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Ep 57 : Andrew Lees on New Product Development & Launch - Bringing Startup and D2C Business To Life & Go To Market Strategy
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Why is having a strategy the most important thing you can do when starting any business?
What is the role of market research when starting any business?
What are the key aspects to consider while making decisions on manufacturing?
What is the role of various elements in developing a great product ? Like product design, packaging
Andrew Lees answers the above questions as he talks about various aspects of new product development and launch. Andrew Lees is the Founder and CEO of Stoke Ventures, Co-Founder and CEO of Maholla Products, Inc.He is also the co-host of the podcast, That Entrepreneur Life.
Please connect with him on Linkedin - https://www.linkedin.com/in/aleesdesigner/
Please visit his podcast at https://thatentrepreneurlife.com/
Jagged with Jasravee is facilitated by Jasravee Kaur Chandra, Director- Brand Building, Research & Innovation at Master Sun, Consulting Brand of Adiva L Pvt. Ltd. Jasravee has over 20 years experience as a Strategic Brand Builder,Communications Leader and Entrepreneur.
Please connect with Jasravee on Linkedin at https://www.linkedin.com/in/jasravee/
Email Jasravee at [email protected]
0:00 Introduction to Andrew & Preview to Show
1:23The Need for Strategy Before Product or Business Launch
3:12 Iterative Nature of New Product or Business Development
6:27 Role of Market Research in New Product Development
9:46 Go to Market Strategy & The Role of Platforms like Amazon
12:50 Decisions for Manufacturing the Product, Supply Chain etc.
15:11 Designing for Usability, the ‘WOW’ factor
18:16 Importance of Packaging
21:14 Rapid Fire - Personally Speaking with Andrew
23:53 Get in touch with Andrew. His feedback about JWJ
Andrew believes that strategy is so important with any business launch. He believes that market research, understanding who your competitors are, who your audience are and clearly identifying what your value proposition is mission critical. He thinks that a lot of entreprenuers have a great idea and they just go full speed ahead with it. Often they might not understand what their product is, or their services and who their core customers are.
Andrew thinks that it is also important to put together business and financial modeling. “So you understand that the numbers work out, and that you understand what your business model really is, like, how are you going to make money? What is the model for that? And and then what is your marketing and sales strategy to connect with your target audience, to connect your value proposition with your target audience that you identified”.
Andrew believe that your strategic plan is “a living, breathing document. It's not like, like a traditional business plan, you might put it together might be dozens of pages, or whatever.And, you know, really, the idea is just to take it to a bank and get a loan, you prove to them that you have this idea and that you're backing it up with all this stuff. But I think even banks are probably seeing through that now. “
#newproductlaunch #entrepreneurlife #newbusinessventure
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Jagged with Jasravee, is an initiative of Master Sun, the Consulting Brand of Adiva Lifestyle Pvt Ltd.
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