You're launching a new product. How do you balance creative aspirations and market demands effectively?

In my experience: Balancing creative aspirations and market demands when launching a new product requires thorough market research. Start by analyzing customer needs through surveys and industry reports. Identify trends and gaps that your product can fill. Use this data to guide your creative process, ensuring alignment with market demands. Test your ideas with potential customers and adjust based on feedback. By grounding your creativity in solid market research, you can create a product that is innovative and meets customer expectations.

For a commercial product, market demand is paramount in order to fulfill the first religion of being a firm "to generate profits, Nevertheless creativity must also be pursued within the realms of practicality and utility to nurture differentiations for gaining and sustaining the competitive advantage in the market. Creativity hence in such cases cannot enjoy that full artistic liberty but needs to be tailored constrained but fully liberal under each of the pillars as below, - Product Design: After thorough user research, unbounded creativity needs to be aligned to cater to user requirements through design. - Product Utility: Is our creativity meeting the very purpose of the product's existence? Simplicity to use? Etc..

Si tienes esta problemática te puedo apoyar con mi experiencia con estos sencillos tips: 1. Foco a consumidor: Es la razón de tu negocio y conseguir la compra es tu objetivo, conócelo y analízalo. 2. Innovación para problemática del consumidor: Encontrar el insight no siempre es fácil pero con preguntas correctas llegas a tener todo para construir con información asertiva. 3. Concepto creativo exitoso basado en tendencias: Si tienes el producto dise?ado para ese mercado que lo demanda, lo mejor es llevarlo o ligarlo a una tendencia que puede o no estar relacionado con tu producto. Puede ser de lo más disruptivo pero siempre y cuando a tu mercado meta le haga sentido, para esto existen herramientas de investigación que te darán la pauta.

Your creative instincts can drive the creation of superb product features that users didn't know they needed, but they can also lead you down blind alleys to create something only you care about. For me it's important to look both and quantitative and qualitative data to resolve this issue. Your quant can give you a give view of the mass market and how it feels about simply explained ideas, and your qual can give you feedback on how fewer people react to something you can walk them through in depth. In my experience, you will get a sense from these about which way to go. If you then invest and launch incrementally while getting more feedback, you can't go too far wrong!

When researching, keep the following in mind: You are launching a 'new' product. Here are some guiding questions: What problem are you solving? Is the market ready for your product? If your solution is novel, the market may not be ready or understand it. Either way, it's crucial to develop a go-to-market strategy that encourages adoption. Should this influence your decision to launch? If so, what else is needed for your product to succeed? Consider if the market is changing or needs to change, and whether to take a proactive or patient approach to launching. Effective research should be strategy-driven, data-informed, and strategy-influenced.

Develop a basic version of your product, known as a minimal viable product (MVP), that includes only the essential features required to satisfy the initial users and gather their feedback. This allows you to enhance your product concept without investing excessive time or money, guaranteeing that it meets customer expectations prior to entering full-scale production.

MVP is quite possibly the most misunderstood concept in the industry. It isn’t about thinking of every feature and cutting features to meet a timeline. It’s about identifying the minimum functionality for the minimum audience, while still providing a component of usability, reliability and functionality/value. Many times it’s smaller than you think. The idea of that you want to test your riskiest assumption, and if proven wrong, your investment has been minimal, and you can logically decide to pivot or persevere, without much emotional or financial investment lost.

Validate your concept against market demands by creating a minimal viable product (MVP). This basic version of your product has enough features to satisfy early customers and gather feedback. The process helps refine your idea without fully committing to production, saving resources and ensuring your product aligns with consumer expectations.

Un MVP, da luces de los conceptos que se quieren transmitir con el producto. El MVP, es como es una versión "Beta" de un producto que promete algo mayor, sin considerar un gasto de desarrollo, costos de producción y stocks enormes; Esto nos dará una visión si el camino por el cual se está orientando la futura innovación puede llegar a responder bien. Una vez que se haya validado, se puede dar pie a lanzar el producto en su concepción final. Lo bueno del MVP, que además sirve para que la gente pueda tener conocimiento de que tu marca está desarrollando productos de ese tipo de productos. Además, se puede complementar con encuestas para mejorar el producto final y responder con total enfoque a la necesidad.

