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Planning an Innovation Program | | |
Three Approaches to Innovation Strategy
 New markets are often unknowingly identified by customers themselves or by non-consumers. A strategy elucidated by the customers is one way for a firm to introduce new or existing products into a new market. The classic "jobs" model - which asks what jobs customers need done with convenience or less cost - is a foundation to customer-centric innovation. New markets certainly can also bring business growth yet make take the long-run to fully develop.
Finally, a focused strategy building from a company's core capabilities can lead to success through market penetration. A product that is superior to all other competitors can guide the way to an expanding market. Sometimes, a firm's core capability is identified as a technology that not only benefits a firm financially with deep penetration in one market, but can also be developed for additional customer profiles.
Whether your firm's strategy for innovation aligns with one of the three described here, or your strategy is a compendium of these, it is imperative that the company does indeed follow a defined vision for NPD. Global NP Solutions is available to help you lay out a strategic pathway for success!
GNPS Premier Members can access this dynamic thought leadership paper in pdf format. All GNPS Premier members SAVE on NPDP Certification courses.
All others can access Three Approaches to Innovation Strategy and download now the full paper for a very small fee to cover publication expenses - we'll even cover the sales tax for you! |
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Greetings!
 Christmas is just around the corner and Hanukah is almost behind us. I wish you a festive and safe holiday season and a very innovative 2013!
This month, The Village newsletter from Global NP Solutions focuses the post-launch reviews that are imperative to a successful NPD process. We describe why you need to conduct a lessons learned review, who is involved, and how to do a post-launch review in our December featured thought leadership paper.
This month's recommended reading reviews another classic innovation text: Clayton Christensen's "The Innovator's Dilemma."
And with Christmas on the horizon, December's Innovation Fun Fact shows us how the beautiful glass Christmas decorations are made. Enjoy!
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Project Post-Launch | | |
Reviews for Managing New Product Projects
In a benchmark study of over 100 businesses, the post-launch review was shown to have the greatest impact on NPD performance, yet was one of the weakest overall areas. Less than a quarter of firms conduct a formal lessons learned project review (14). Yet, most businesses have already fully implemented a formal phased NPD review process - what's happening to the last step in the process?
Learning from NPD post-launch reviews requires focus, effort, attention to detail, and the ability to make tough choices. Learnings cut across work groups, individuals, and functions, delivering improved procedures, processes, and leadership skills for the cross-functional NPD team. New tools and methods can emerge from diligent PLRs, leading to faster, more efficient, and higher quality NPD projects in the future.
Further, documenting the project lessons learned (15) can provide the NPD team with beneficial performance feedback and useful information for future work. Another benefit is to generate an increase in customer satisfaction since feedback from the post-launch reviews can address both specific and general issues associated with a new product.
Continue reading and learning about Project Post-Launch at www.globalnpsolutions.com. |
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Recommended Reading | | |
The Innovator's Dilemma
by Clayton Christensen
 Recently, at The Innovator's Book Club on Linked In, we had an active discussion on the classic book for new product development, "The Innovator's Dilemma."
This classic tome covers the reasons why businesses fail to recognize emerging, or disruptive, innovations as they are happy to cut costs on low margin customers. Yet, it's important to a firm to convert "non-consumers" to happy customers! |
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Innovation Fun Fact | |
Christmas Ornaments
Christmas ornaments are purported to have been invented in the beautiful city of Strasbourg in 1605. They became common in 1800s English homes. In America, we  have a wide variety of Christmas ornaments - even shatterproof outdoor ones!
Click on the image of the pretty and festive Christmas ornament to view a short video to learn how these are made. (A short 3-minute video.) |
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