Riedel Marketing Group can help you significantly improve your company's rate of new product success. We do this by helping you implement new product development best practices.
- We can help you gain a thorough understanding of how the market is segmented, what unfulfilled needs consumers have, and how much of a price premium a differentiated product might permit.
- We can help you identify new product ideas that are good strategic fits for your company.
- We can help you become more proficient at the up-front pre-development activities of initial screening, preliminary market assessment, and detailed market analysis.
- We can help you identify new product ideas that offer unique benefits to the consumer AND are superior to competing products in the eyes of the consumer.
Companies that follow new product development best practices enjoy significantly higher rates of new product success.
- More than 75% of the products commercialized by the "best" in a five year period were successful (compared to 54% for the rest of the firms).
- 47% of the sales and 49% of the profits of the "best" firms were accounted for by new products (compared to 21% of sales and 21% of profits for the rest).
- One in four ideas results in a commercial success (compared to one in nine for the rest).
What sets the "best" apart from the rest?
Although the “best” companies succeed at new product development by doing a number of things differently than the rest, there are several key activities that the "best" do better than the rest.
- The "best" have an understanding of users’ needs, wants, and preferences and a strong market orientation with marketing inputs playing an important role in shaping the concept and design of the product.
- The "best" spend significant time up-front gaining an understanding of the marketplace and customer needs.
- The "best" do more qualitative market research than the rest of the firms.
- The "best" make sure that there is a good fit between the marketing, sales force, and distribution needs of the product and the firm’s marketing resources and skill.
- The "best" are more proficient at the up-front pre-development activities of initial screening, preliminary market assessment, and detailed market analysis – activities that are strongly correlated with new product success.
- The "best" introduce products that are unique and superior in the eyes of the consumer; have a high performance-to-cost ratio; and economic advantages (cost-benefit) to the customer.
(Sources: " Trends and Drivers of Success in NPD Practices: Results of the 2003 PDMA Best Practices Study", The Journal of Product Innovation Management, 2009; 26:3-23, "An Investigation into the New Product Process: Steps, Deficiencies, and Impact", The Journal of Product Innovation Management, 1986; 3:71-85)
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