New product development processes have typically described several phases. For example, the famous Stage-Gate process has six stages separated by six defined go/no-go gates. Other methods have more or fewer steps. Here are a few of the more popular methodologies for new product development:
Concept testing is that stage in product or marketing campaign development where concepts (usually detailed descriptions or storyboards) are evaluated to determine if they have enough potential for further investment and development. With the astounding rates of new product failure in the market, it is safe to assume that many businesses neglect this critical phase.
Media coverage of 3D printing borders on the fantastic: how we can now produce everything from human (and canine) prosthetics to drones to guns to scale models of luxury cars (so we can watch them crash and burn in movies.) But what is 3D printing and is it real and ready for prime time?
Most businesses know the importance of understanding customers. And most businesses understand the value of employee engagement. After all, as Jack Welch, former CEO of GE said,
“There are only three measurements that tell you nearly everything you need to know about your organization’s overall performance: employee engagement, customer satisfaction, and cash flow.”
There are two key business opportunities in Product Development. First, you can improve an existing product. Or second, you can create a totally new product. Which is better for your business?
On the one hand, it may be less resource-intense to improve an existing product. You already have a customer base, a brand position and the market is familiar with you and your offerings. On the other hand, you may get more business growth by introducing a new product. Bringing new customers into the fold may pay dividends down the line in cross-selling your products and services.
Opening CLEAR[vr] Early Access ProgramIt’s with great excitement that we are opening our CLEAR[vr] Early Access Program! You may be asking what is CLEAR[vr]? CLEAR[vr] is our way of capturing marketing research data through the virtual reality system, Oculus Rift. Ultimately, we set out to understand a basic question:
- Can CLEAR[vr] help companies develop new product innovation more efficiently and more effectively?
For most companies, some point in the new product development process requires writing a concept statement. And often, the concept statement is quickly dashed off by the marketer or their agency, without a lot of thought. But writing a strong concept statement is as much science as art, and putting in the time to develop the best possible concept statement can pay off in improved new product success rates.
How do you balance rising operational challenges with growth opportunities?
Companies that invest in research face the challenge of balancing operational challenges with potential growth opportunities uncovered from research. The main challenges we see in B-to-B companies for 2014 are related to higher materials costs and finding new business. Growing labor costs, government regulations and efficiency issues also play a big role in limiting businesses ability to grow. For the 2014 “Clear Seas Research Revenue Growth ebook”, Clear Seas focuses on the top two issues; rising costs and business development challenges.