Greetings!
As we welcome Spring in the Northern Hemisphere, it's easy to get caught up in everything that is New and Fresh and Exciting.
New Product Innovation
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However, it's very important to not lose track of where we've been...so that we have a clearer picture of where we are going.
In previous issues of the The Village, we've discussed the importance of Strategic Alignment, Portfolio Management, and using an efficient NPD Process. But, how do you know if all of these elements of your New Product Development efforts are working synchronously?
This month, we examine a frequently omitted step in the NPD Process: Post-Launch Reviews. If consistently measures project success and product performance in the marketplace, you will be assured of improved NPD efforts in the future. |
| Innovation Fun Fact |
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Putting the Squeeze On
Have you ever wondered how the toothpaste, glue, or medicine got into that tube? Metal tubes were first used in the 1800's to dispense oil paints for artists. Today our toothpaste tubes are mostly made of a plastic material to prevent loss of the product through cracks when rolling the tube up.
Aluminum Paint Tubes
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Metal tubes are still widely used for adhesives and medical products, both over the counter and prescription. Learn more by clicking on the photo at the right for a short, 5-minute video on the manufacture of aluminum tubes. |
| Evaluating Your NPD Projects |
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| Post-Launch Reviews Improve All NPD Results
One of the most overlooked, but most important, reviews in the New Product Development Process is the Post-Launch Review (PLR).
An audit of the NPD Process and of the project itself will measure whether effective gate reviews have been conducted, will determine whether the new product or service is delivering the promised revenues, and will help you assess if your strategy and its execution is on target.
PLRs allow an open discussion of what went right, what went wrong, and what can be improved for the next NPD project that is bearing down the pipeline. Additionally,  financial models are effectively checked against the benchmark metrics during a thorough Post-Launch Review after the new product has been commercialized for 6-18 months.
We encourage a first pass check on the NPD process with a PLR conducted about one month after the new product or service is commercialized. Financial product performance can be evaluated with additional PLRs completed as market data becomes available.
(estimated reading time is 12 minutes) |
| What's New? |
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We know you're busy! That's why we're offering new, on-line facilitated New Product Development Professional  (NPDP) Training on-line. Spend just 2 hours for a month for in-depth learning in six key areas of NPD.
It's fast, it's easy, and it will advance your career! |
