The new product development process
Many product development companies focus on opportunity, targeting aspects of the market that have yet to be delved into, but without considering how these new pursuits will affect your brand. The new product development process is actually more strategic than this.
Reach too far, and you will appear to be diluting your offering, losing focus even. Enter into a different market entirely without a new sub-brand or brand to justify doing so, and your credibility will come into question.
With these two examples alone it’s easy to see why a product development strategy should, in fact, be a part of your brand strategy.
Creating a service development strategy
As part of our product or service development strategy, we will work closely with you to refine and redefine the following:
- Elevator pitch
- Brand definition
- Brand vision
- ‘Why’ statement
- Brand essence
- Brand values
- Brand key
- Tone of voice
- Example messaging
In cases where you’ve not yet realised some aspects of your brand, we’ll provide you with ideas and guidance. For example, if you’ve not yet established your tone of voice or ‘why’ statement, we can offer our identity creation services.
With these elements, we can review your current product line and offering. We’ll then make a series of recommendations for new products you could add or adjustments you could make to better serve a new or wider target audience. Every step of the new product development process is carefully considered to ensure we’re best representing your brand identity and values with any suggestions we make.