Lead, don't follow with Function's Product Development Service
Manufacturers in the building industry often develop products based on two factors:
1) What their competition has done or is doing.
2) What their sales force requests.
This approach positions companies as followers and prohibits them from differentiating themselves in a crowded market.
In order to position manufacturers as industry leaders that are first-to-market with products and solutions that meet specifiers’ evolving needs, Function: has introduced its Product Development Service. The unique offering provides clients with background information and substantiation, an understanding of the challenges in the marketplace that warrant the development of a specific product, go-to-market messaging based on market validation, and a thorough knowledge of appropriate pricing structures.
Service Offering Includes
Product Conception
For companies that want to extend their current product offering but need discovery in reard to current market needs. Function: would deliver discovery information and develop detailed product requirements (DPR).
Idea Substantiation
For manufacturers that have a product idea but need it validated. Through this process, Function: will examine the market to determine size, needs/challenges, applicable vertical markets and the competitive landscape, as well as product differentiators. This phase also includes conversations directly with specifiers (architects, designers, contractors, etc.) to further support the product’s need in the market.
Product Development
Once the manufacturer develops a prototype, Function: will help take it to the market for feedback and testing. Upon receipt of market data, product naming will commence. Comprehensive messaging will also be developed including features and benefits, vertical market messaging, value proposition, etc.
Product Launch Strategy
Function: will develop a go-to-market launch plan, which will include resources such as the identification of beneficial media channels, public relations plan, editorial outreach, and advertising. The strategy will also include an introduction to the new product to sales and distribution channels.
Contact Robin Bennett to get started on bringing your next big idea to market.
