How to Build a Business Case for Your Product
Duration: 2days
Target Audience: This course is designed for Product Managers from a B2B or B2C sector, who wish to develop their commercial and marketing skills. It will be particularly useful to those who are required to justify proposals for new products, existing products or new markets. Those who have to assess new product proposals put forward by developers, colleagues, the sales force, etc. would also benefit from the course.
Key Learning Outcomes
- Explore methods of understanding real customer needs and ensuring your product is positioned to respond to those needs.
- Understand how to assess your organisation’s ability to deliver the product to the relevant market segment/s and how well this product is aligned with the company’s strategic direction.
- Learn how to construct a product marketing plan by working on real live product case studies relevant to your business.
- Practice skills learnt in building a business case and critically appraising new product business cases .
- Leave with practical tools, techniques and experiences on how to build and present a compelling business case for your product.
Course Delivery Includes:
- Theory: Latest best practice
- Team discussions
- Individual and group exercises
- Case studies
- Technique application practice
- Personal action planning
Course Outline: How to Build a Business Case for Your Product
DAY 1
Knowing What the Customer Wants
Key principles that underpin effective product marketing
Segmenting, profiling and targeting prospective customers for new products and services
Understanding the real needs of customers beyond the product or service
How customers make their decisions - to buy or reject new products
Assessing Your Delivery Capability
Measuring market attractiveness
Assessing and measuring the true customer value
Assessing your capabilities to achieve strategic fit with the product or service
How to identify and categorise the key success factors you will have to meet
“How To’s” of Product Planning
How to screen new product ideas
How to managing the new product through its life cycle
How to explain the new product and its role in the larger product portfolio
How to construct a product marketing plan for a new product
DAY 2
Beginning with the End in Mind
Measuring the effectiveness of product marketing actions
Forecasting demand for the new product
Setting the product marketing budget
Preparing the Business Case
Business case elements - what factors need to be considered?
How to analyse those factors and prioritise them
How to present a business case - what to include in it and why
How to make the marketing case
How to make the capability case
How to make the strategic case
How to make the financial and risk case
Theory into Practice
During the course there will be a video presentation of a customer interview that will focus on the need to understand customer requirements fully before launching product ideas. At the end of the course each group will be required to present a business case.