Having an MVP is crucial when launching a product because it gives deeper insights into customer’s pain points and where improvements should be made in future development. An MVP serves as an oppurtunity to be launched among friends or family members, who usually are very straightforward when giving feedback. Going further, the MVP shows whether or not it’s a right product market fit. It also gives the product developer a chance to reposition or shift their product or brand within the competitive business landscape. This helps in going into clearer waters, where the market share isn’t diluted by strong competitive forces. Remember that a product is determined by its Unique Value Proposition, usually, this is the stage where it’s found.

Use the Balanced Breakthrough Model - a cornerstone of design thinking. Aim for the sweet spot of what is desirable to the customer, profitable for the business, and possible from a technology, legal, etc perspective.

Empathize with Customers: Understand their needs and desires through research and interviews. Define the Problem: Clearly articulate the challenge you're addressing, focusing on both creative goals and market demands. Ideate Solutions: Brainstorm ideas that satisfy both aspects, encouraging out-of-the-box thinking. Prototype Rapidly: Create quick prototypes to visualize concepts and gather feedback. Test and Iterate: Test prototypes with real users, gather feedback, and refine the solutions. Align with Market Trends: Regularly review market trends to ensure your creative ideas remain relevant.

At the heart of every great product, there is a sweet spot where: 1. It can be built (feasibility), 2. Customers want it (desirability), and 3. The business case makes sense (viability). When done well, the iterative process following design thinking and Lean Startup best practices should naturally lead to continuous switching between leveraging creativity to come up with new ideas and validating these with real market data.

Use design thinking to balance creativity with practicality. This iterative process prioritizes user experience and empathy, involving constant prototyping and testing. This way, you can adapt your product to better meet user needs while incorporating innovative features that make it unique.

Design thinking continues to be a challenge for many engineering companies. Japanese and German firms, for instance, are often known for bringing to market products engineered and 'designed' by engineers, which can result in a poor user experience. Design thinking is an art that involves putting yourself in the shoes of the individual, living thing, or otherwise, the beneficiary of your innovation. I often ask my kids to look at a product and reverse engineer it using their imagination. This is a good exercise for adults as well, as it helps uncover flaws, imperfections, quirks, features, and opportunities for improvement (innovation).

Design Thinking is really perfect for creative aspiration but regular and often feedback loops are the effective answer of market demands.

Engaging a small, focused group of users helps gather insights and reactions to your product's features and usability. This ongoing dialogue allows for real-time tweaks and improvements, ensuring the final product is both creative and market-ready.

Es interesante remitir al concepto de cocreación de valor que se volvió popular a inicios de los a?os 2000. Autores que recomiendo: C.K. Prahalad, Ramaswamy, Gouillart.

Start by 1) identifying stakeholders and 2) setting clear objectives. Then, 3) choose appropriate feedback channels such as surveys, customer interactions, and social media. 4) Utilize a feedback tool integrated with your knowledge management system and CRM for efficient feedback storage. 5) Establish a recurring schedule to 6) analyze feedback with your team, 7) revise product strategies based on insights gained, and 8) implement necessary changes promptly. 9) Monitor the impact on user satisfaction and metrics, and 10) iterate on the feedback loop process as needed to continuously enhance your product innovation efforts.

There’s a concept in lean called Gemba - go and see at the actual place of work. Many product teams build a feature and don’t see how actual users interact. Build a small incremental valuable feature, then observe users ans ask questions. Take that feedback, iterate and repeat. Continual feedback loops are critical to a products’ success in the market.

