With statistics showing that almost 70% of new products fail, it is critical that you give your product every chance to succeed.

How does your process work? Do you start by designing the product, then build it, then market it and then price it?

There is a huge problem with this approach! Your price reflects valueto your customers. If you leave to the end pricing, how do you determine what your customers’ value?

I highly recommend you flip your process and include the following activities in your product development process:

1. Create a cross-functional team and make them accountable
2. Understand your customers’ problems and unmet needs
3. Evaluate competitive offerings
4. Features, benefits and value mapping
5. Quantify the value by using Economic Value Estimation model
6. Validate your assumptions
7. Set the price and segment your customers; one size fits all, fits no-one
8. Know your costs – if your costs are higher than value, challenge it
9. Develop compelling value communications
10. Develop elevator pitch & new product launch pack for your go-to-market team