Business Challenge
New products are not taking off
The challenge you face
- You have built and launched new products or services into the market, however these new products are not taking off and are not being adopted by your customers.
- You and your team do not know how to generate new value propositions and products that will appeal to customers.
- Where you have developed and launched new products, your customers do not perceive them as valuable.
- The new features that are part of your new products are not being used by customers.
Implications of not addressing the challenge
- A lot of effort is wasted on new products and features that customers are not buying.
- Customers continue to buy your older products which may be becoming commoditised and less profitable.
What does success look like
- New products are immediately adopted by customers who naturally transition from the old products.
- You and your team spend less time building and launching products that do not take off.
- Features that are included in new products contribute to customer success and are perceived as valuable.
- New product contribute to increasing margins.
- Customers are keen to get involved in ideating around new products and beta testing.
Algonomix solution
- Customers need to perceive the increased value of the new products relative to what they already get from you. You need to be able to quickly determine what products and product features customers are looking for, and how those features contribute to the perception of value.
- Our solution focuses on analysing customer feedback as well as product usage data where the product collects such data. Using AI (natural language processing), customer feedback can be analysed to extract key phrases that may indicate which features are not fulfilling expectations, and potential features customers may want. Usage data will indicate which features are used and those that are not to point to how customers use the products. This analysis, combined with continual experimentation can point the way in terms of product innovation.