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Identifying Winning Products

To improve investment outcomesEnterprise Angels (BOP)

Outline An IntroductionIdentifying Winning ProductsIngredientsConclusion

Locus Research – an introduction

Our core business is developing products and bringing them to market.

We do this by integrating the functions of:

Product/service creation and development; Brand creation & graphic communication; Sustainable product development & life cycle

thinking; Project management, product commercialisation &

business development.

The Ingredients of Success

What things make up a winning product?The Research Platform & Product

Embodiment;Testing, Standards & Compliance;Product Sustainability & Environmental

Risk;Sales & Distribution Channels;Product Brand & Marketing;Business potential & Intellectual Property.

The Simple Research Loop

Research Pyramid

Research for Product Development

have the customer(s) & their need been clearly defined?

Is there a technical/measurable requirements list?

Is there a customer requirements list? Has there been a Freedom to Operate search

around the key areas? Has manufacturing materials and processes

been investigated? Is there Competing product review?

Product Embodiment

How was the product developed & evolved. Is there a record of product development that

can be reviewed, and who was involved in the creation of the key elements?

Are all files & data available and backed up, correctly dated over the course of the process?

Does the product have a full specification for communication to suppliers & partners, and could you produce off these specifications?

Has the product been provisionally priced, and is the process or sequence of MFG defined?

Testing, Standards & Compliance

What verification tests have been undertaken on the product? Did the product succeed? Are all reports available for review?

What voluntary standards should the product comply with (best practice)?

What mandatory standards should the product comply with?

Are the compliance risks isolated and identified, are the timeframes and issues clear?

Sustainability/Life Cycle Thinking

Has the product considered sustainability? What are the key environmental impacts of

the product category? Is there legislation around these issues in key

markets? Is there any planning and risk management

around environmental issues?

Supply Chain & Distribution Channels

What channel to market has the product got and has this been defined in a credible way?

Has there been thought about the best place to manufacture?

How will this be distributed? How is the product packaged? What sort of packaging will be used in transit?

Product Brand/Marketing

Does the product/project have a brand that is succinct and identifiable?

Does this brand have a strong relationship with the product?

Is it free to use internationally, in all potential markets?

Is the product offer clearly defined? Features, Benefits & Messages

Is the product concept clearly illustrated via photography or line art?

The Business Potential

Does the product have the ability to become a business? Are there opportunities to leverage the POD

into other products easily to create a range? How transferrable are the ideas to new

products? Is it a technology platform or a single product? Is the brand capable of being enlarged to

practically offer a wider range of products?

Picking Winning Products

There is no such thing as a simple product; Understanding the process of development

provides a unique window into the product and people;

Developing a successful product means accurately understanding and determining the consumer needs;

All information is relevant and should be retained;

Testing and compliance are not a luxury, they are a necessity in all categories we work in;

Picking Winning Products

Distribution does impact on a product development;

A product needs a coherent brand to communicate its value;

Product sustainability is important in all key markets and continues to become more engrained;

One product does not make a business.

Contact Details

Presenter: Timothy