Do you know why Turbo Tax is more successful? You don’t need to know or become an expert in tax law to use it and it does it for you plain and simple. Many businesses are taking this lesson to heart and develop similar strategies for their businesses.
Learning from Turbo Tax’s success, 122-year old General Electric is teaming up with business strategists to develop new strategies for new products. Their business strategies have been duplicated and adopted by millions of businesses worldwide. They not only pioneer new products but also consistently bring new products to the market. When they say they have a new business development strategy, many listen carefully. Their new strategy calls for building early versions how bad it may look, release them to customers, get their feedback, and adapt the product as needed. They adopt this strategy to rollout new products from light bulbs to refrigerators and gas turbines they make. They call this new product development strategy as “FastWorks,” continues improvement strategy. Getting customers involved in a new product development, what a novel idea.
GE publishes many of their business strategies in books. They continue to use other product development strategies such as crowd-sourced product design too.