In today’s hyper-competitive marketplace, an organization must have a vibrant new products program to be successful. Standing pat with one’s current product portfolio is simply not a viable option. There are no “absolutes”, nor is there a magic formula for generating successful new product innovation. But three factors have proven to be consistently important:
- The number one predictor of new product success is having dozens of ideas and fleshing out as many new product concepts as feasible. Filtering, discarding and/or identifying those with hidden potential is both an art and a science. Marketing lore is rife with “failed” new product ideas which were repackaged, retargeted, or rebranded to astonishing success.
- The best resource for generating new ideas is an outside expert. As the marketplace changes – expanding while simultaneously becoming more segmented – it becomes less familiar to the traditional competitors. As Albert Einstein asked, “What does a fish know of the water … in which it swims all its life?” It usually requires an external perspective to evaluate one’s competitive environment in a completely new way.
- Intuitive fact-finding are the paradoxical skills required to identify great new product opportunities. The ability to sense that a product idea might or might not be good, and then the discipline to then subject it to quantitative rigor and analysis.
OUTBRANDING has proven ability to look with fresh eyes at the competitive set and changing consumer behaviors, and then identify new product opportunities and generate unique and innovative ideas.