Sophisticate Your New Product Development
Adopt New Product Development methods to optimise your product portfolio
Key Issues for New Product Development
Because New Product Development (NPD) is the lifeblood of any business, you need a structured, planned and professional approach to ensuring your NPD is of the highest standard.
To squeeze every drop of return from New Product Development, you need:
- Solid, marketing-led NPD strategy that reflects Purpose, Mission & Vision, institutionalising a new product development plan into your marketing plan and business calendar.
- A sophisticated but lean-cost process for concept development and evaluation.
- Dedicated project management and leadership.
- Holistically integrated planning incorporated all the 8P’s of Marketing.
- Constant surveillance of:
- Competitors, industry trends and new technology
- Changing customer needs, evolving from:
- Demand from emerging new markets that match your capabilities
- Demand from changing market segments wanting new products
Best Practice New Product Development Methods
Put your NPD (new product development) in qualified hands
Solid qualifications in marketing are just as prudent as legal, accounting and medical training! Using a GP or an RN to do your surgery is just as dangerous as using an inappropriate Marketing executive… for such an important task as New Product Development, shouldn’t you at least consult a specialist?
50% of corporate profits come from products launched in the past three years…. but 80% of all new products fail… why the disparity? The answer is that new product development & launch is easy if you know how, but NOT as easy as it looks!
There is great reward in formalising your product development process: Using the Stage-Gate process or another Phase-Gate model… Recruiting a LU (Lead User) program or adopting a Lean Start-Up approach.
Specialised analysis means you can more closely and accurately analyse your concept before investing funds. Experienced planners ensure you have a comprehensive, quantified plan in place.
There is no better way of ensuring peace of mind and maximum chance for success than to place your trust in someone who has done it many times over and with outstanding results.
If you want to improve, or delegate New Product Development, or just benefit from experience and knowledge, click this button to email, dial 02 8011 4355 to call, or fill out the webmail form, below.
The New Product Development Wheel and the Stage-Gate NPD Process
The New Product Development wheel incorporates strategic issues along with operational activities, to give a complete ‘go-to-whoa’ process for formal new product development. Properly applied, this process should achieve the key goals of:
- Ensuring that all product launches succeed at the highest possible level
- Ensuring that all product launches complement the existing product portfolio and optimise market share
- Ensuring Products erode competitors market share without cannibalising each other
- Ensuring Products utilise organisational capabilities and create minimal interference in existing activities
Operational Approach to Practical New Product Development – The Stage Gate Process
Once strategy is set, a strong process must follow. The promoters of the Stage-Gate process claim 75% of “leading” companies in the USA now use the Stage-Gate Process for their product development. The Stage-Gate system is a simple approach to taking a new product project from the point where the concept is accepted, through market and prototype development, into planning and final launch. It simply identifies progress tasks, which they call ‘activities’ or ‘stages’, and milestones, which they call ‘decision points’ or ‘gates’.
Adopting Stage Gate means you can minimize costs while maintaining a pro-active forward direction and can be operationally helpful.
Strategic Marketing Approach to New Product Development
Take advantage of proven Marketing disciplines, use trained and experienced professionals, apply the rules & methods that succeed routinely
Taking a disciplined, formal approach to New Product Development, dodging errors and ensuring fastest possible returns, applying the commercial disciplines developed for product launch from Schools of Marketing around the world, means you ride on the wind tail of over a consolidated 100 years’ findings and scholarly knowledge.
Product Portfolio Management
Analysis utilising the Boston Matrix and Life Cycle Analysis to ensure you launch the right products at the right time while avoiding cannibalisation and saturation.
Applying high-level strategy management methods to determine the wisdom of alternatives such as market penetration, new market development or diversification.
Whether a new product is a continuous innovation, dynamically-continuous innovation or a discontinuous innovation all require different marketing strategies. Certain life cycle positions, certain categories, certain industries and certain competitive circumstances all effect what type of innovation should be the focus of new product development.
Strategic product portfolio management
Too few organisations take a refined approach to new product development. By appointing a leading edge strategist from Launch Engineering to refine and sophisticate your strategic product portfolio management, you’ll enter a world of competitive mapping and behavioural segmentation, product planning and strategic advantage, blue ocean opportunities and optimal brand equity management, while bathing in high profits, rewarding growth and secure marketing governance. Ensure optimal sales results, market share dominance, and profitability… ask for more information, call 02 98011 4355 now.
Outsource Product Development – It’s Easy!
Outsource your product development…. Let us find commercially viable products for you to expand and or modify yoru current product portfolio.
Steps to Have Your New Product Outsourced
- Give us Your “Wish-List” – a quick < 1 hour discussion
- Apprise a NPD Concept Report – Choose from alternative concepts presented within 10 days
- Approve 1 or more for Summarial NPD Concept Expansion
- Request full New Product Development Project Outline with KPI’s. Timeline, and Initial Budgetary Projections
- Approve and Commission Full Marketing Planning
Methods of developing high demand new products
Ask for a LaunchPad Quote: Complete “Cradle to Grave” Project Management of a New Product
If you want to recruit someone who can drive innovation, with fresh ideas, a classical marketer who can stand back objectively and identify what drives the customer to buy and prefer your product over competitors, on a contract basis, with an optional part performance incentive, call 02 98011 4355 now.
Taking a product to market is just the beginning… you then have to take the market through the buyer adoption curve, avoiding the marketing gap, and achieving market leadership status in preparation for defensive strategies when the market matures.