How to develop successful products

A study identifies the main success factors into NPD (new-product development) performance in the industry.

Originally published on medium.com

Product innovation is important to business prosperity, but the keys to success still remain difficult to understand. So, why do some new products stand out more than others? A research done by Robert G. Cooper, researcher and internationally recognised expert in the field of innovation management, had identified the main success drivers from numerous research studies into NPD (new-product development) performance in the industry.

Success drivers of projects

7 success factors at the development-project level have been identified by the research. These are tactical and capture the characteristics of the new-product project or the product itself:

1. Developing a uniquely superior product that delivers unique benefits and a compelling value proposition to the user.
2. Building in the voice-of-the-customer, market-driven and customer-focused.
3. Doing a pre-work and front-end loading–due diligence, done before development gets underway.
4. Sharping an early product definition to avoid scope creep and unstable specs.
5. Keeping an Iterative or spiral development and putting something in front of the customer early and often, to get the product right.
6. Having a global product concept targeted at international markets.
7. Launching the product with a solid, properly resourced marketing plan is at the heart of an effective launch.

Success drivers of the business

These 8 factors consider the organisational strategics in innovation, investment decisions, and internal culture:

1. Having product innovation and technology strategies that are focused on the best strategic arenas.
2. Focusing on doing fewer development projects, better projects, and adopting systematic portfolio management.
3. Risking and step-out development projects into new and unfamiliar markets and technologies.
4. Targeting attractive markets according to market size, growth, and competitive situation.
5. Keeping innovation resources, both quantity (people, money), and quality (the right people) in place.
6. Encouraging an effective cross-functional team to reduce time-to-market.
7. Pursuing the right climate and culture that supports and fosters innovation activities.
8. Having top management supporting and leading the innovation effect.

Success drivers of systems and methods

These 5 factors consist of the use of right systems, processes and methodologies:

1. Having systems that permit the multistage from idea through launch.
2. Accelerating development, but not costing quality of execution.
3. Using Agile methods to yield agility, adaptive response to changing requirements, and faster to market
4. Generating breakthrough ideas.
5. Pursuing quality in the execution of certain key tasks in the innovation process, from idea through launch.

The research author concludes that front the current dynamic, the research into new-product success drivers and practices must continue since the keys to success have not yet been thoroughly investigated. You can read the full study here.

Has your company taken the above factors into consideration when developing new products? What factors do you think were pending in this study? Leave your comment

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Reference: Cooper, Robert G. “The drivers of success in new-product development.” Industrial Marketing Management 76 (2019): 36–47.