Analyzing costs is the compass that guides the development of your product from conception to implementation. Understanding the costs involved at each stage is crucial. Not only does it help keep the project within budget, but it also enables informed decisions about where to invest and where to trim unnecessary expenses. Cost analysis is the financial foundation that supports the viability of your product in the market, ensuring that each step taken is sustainable and strategic.

What may be priced high in one place might be considerably lower in another. Understanding different concepts like economies of scale, and purchasing power parity, as well as tapping into different regions to source different talents and supplies can be key to keeping your costs lower in the long run. It’s a global market, so take full advantage of the internet as well as international trade in order to lower costs and maximize revenue by building a strong reliable network.

For most new products, I would suggest applying the 80/20 rule, also known as the Pareto Principle, to cost analysis in product development. This involves focusing on the critical 20% of cost factors, such as materials and production expenses, that typically account for 80% of total costs. By optimizing these key factors, you can maintain product affordability, ensure profitability, and support ongoing innovation. Every company is different, but it's important to remember that launching a product can be essential for staying competitive, undercutting competitors temporarily, or expanding your customer base, especially if you're first-to-market. Situations vary, but starting with the 80/20 rule for cost analysis is a solid approach.

Let's split the entry into A) Opening launching a new product and B) Launch a product in stealth mode. A) allows for immediate feedback from customers and stakeholders, facilitating rapid iteration and improvement based on real-world usage. It also enables early adoption and validation of the product's value proposition, which can lead to quicker market penetration and customer acquisition, while B) allows for a more focused development without immediate market pressures or distractions. Successful stealth launches typically involve careful planning, selective partnerships for feedback, and strategic timing for public release to maximize impact.

Considero que debemos tomar en cuenta el pre lanzamiento que es una etapa fundamental en la que captamos la atención del potencial clientes y muchas veces generamos preventas y con el capital que obtenemos mejoramos aún más la experiencia a lanzar el producto digital o físico.

A well-planned launch strategy considers the ideal timing, the most effective distribution channels, and marketing tactics that resonate with your target audience. It’s the opportunity to capture initial attention, generate momentum, and establish a solid foundation for the product’s ongoing growth in the market.

Balancing creative aspirations with market demands is crucial for the successful launch of a new product. Here are some strategies to achieve this balance: 1. Market Research: Conduct thorough market research to understand customer needs, preferences, and pain points. Use this information to guide your creative process. 2. Customer Feedback: Engage with potential customers early through surveys, focus groups, and beta testing. Incorporate their feedback into your product development. 3. Value Proposition 4. Iterative Development 5. Competitive Analysis 6. Cross-functional Collaboration 7. Scalability and Feasibility 8. Clear Prioritization

When launching a new product, prioritize customer needs over your creative vision. Immerse yourself in customers' world through ethnographic studies and feedback, avoiding superficial market research. Set clear guardrails and empower collaboration for innovation. Celebrate small wins and embrace a culture of curiosity and smart risk-taking to strike the right balance between creativity and market demands for a successful product launch.

Being a PM is a FUN job specially because: 1. you are involved in company strategy 2. You get to talk with users and customers; and solve their problems 3. You have some control over the features that go into your product. Balance market demand and your creativity (and company strategy) by understanding your users, your target audience, better than anyone else in the world does. Know them like you know your best friends. If you can prove to execs that you know more than anyone else about this narrow topic, then you are empowered to make more feature decisions. You will be trusted by execs, by Sales and by your team. And that makes the job more fun.

The key to creating products that customers crave lies in offering features that not only satisfy market demands i.e. basic & performance needs but also delight customers. Here's the breakdown: 1. Basic Needs: Essential features fulfill these. 2. Performance Needs: Enhanced features that improve speed or quality. 3. Delightful Needs: Unexpected & amazing features bring joy. If your creative aspirations align with delightful needs, integrate them alongside the market demands. If not, bridge the gap to meet those delightful needs. To uncover delightful needs, closely observe & understand what is truly important to your target customers. This approach provides deeper insights than typical market research, which can be superficial and biased.