Identifying Key Factors for New Product Success

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Identifying key factors for new product success

It is well known for us that new product development is always the key for companies’ success or even survival. And the new products don’t need to be the totally new products, companies can just make some improvements, improve customers’ experience, or exchange a new color, shape to bring to customers new satisfaction and benefit. Then customers will not be tired of something, and customers are always the focus of marketing.

But new product development process is not a simple process. It is a very complex process needs many correlative departments such as marketing, designing, developing, and manufacturing departments work together. What’s more, a new product takes a high risk, because nobody can guarantee that this is going to be sold well. It is very important to follow a scientific development process, this can reduce the risk as much as we can.

At the beginning, we need some ideas, some kinds of inspiration. When customers have some new needs or new technology is invented, there could be an opportunity for company’s new products. These ideas may also come from one of employees, competitor’s new product, or government’s new policy. In other word, the opportunity maybe in everywhere, whenever we think customers need something new, we can develop a new product.

Second, the company needs to estimate and analyze those ideas, compare with them by each advantages or disadvantages. And then choose the most hopeful one from many ideas. Try to find a potential profitable project. And the way to pick it is building a model that can measure technology advantage, marketing attraction and earning power. A good opinion is a kind of right direction, can lead the following process.

Third, since we got the idea, I think it’s time to set a market strategy before the deign part. We need to analyze the target market, see what are the size, structure and behavior, and what the level that customers need it, the frequency...
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