Ted Fick has driven dramatic organizational growth throughout his career, providing the innovative mindset and decisive leadership needed to turn opportunities for improved productivity and profitability into successful, sustainable results at a number of large, high-profile organizations.
One such success came as senior executive at Ingersoll Rand (2004-2007), where Ted Fick not only managed significant improvements in sales and profitability, but also spearheaded the development of a new product that expanded the company’s market share and repositioned the firm as an industry leader in innovation.
What to Consider When Developing New Products
As Fick knows, there are many factors to consider before and during the product development process. As you initiate development, be sure to:
· Evaluate your idea first to determine if it solves a potential problem for your customers.
· Engage in market research to determine how much room there is for your offering and what your competition is doing in that space.
· Prototype and test your idea to iron out problems and better inform your marketing efforts.
