Creating and launching new products successfully requires a thorough vetting of ideas, as well as a deep understanding of the environment that idea will live in at the time of launch. Juggling these priorities and ending up with a full picture is not always as easy as it sounds.
To help out, I would like to share some articles I’ve been reading that discuss various approaches to new product introduction.
Companies often forget the most fundamental ingredient to launching a new product successfully: the ways customers evaluate products and make their purchasing decisions in the first place. This piece, by Duncan Simester at MIT Sloan, focuses on the elements that can cause a product to fail, in spite of what feels like proper due diligence. Defining the value of your new product is clearly important, but understanding how, if at all, your customers will perceive this value is the real goal.
This next one comes to us from FastCoDesign where Nikkel Blaase, designer at ZING, focuses on the crucial user experience element that ensures new products launch with confidence. The goal here is to think of the product holistically, and not focus so much on the individual features. The product as a whole needs to ooze purpose for each user so that the right features can reach the right people.
Randall Beard brings us a great piece on new product success that touches on everything from idea development to validation and activation. Grabbing some inspiration from Duncan Watt’s book, Everything is Obvious, Once You Know the Answer, Randall takes on the idea of common sense being a counter-intuitive notion when it comes to the forecasting and success of a product.
With all this talk of what customers want, why not include a conversation with them? This comes to us from GFK, a market opportunities and innovation company focused on consumer data. Though the article itself is an introduction to the full whitepaper, it provides an interesting angle on current trends and how they can be utilized in preparing new products for success.