Step1 Developing a strategy for innovation A successful membership product

Step1 developing a strategy for innovation a

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Step1: Developing a strategy for innovation A successful membership product strategy includes setting specific, written new product objectives. Objectives for a membership program at FC Goa Strengthen loyalty among existing fans and draw potential fans to increase the market base. Creating cash flow as a source of income. Increase its clout by pointing out to the numbers of subscriptions or members the club has generated. Broaden the knowledge and understanding in the community of the work undertaken by FC Goa. Develop an affiliation among fans by building brand identity. Access to fans information so as to understand the trends. Step2: Idea generation Finding promising new ideas is the starting point in the new product development process. New product ideas come from various sources. Sources of new product ideas include R&D laboratories, employees, and customers, competitors, outside inventors, acquisition and value chain members. Tapping several information sources may be helpful in identifying new product ideas. One source that FC Goa has counted on is its management, staff and focus groups. The membership program idea has been generated from them. Employees/ management are a good source of idea generation for new products. The culture adopted by Page 17 of 57
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FC Goa to encourage innovation encouraged its employees to put forth the membership program. What is a membership program? A membership program is one which asks people to contribute something - money, time, their presence, their names, and certain actions - to the organization, in return for which they become somehow affiliated with it for a set period of time -- usually a year. This is a way to dedicate fans and supporters who display uncommon loyalty to, and enthusiasm for supporting clubs. For FC Goa, they are more than fans and are part of the FC Goa team. The management felt that a membership program would be a thank you gesture to inspire the potential fans to support the club. The club wants to bring behind the scenes access to fans worldwide. Also the objectives of the FC Goa membership program speak for itself. Step3: Concept testing by way of a questionnaire Concept test are useful in evaluation and refinement of proposed new products. This is done to obtain a reaction to the new product concept from a sample of potential buyers before the product is developed. Concept tests help to evaluate the relative appeal of ideas, supply information for developing the product and marketing strategy and identify potential market segments. The screening test for club membership program of FC Goa is as follows: Brand/ company GaurNation Project Concept screening Background & objectives The management of FC Goa are looking to launch a club membership program considering it a valuable source of loyalty generation. The objective of this research is to assess fan interest in such a program and to establish priorities for further development.
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  • Fall '17
  • Mahvish ali

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