New Product Development Process
Everything is possible and the only limits we have are imposed by our fear of failure. – Jim Montagnino
Thinking outside the box matters, but not as much as you might think. Unfortunately your competitors, who may lack innovative and unique product ideas, may well be able to copy and minimize the cost to manufacture those new products. If your product is not completely covered by intellectual property rights, you must consider diminishing market share and sales once your product reaches the top of the bell curve and plan it’s replacement from the outset.
Many marketing departments and engineering departments fear product failures, but one great new product idea can pay for five bad ones. Large retailers should explore outside of their comfort areas in researching new products. An enhanced market strategy should inform consumers about how new products solve a problem and provide tangible and perceived benefits. Focus on what you can do, rather than on what you can’t do.
Part of any long term successful company’s growth is a strategic plan that identifies related products, spin-offs, and next generation or line expansions around its successful products. It is not uncommon for marketing or engineering to be afraid of product failures, but as the older more successful companies believed one winner can pay for 5 losers in finding the next great product.