Friday, November 07, 2008
Five Things to Do in a Down Economy
While the pressure to get new products and services to market quickly is greater than ever, funding these efforts has been significantly constrained for many companies. AMS has developed a list of five approaches you can take to continue to innovate and improve your products and services despite the economic downturn:
- 1) Brainstorming and Ideation. Web-based brainstorming, using creativity-enhancing tools such as Idealyst®, can help you develop ideas for specific new product concepts and markets at a minimal cost. You can also use Idealyst to brainstorm some of your most critical short-term management priorities: how to reduce costs, increase productivity, and reduce customer churn, for example. Click here to participate in a demo game.
- 2) Guerilla Concept Testing. Formal, large-scale concept testing usually requires a significant investment. However, there are ways to verify and/or improve your new product ideas and designs by executing a simple, stripped-down concept evaluation.
- 3) Voice of the Customer (VOC) Training.Internal teams can take a Voice of the Customer training course to learn how to interview customers and turn their insights into actionable strategies. This approach to VOC, while more time-consuming and resource-intensive, can be done for a fraction of what it would cost to outsource this type of work. Certain vendors can also provide ongoing coaching to help companies analyze and synthesize your VOC information.
- 4) Hybrid VOC. A hybrid VOC approach allows companies to perform some of the Voice of the Customer activities themselves, and outsource the rest to a VOC consulting firm. Experienced firms should be able to create a blueprint that takes into account your budget and expertise.
- 5) Online Approaches to Capturing Customer Insights. State-of-the-art online methodologies, including online surveys, focus groups and diary panels, can save significantly versus traditional survey methods. Companies can also establish real-time communication channels with customers via online communities of interest.
About Applied Marketing Science
Applied Marketing Science is one of the leading Voice of the Customer consulting companies in the world, with proven methodologies for gathering the Voice of the Customer, training and coaching clients in VOC methods, and brainstorming using state-of-the-art, web-based tools. Over the past twenty years, we have helped hundreds of clients in a broad range of industries incorporate “best practices” into their product development processes. Founded in 1989 with roots in the MIT Sloan School, AMS offers an array of services to meet client needs, and specializes in developing customized solutions for each situation.
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Press Contact:
Laurel Ackerman, Director of Marketing
(781) 250-6316 or
lackerman@ams-inc.com
