Product failures are expensive. And they’re common. Even the largest, most famous companies fall short sometimes when bringing new products to market.
Nobody needs these failures, but what choice is there? Few companies succeed in the long term if they don’t continually reinvent their offerings.
The good news is that many of the problems underlying failure are preventable. The economic attractiveness of new (and existing) products can reveal itself via thorough examination of market, channel and customer behaviors. Add an understanding of competitive action, cost dynamics and internal capabilities to the mix and you’re looking at untapped opportunities for new product concepts.
How we help
We bring a customer-centric lens to the development of new offerings. As part of this service, we can:
- Understand customer needs — both met and unmet — from your own product offerings plus those of your competitors in order to identify new opportunities
- Uncover new product opportunities within markets, consumer segments and distribution channels
- Establish a process for seizing new product opportunities
- Explain the business case for developing a new product
- Develop and test new product concepts, including formats and pricing
- Project sales, profits and market penetration under a variety of scenarios
- Build go-to-market product launch plans
- Identify ways to commercialize the data you collect
- Identify other ancillary revenue strategies
- Retool product and service portfolios, including areas where existing products need to be repositioned or rationalized
- Assess the effectiveness of your product development process
- Look for opportunities to reduce development time and costs
- Create an innovation capability within your organization
- Reduced costs from fewer product failures
- Increased revenues from capturing new opportunities
- Greater internal credibility from a strong track record in new product development
- Faster time to market due to a more streamlined innovation and product development process