Needs and wants study: Customers have completed a Concept test questionnaire – Competitive Analysis – Market analysis – Technology department provides a detailed technical assessment – Concept testing with operations & providers – Financial / Business Analysis (supporting numbers cost, projections, etc) – Placing something in front of the customer for feedback, whether its screenshots, mock drawings or a limited prototype

13 Detailed Evaluation Screen: Building the Business Case Criteria: Project Financial, Risk, and Business Assessments pass Marketing, Operations, Technology and Test plans pass Customer approval Value / Benefit to the customer; meets unarticulated needs Not just delights the customer but answers their hot button issue Output Completed Concept test questionnaire validates assumptions Plan of Action; high level project plan that answers the how & by whom questions Detailed Evaluation Screen: Final check before heavy spending Go / Kill / Hold / Recycle Gatekeepers: President, CTO, Operations, and Marketing

14 Cross-Functional Development Objectives – Physical Development will commence across all work-streams (Sub-NPSD funnels) Activities – Master project plan is created – Business Case Plans are being translated into deliverables – Prototype creation and review with the CAB customers often – When Questions arise there will be constant customer contact – Parallel Actions: Sub NPSD Phase Gate Processes (Funnels) commence – Sales & Marketing will commence their full blown marketing and launch plan – Objectives, Strategy (including Go-To-Market), Tactics, Distribution, etc – IT & Engineering – Operations, Support, and Logistics will develop their processes – Intellectual Property: BarterQuest currently owns several patents – New Patents may need to be filed – Commence development Alpha Test (Pre-Test Test)

15 Cross-Functional Development Gate Criteria – Milestones are being hit on time. – Project is operating within budget – Market, Business, Technical, and Operation requirements have been addressed Output – Prototype created – Business Case Plans translated into deliverables – Post Development Review & Quality Assurance – Budget Review – Signoffs form the other NPSD Sub Funnels – Go / Kill / Hold / Recycle Gatekeepers: Finance, Marketing, Operations, Product Management, & Technology ***Project definition or market requirement may change, if so the idea must start over and be re-evaluated***

16 Testing and Validation Objectives: – Validation of the new product, capability, or service Activities: – End-to-end Internal Technology and Business UAT testing Including stress & connectivity test with vendors systems when applicable Setting up Beta, and Pilots with CAB customers – Letting customers test drive the application – Operations will test their processes and workflows – Fix bugs in the product, optimize pricing and refine operation process – Defects are tracked differently than enhancement request – Send enhancement request to the idea bank – Marketing will need to update their collateral with screenshots, slip sheets, etc. – Soft Launch a Test Market for CAB and Opt in customers

17 Testing and Validation Criteria : – The product or full working Prototype is now complete – Product quality and workflows have been evaluated across all work streams e.g. Technology, Marketing, Operations, Sales, etc – All Critical & High bugs have been fixed – Product completeness has been verified – Back-out / Rollback plan has been tested Output: – Empower Marketing & Sales with a working Demo for prospective customers, road & trade shows – Go / Kill / Hold / Recycle Gatekeepers: – Marketing, Operations, & Product Management

18 Deployment Activities: – Sales, Operations, Logistics, and Support (Help Desk) are in the Readiness / Deployment State – Marketing executing their Go-To- Market strategy PR, Coordinated product reviews, customer quotes, etc All online help and other legacy documents are updated to reflect the new capabilities – Product Management will provide the final Go/No recommendation Objective: – Mobilize the work-streams and ensure all units are ready for the launch

19 Deployment Output: – Marketing, Sales, Technology, Operations, Logistics, and Support (Help Desk) have signed off on the launch – Marketing is executing their Go-To- Market strategy – Launch Date & Backup Launch Date have been planned – Final refinements are tweaked for the Launch commencement – Go / Kill / Hold / Recycle Gatekeepers: – Marketing, Operations, Product, Technology, & Senior Management Criteria: – All work-streams are in the readiness state – Market conditions have not changed If the market has changed its still cheaper to call this off before the launch

20 Launch Phase Activities: – Update the home page with a positive awareness note on the upcoming capabilities Posted 2 weeks prior to cutover – Marketing continues executing the final stages of their Go-to-Market strategy – Launch occurs on the previously agreed upon date The site closes for a 3 hour maintenance window Development promotes the code Internal business tester check out the code Go/No-go decision is made Promoted code is now the new production Operations and support are on a heightened sense of alert for 72 hours The site comes back online Objective: – Releasing the new product, capability, or service on the web site

21 Post Launch Review Objectives: – Assess the quality and effectiveness of the deliverables and the process Activities: – Conduct a performance review Usage Updated project costs Revenue and Projections – Capability Evaluation – Strengths – Weaknesses – Lessons learned

22 Post Launch Review Gate Criteria: – The product is achieving the desired goals: Sales & Usage Output: – Performance review – Continue / Kill decision Gatekeepers: – Product Management & Senior Management

23 Thank You

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