What external verification process will enhance and confirm new product development opportunities?
Market and Customer Feedback helps the organization balance costs with features actually valued by customers. Market feedback and external verification allow you to see what investments are necessary for new products or features and whether the business can afford them. In some cases, it may make more sense to pull out of an opportunity area if there is insufficient chance of payback.
Market and Customer Feedback is also a tool for creating cross-functional alignment and internal commitment to new product commercialization.
With the Market and Customer Feedback decision area, you can set planning goals and scorecarding metrics for performance management elements such as:
- Suggestion cost and value-added score ($ and #).
- External verification score (#).
- Implementation difficulty score (#).
Most importantly, you can analyze these goals and metrics by a number of dimensions to find the hidden gems behind performance in the data:
- Fiscal month / year.
- Market segment.
- Brand and product line.
- Priority rating.
Using the Market and Customer Feedback decision area
You set targets based on your goals and metrics in Market and Customer Feedback. You monitor your success by looking at how you measure up against your objectives. Further, you dive into your results to what underpins better performance management.
- Suggestion cost ($): What is the cost of development versus potential sales revenue or competitive advantage?
- External verification score (#): What is the product proposition in the market right now? Will a change in price points shift purchasing behavior?
- Implementation difficulty score (#): Are we over-engineering this product feature? Do we need to fail fast?
