When we think about product development, we think about the big, tangible things we buy such as cars, laptops and televisions. These are products where we can quickly see the results of product development efforts in the form of new designs, features and capabilities. Plus, the manufacturers spend a lot of money telling us about these improvements via television, newspapers, billboards and other forms of advertising.
But do you ever stop to think about the development of new services? Think GeekSquad or the many shop-online, pick-up-in-store options available through big-box retailers. All of these services came from somewhere, and, most likely, it was a new services development manager within the marketing or product development department at the organization’s headquarters. Yet we seldom think about or hear about new service development.
We see the emergence of pricing specialists, process improvement professionals and project managers. Yet new service development is exactly the discipline needed in today’s law firm to respond to the changing demands of clients.
The market is changing; clients are demanding that law firms engage with them in new ways such as fixed fee arrangements, mediation services, risk mitigation training for client staff and virtual offices. But who is leading the charge to understand the new needs and adapt the firm’s practices to successfully deliver to clients in these and other new ways? Drawing on the experiences of other industries, it could be you. All you need is an understanding of the marketing discipline of new product development.
What are you doing to bring this discipline to bear for your own success and the success of your firm? Leave your comments below!