A key challenge in business is getting to market quickly, and taking advantage of opportunities in your market can help to grow your business faster. But is it possible to get a great idea to market in just one day?
This is the scenario recently presented to a group of experienced business owners as part of a special Rapid Commercialisation Process event run by the Business Best Practice Network (BBPN).
Rapid Commercialisation Process – Speeds up Innovation
Rapid commercialisation is increasingly seen as a process which is critical to businesses if they are to successfully take advantage of market opportunities. To address this, BBPN runs structured workshops that demonstrate, through live examples, how a product or service can be prepared for launch in days rather than months or even years. By using proven methods and tools, delegates can quickly ascertain whether an idea is worth running with or not.
Assemble the Right Team
The workshop is a full day of brainstorming, investigation, cross-examining of ideas and thinking out loud, and the participation of all delegates from the start is crucial.
The workshops operate on the basis that to get things done quickly and efficiently, you need the right team, a shared purpose and no distractions.
A key element to the day is that delegates carry out some brief preparation beforehand, familiarising themselves with the project or service which is to be commercialised. This ensures everyone hits the ground running and that as much as possible can be achieved on the day itself.
Market What you Already do Well
The workshops are also designed to address the fact that many great product and service ideas are based on what you already know and what you already do.
The benefit of following a process or set procedure is that it enables the team to focus on ideas and commercialisation, without being side-tracked into discussion about how exactly to do this. Rapid commercialisation is all about focus, ensuring the process can be completed in just a day or over a few weeks, depending on the size and scope of the idea.
Ideation – a way to Think Outside the Box
Ideation is all about getting the creative juices flowing and encouraging the team to explore how the capability and competency of your organisation can be offered to the market. Record all the ideas and then filter them through group discussions until you ultimately arrive at a set of ideas which have real potential.
Creating a Product Definition
Without clear definition, how do you actually know what you are selling and who you are selling it to? Working in a group, the process of product definition will help you to identify and capture its features and benefits. This is also the time to be clear on how the product or service will be made and delivered, and what resources are required.
Refinement Through Feedback
However great you may think the idea, it can always be improved upon when it’s presented and pitched to others. An open discussion helps ensure all the areas of the product are explored and that any weaknesses are flushed out early on.
Will it stand out in a crowded market?
Challenging the product definition is an important part of the refinement. Working with a cross-functional team including people who will be involved in selling or delivering the product or service is essential. Working with customer representatives is even better. The challenges and suggestions from this group will improve your idea in a few hours. This means that your marketing materials and messages will work better out of the box.
No idea can ever be successful if it’s not taken to the market. With a refined idea it’s time to make an action plan to get the message out. Action planning is about clarity of tasks and ownership. Keep it simple and make sure everyone has a stake in the plan. Each task must be defined and the owner identified before the owner can commit to a time-scale.
Learn more about Rapid Commercialisation through Business Best Practice. Learn how each stage in the process adds value and increases the speed and effectiveness of your go-to-market activity.
Key Learning Points:
– Market what you already do well.
– Think outside the box to create good ideas.
– Develop great ideas through challenge and discussion.
– Get a wide group involved – best of all, try and include a trusted customer, too.
– Start by defining the target user or customer. Who is the product for?
– Keep asking what benefits make this idea better than the alternatives?
– Focus on the short and medium term action – schedule a review.
This case study was provided by BBPN and its associates. © 2010-2013 BBPN Ltd