Working With You From Concept to Commercialisation
At IMS Marketing, we understand the prospect of launching a new product or service can be daunting.
From start up’s to established businesses, new product development projects require a disciplined, information driven approach to succeed on the open market. For this reason, IMS have launched a suite of Product Innovation Services to guide our clients through the NPD process from concept evaluation to feasibility study to business planning to market launch. In addition to developing and working with you on the execution of the right NPD strategy for your business, our experienced team will provide you with up to date information, guidance and advice on the most appropriate sources of funding for your innovation efforts.
IMS’s Unique CAPE Process
IMS have developed CAPE, an optimised New Product Development process which enable us to assist our clients to commercialise the best NPD ideas regardless of what stage they are at in their innovation journey. The CAPE process involves clearly layed out stages which require completion before moving onto the next. In developing this process, IMS’s team of experienced and NPDP qualified product marketers focused on the two primary reasons for new product failure:
- Failure to understand the market need
- Failure to effectively execute the new product idea
In understanding these two common failure points, the process designers have developed a robust method for the early identification of poor ideas before too many resources are committed and the accelerated execution of strong NPD ideas to ensure maximum market success.
As the first stage in the process, the Check phase serves as an initial sanity check of your new product or service idea to ensure the idea warrants progressing to further stages of development where more resources (both time and personnel) will be required.
Largely based on desk research this phase serves to provide answers to the following key questions:
- Is there a market need for this product?
- Who and where is the market?
- How much would they be willing to pay?
- What is the best way to reach the market?
- Who are my existing/potential competitors?
- Can my product be cost effectively manufactured?
The Analyse stage of the CAPE process involves a deeper and more in-depth examination, involving primary and secondary research of the new product development projects feasibility, across three main fronts.
Market feasibility seeks to fully assess the market for the NPD project in terms of size, segmentation, purchasing power, competitor landscape and current trends. The purpose of a complete marketing assessment of this nature is to determine whether or not a viable market exists if the project is to result in the launch of a product.
The purpose of completing a technical feasibility study is to identify any technical issues such as availability and cost of raw materials, equipment, qualified personnel, suitable premises etc. which would prevent the new product idea from moving beyond a concept to a physical and functional product or service
Having completed the market and technical feasibility in advance of this element , this stage in the Analyse step enables the calculation of expected income and expenditure and hence gross profit that could be achieved upon successful launch of the product.
The output of the Analyse stage is a formal feasibility document which serves to illustrate the overall viability of the NPD project and identify any potential problems.
If the proceeding Check and Analyse stages of the CAPE process indicates the new product development project represents a viable business opportunity, the next step in the process is to commence planning for full commercialisation. The output of the Plan stage is a formal business plan document which can be utilised to attract funding and investment into the project.
This stage covers the following elements:
- Market Entry Strategy
- Launch Plan
- Marketing Communications
The Execution stage of the NPD process represents a crucial step in the ultimate success of failure of the NPD project.
Essentially where the rubber meets the road, this step involves implementing the actions prescribed in the business plan document completed in the previous stage. Executing a strong market launch is vital in product’s long term success where there is only one chance to make a good first impression. IMS’s product marketing team have significant experience in coordinating the multiple moving parts involved in a high profile launch.
Are you interested in our New Product Development Services?
Contact us if you would like to discuss your requirements with a member of our specialist team.