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New Product Development: Do You Feel Lucky?

Sean Parnell - Tuesday, May 23, 2017

Market Research & New Product Development: Do You Feel Lucky?

It happened again. We’ve observed another software vendor that released a new product that has generated almost no sales
in the first year and which faces an increasingly grim outlook.

How
does a vendor with an otherwise successful track
record in their bread-and-butter market fail so miserably?

The answer is a lack of insight into both
channel and end-user requirements—insight that could be
obtained through primary market research.

We’ve seen this scenario play out time and time again, with millions wasted and many people fired. Two
instances come to mind where products were launched with no evidence of market or channel demand, only to see them fail.

Does This Sound Familiar?

The first example comes from a software vendor
whose engineers came up with an interesting
concept that was a spin-off of a successful,

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Book Recommendations for Entrepreneurs

Sean Parnell - Monday, March 25, 2013

Blue Ocean StategyI was recently asked what book recommendations I would make for fellow entrepreneurs. I started Innovaxis Marketing Consulting business six years ago and the most influential book I’ve read since then is Blue Ocean Strategy. In it, co-authors W. Chan Kim and Renée Mauborgne identify how and why some businesses transform their industry, such as how Yellow Tail transformed the wine industry. They also identify a formula for how these strategies are repeatable—the single largest piece missing from other business books, from my experience.

Here at Innovaxis, our clients utilize our market research, competitive intelligence and product management services in order to apply Blue Ocean Strategy into product roadmap, marketing feasibility and product development efforts.

Additionally, I really like the following books:

Let us know what your favorite books for entrepreneurs

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