Adapt and stay ahead of your customer | Peter Montgomery, Clever First Aid
Adapt and stay ahead of your customer | Peter Montgomery, Clever First Aid
Adapt and stay ahead of your customer | Peter Montgomery, Clever First Aid

[Peter Montgomery]

You're constantly adapting, you're constantly evolving. I think it's just a continuum, because you're always looking ahead, I mean you're taking a guess on your opportunity that that will be something that will be valuable to customers now or in a few years' time, and it will have sustainability. So, um, but in doing that because you're connected with a customer and you're customer-centric, you're learning along with them. So, you're constantly adapting your product and iterating the whole time in terms of innovation to keep ahead, and that's essential as well. You just can't stand still.

Break a problem into solvable pieces | Mahmood Hikmet, Ohmio Automotion
Break a problem into solvable pieces | Mahmood Hikmet, Ohmio Automotion
Break a problem into solvable pieces | Mahmood Hikmet, Ohmio Automotion
Constantly iterate and experiment | Philip Fierlinger, Xero & Upstock
Constantly iterate and experiment | Philip Fierlinger, Xero & Upstock
Constantly iterate and experiment | Philip Fierlinger, Xero & Upstock
Constantly question what you are doing | Sam Gribben, Melodics & Serato
Constantly question what you are doing | Sam Gribben, Melodics & Serato
Constantly question what you are doing | Sam Gribben, Melodics & Serato
Don't just focus on the parts you like | Peter Montgomery, Clever First Aid
Don't just focus on the parts you like | Peter Montgomery, Clever First Aid
Don't just focus on the parts you like | Peter Montgomery, Clever First Aid
Find the value in sharing your idea | Sam Gribben, Melodics & Serato
Find the value in sharing your idea | Sam Gribben, Melodics & Serato
Find the value in sharing your idea | Sam Gribben, Melodics & Serato

[Sam Gribben]

The other thing I see happen a lot particularly here in New Zealand is people worry that someone will, kind of, take their idea, and... almost too much, kind of, belief in the product as being the thing that defines your startup. And I think the reality is very few or no one is going to be in the right place at the right time to take your idea and steal it. There's that small risk but it is vastly outweighed by the benefit you get from talking to lots and lots of people about your idea. And just hearing, you know, like it helps you to refine your pitch what are they understanding, what are they not understanding. Their questions will help you identify the weaknesses you've got in your plan, and it will help you kind of get an idea of the people that you need around you to make this thing happen.

Have a clear focus on where you are going | Ross Pearce, Callaghan Innovation
Have a clear focus on where you are going | Ross Pearce, Callaghan Innovation
Have a clear focus on where you are going | Ross Pearce, Callaghan Innovation
Keep looking far enough ahead | Bridgit Hawkins, Regen
Keep looking far enough ahead | Bridgit Hawkins, Regen
Keep looking far enough ahead | Bridgit Hawkins, Regen
Learn to think on a bigger scale | Angie Judge, Dexibit
Learn to think on a bigger scale | Angie Judge, Dexibit
Learn to think on a bigger scale | Angie Judge, Dexibit

Questions, answers and resources

What existential threats could disrupt your opportunity (new tech, shifting market sentiment, upcoming regulatory changes, political legislation, global political dynamics, etc.)?

What is this?

Factors beyond your control could threaten the success of your product. While you can't predict everything, identify as many of those risks as possible and plan how you would to respond to them.

Risks

  • You don't have a Plan B when hit by an existential threat 
  • Your product is totally superseded by competitors' offerings 
  • You are unable to continue selling your product without significant changes to the product, pricing, packaging, sales channels etc.

Resources linked

Are you able to dynamically pivot your product offer to address ever-changing market dynamics?

What is this?

If you can reinvent elements of your product or your business model, whether it is its key features, pricing strategy, or something else, you are less vulnerable to shifts in the market.

Risks

  • Your product loses market traction and is overtaken by competitors 
  • You miss an opportunity to prolong the product life cycle 
  • You are unable to capitalise on market shifts that could work in your favour

Resources linked

What do you think the ‘shelf’ life of your product/offer is?

What is this?

Different factors can impact on shelf life, including technological advances, consumer trends or an increase in competing products.

Risks

  • You overestimate your shelf life and don't have a strategy for running out excess stock 
  • Your product has a long life but a crucial supplier can no longer supply a key component 
  • Your product cannibalises sales from newer products you develop

Resources linked

Will emerging social and cultural trends (ethical consumerism, urbanisation, etc.) impact your product/offer’s viability?

What is this?

Your product has a better chance of success if it is in line with or ahead of current social and cultural expectations of how it performs, how it is manufactured and what it provides.

Risks

  • Your product is at odds with a major emerging trend 
  • Your product is too late to market and a trend is nearly over 
  • It is hard to stand out because the market is cluttered with products responding to the trend

Resources linked

Will the current and emerging geopolitical landscape (trade agreements, international relationships etc.) add additional costs or compliance for you?

What is this?

Check if the markets you are entering have existing trade agreements with New Zealand or if there are any in the pipeline. Stay informed on current relationships between the countries you are operating in.

Risks

  • You incur new costs of trade
  • You have new difficulties accessing certain markets
  • You need to alter your product to fit new regulatory standards

Resource(s) linked

Hear from New Zealand product leaders
 

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Manufactured products

Hear from hardware leaders such as UBCO, Syrup, Blunt and Taska

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Software products

Hear from software leaders such as Xero, Melodics, Sortify and Dexibits

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