New Product Development
Peter Drucker quoted, “Plans are only good intentions unless they immediately degenerate into hard work”.
There are many ways a new product development process can go astray. If we were to consider a root cause of this, it would most likely be due to a lack of attention to detail. The process of new product development is a very detailed, analysis-heavy planning process. There are many reasons for performance issues, including: 1) teams are not clear on roles, deliverables, or timing, 2) market sizing models are built on incorrect segmentation models or incorrect assumptions, 3) customers have unrealistic expectations, 4) forecasts are inaccurate….the list goes on. Our clients work with us because we help them navigate the process of bringing new value, new products/services/solutions, to market. We have expertise in all stages of the process, from discovery/idea generation, to business case analysis, to scoping, to development, to testing, to launching, and ultimately, measuring results – managing the go/no-go steps along the way. Our expertise includes taking insights from customer and market research and building a pipeline of potential new products and services that the organization can invest in, now and in the future. And, we refresh the pipeline each year prior to the client’s strategic planning cycle. The flexibility of the process allows for fast-tracking new products for short-term results, while allowing other, more complex, opportunities to go through each of the stage-gates, supporting a longer-term new product offering; all depending on market demand, organizational and financial priorities. |