Emerging Practice
Every organization strives to improve customer satisfaction thorough analysis and provide the core value of every product delivered to the customer. Companies realize the need for continuously giving a quality product and meeting the demand and preferences of the customer when the customer loyalty declines. This paper discusses the product offering using a lean startup method.
Product Offering
Working for a telecommunication company in the department of product development, there have been several complaints on the need for high quality, speed, and reliable product and services from the customers (Ghezzi, Cavallaro, Rangone, & Balocco, 2015). Most of the customer complains of electronic devices such as smartphones failing to upgrade with the latest innovation leading to low performance. The company reaction to this, we intend to release a new product that will cater to further development in the market and improve customers satisfaction.
Lean Startup Approach
The central pillar for any business sustainable growth and development are happy and satisfied customers. First, will be to analysis the type of complaint and suggestion gave out by customer and stakeholder to identify the business idea and the potential business plan (Cochran, 2015). The quality of the product desired need to be reliable, stable, durable, and simple making it easier for the customer to use, which is to increase their satisfaction. According to the analysis, most of the customers complained about the effectiveness and efficiency of the product in meeting the intended use, lack of the latest design and innovation, lowering the performance of the devices.
Experiments
The first step involves identifying the minimal requirements to be met by producing a few products to get the customer to respond. It involves improving the device's features and designs that can be tested, learn what happens, and collect suggestion to adjust accordingly (Griesbach, 2019). The primary purpose of this experiment is to show some results, enable the management to make small bets on the new product ideas, and to determine which views to move on with in the whole process.
The second experiment involves a minimal viable product that allows the company to manufacture only the amount of product that is required to make changes in the previous steps (Griesbach, 2019). It involves testing the newly design devices with a real customer and getting the satisfaction necessary to move on with the cycle of learning.
Thirdly is determining metric and measure to address the new development from the customers. Most of the customer had complained about the performance of the devices, but with validating, the test will help determine if the new development is making progress (Torres, 2014). It helps to measure the customer reaction and comments on the latest product without necessary doing nothing on the value of the product.
Fourth is experimenting with the actual product in a small market instead of the designed models. The customer would be willing to respond to the exact new product as they can compare with the existing product easily (Torres, 2014). They get a better taste and sense of the real product that might be in the market. The development should pay attention to the feedback given and focus their effort and vision manufacturing the final product that contains features that will entice the customer and what customers are looking for in a specific product.
Lastly, include developing a shorter time to market and establishing a marketing strategy. After the actual product has been testing need about two weeks to build a report on customer reaction and ways to improve the quality of the product, it will also formulate the marketing strategies need to introduce the final product in the market and ways to penetrate in the market learning from necessary feedback for the success of the startup.
Innovation Accounting
The process value most the establishment of the baseline that involves identifying the minimum viable product. It includes various method such as smoke test and pure marketing to test the accuracy and quality offered in the market by evaluating the interest from potential customers (Neubert, 2018). It can also establish an online platform to examine if the customer interests with the product, their pattern of purchasing, and collection of the review on the products. It also establishes the baseline for product development and forms the starting point to improve the product.
Engine of Growth
Given that the company has high-class target customer and established the market, the development department recommendation to propel the engine of growth is to deliver high-quality device using the latest technology (Järvi, Taajamaa, & Hyrynsalmi, 2015). The ability to continuously innovate new product with a new feature in the market that are of high-quality value help to sustain and retain the loyalty of the customer, remain competitive in the market and improve customer satisfaction.
References
Cochran, D. S. (2015). The Need for a Systems Approach to Enhance and Sustain Lean. Lean Accounting, 263-297. doi:10.1002/9781119196808.ch11
Ghezzi, A., Cavallaro, A., Rangone, A., & Balocco, R. (2015). A Comparative Study on the Impact of Business Model Design & Lean Startup Approach versus Traditional Business Plan on Mobile Startups Performance. Proceedings of the 17th International Conference on Enterprise Information Systems. doi:10.5220/0005337501960203
Griesbach, D. (2019). Lean Innovation Guide. doi:10.24096/9783039097838
Griesbach, D. (2019). Teil 2 – Das Lean Progress Model. Lean Innovation Guide, 74-242. doi:10.24096/9783039097838-74
Järvi, A., Taajamaa, V., & Hyrynsalmi, S. (2015). Lean Software Startup – An Experience Report from an Entrepreneurial Software Business Course. Lecture Notes in Business Information Processing, 230-244. doi:10.1007/978-3-319-19593-3_21
Neubert, M. (2018). The Impact of Digitalization on the Speed of Internationalization of Lean Global Startups. Technology Innovation Management Review, 8(5), 44-54. doi:10.22215/timreview/1158
Torres, N. N. (2014). AN ACTION RESEARCH ABOUT THE LEAN STARTUP METHODOLOGY IN A SOFTWARE BUSINESS VENTURE. Proceedings of the 11th CONTECSI International Conference on Information Systems and Technology Management. doi:10.5748/9788599693100-contecsi/comm-1031
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