There are only two unarguable truths in new product development: developing them is risky business. Not developing them is even more risky.
There are also two primary reasons new products fail. The product concept that drives the entire new product development (NPD) project is not new -- at least to the consumer. Or it is not relevant.
Not-new product failures trace to a failure in process. Like the idea itself, the concept development process used to identify NPD opportunity is not new. Using the same process over a period of time is like mining the same vein of ore. Eventually the high-grade opportunities are converted and only low grade opportunities are left undiscovered. As the CEO of a Telco client observes: "If we always do what we always do, we will always get what we always get."
Not-relevant new product failures are also process failures. Most of the tools used to identify new concepts presume all consumer wants, needs and aspirations can be discovered by the same process. Not so. In truth, some needs are rational and straightforward. But a great many are intuitive and non-linear. Some wants are conscious. Others doze below the threshold of the consumer's conscious recognition, waiting to be triggered by a well-chosen product positioning. Still other latent needs served by breakthrough technologies lie beyond the comprehension of consumers. Yet, in the not-too-distant future, they will be the primary source of volume for the new brand.
The point is, companies that are best in class in new product development use a variety of new product tools to identify fresh, innovative ideas with high personal relevancy among the defined target prospects. Which is precisely the reason we offer ten distinctly different new product procedures.
To review our New Product Development tools, click on "new product development tools menu" below.
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