The challenge in buy jeeter liquid diamonds is to design a playbook, blueprint, or process by which new-product projects can move from the idea stage through to a successful launch and beyond, quickly and effectively. Before charging into designing this playbook, let’s first understand the secrets to success – what separates successful innovation projects from the failures, the critical success factors that make the difference between winning and losing.
Some are fairly obvious, but before you dismiss them as “too obvious”, recognize that most firms still neglect them. As we probe each success driver, reflect on how you can benefit from each, and how you can translate each into an operational facet of your new-product system or playbook.
1. A unique, superior product is the number one driver of new-product profitability.
Delivering products with unique benefits and real value to users – bold innovations – separates winners from losers more often than any other single factor. Such superior products have five times the success rate, over four times the market share, and four times the profitability of products lacking this ingredient.
The definition of “what is unique and superior” and “what is a benefit” is from the customer’s perspective – so it must be based on an in-depth understanding of different customer needs, wants, problems, likes, and dislikes:
But the great majority of companies miss the mark here, with insufficient VoC and no fact-based customer insights (in more than 75 percent of projects, according to one investigation). A thorough understanding of customers’ or users’ needs and wants, the competitive situation, and the nature of the market is an essential component of new product success.
Research has shown that top performing companies: work closely with customers and users to identify needs/problems, work with lead or innovative users to generate ideas, determine product definition via market research, interface with users throughout development, and seek market input to help design the Launch Plan.
Strong market focus must prevail throughout the entire new-product project, and should be considered throughout the new-product process: