Less than 2% of bright ideas make it to the market!
New Product Development (NPD) is a process full of risk and will either end in painful and costly failure or great success. The problem is on average less than 2% of these great ideas are turning in to success.
Roy Pulley, the specialist for NPD at Business Growth Unlimited has spent over 40 years in mastering the art of bringing new products to market. Over this time he has learnt first-hand the secrets to successfully brining new products to market and how to avoid the pitfalls that most businesses fall in to.
Roy Pulley’s top tips for success in bringing your new product to market are;
Fully understand your customer – What motivates your customers to buy? Why do your customers choose you over other competitors? You need to make sure you fully understand your customer, their requirements and how this new product will meet their needs and deliver added value.
Create a clear meaningful USP – Your USP should simply answer the question; why should my customers buy this new product? As you go through each stages of the NPD journey you should revert back to this questions and ensure you are still answering it in the same way i.e. still working towards achieving your meaningful USP.
Develop a process – ‘learn fast, fail fast’ – If the idea is going to fail, it is much better to fail fast rather than after investing time and resources in to the project. If you can’t measure it, then you can’t manage it, so make sure you monitor what you can measure to see if your project is on track to succeed or fail.
Listen to the ‘Voice of Customer’ (VoC) – Too often, developers fall in love with their product and forget that it is the customer's needs, not their own, that they must satisfy. Do not assume you know what is best for them, ask for their feedback and ask it again as the product starts to take shape. You need to step back from your daily operations and carefully scrutinise what your customers really want. Do not fall in to the trap of modifying the product to coincide with every suggestion made as your product may end up becoming so niche that no one will want to buy it.
Continually evaluate the ROI and assess Risk – You need to have regular checkpoints to assess the risk factors of the project and ensure you are mitigating risk at every stage of the NPD journey. When managed correctly as you proceed through the stages of NPD the level of risk should reduce as the commercial benefits will increase.
To increase your chances of success when bringing a new product to market why not join Roy and other like-minded manufacturers at the free Business Growth Service workshop taking place on August 25th at Stoke Chamber of Commerce.