New Product Development: Potential Pitfalls
Generating new ideas and creating new product is often exciting, yet a bit daunting. There are many unanswered questions along with new product development (NPD) and with that also comes a strong sense of vulnerability when introducing it onto the market. Some common concerns include: Will people like the product? Will the product function as intended? Is there truly a need for this product in today’s market? The list could go on and on. However, if you have done adequate research on your product and have identified a distinct need that will be met by your product, you should be in the clear and ready to make millions, right? Sorry to burst your bubble, but, POP! NPD includes a lot more than just merely creating a product that may potentially be useful to people. In order to really be successful in NPD, you must first recognize the potential pitfalls that have handicapped the success of new products everywhere and anywhere. Even though there are many different components that can hinder NPD, we will list 3 important NPD pitfalls that should not be overlooked when striving for success.
This is a biggie. Often times, businesses are so excited to get their new product out onto the market that they do not spend an adequate amount of time working through and identifying product flaws. Product flaws have one of the biggest impacts regarding customer opinion on a product. If a product does not have all the kinks worked out and it does not work entirely as advertised or expected, the customer will be dissatisfied.
We know that growing up grandma always made extra food for special occasions because she never wanted to run out, however, this is not the best practice to implement when introducing a new product. It is better to stay on the safe side and produce a modest number of your new product in the beginning rather than to overproduce and risk drastic financial loss if the new product turns out to be less desired by consumers. Remember, a warehouse stocked with unwanted products does not do anybody any good.
Sadly, this type of situation is seen all too often. In NPD, all resources should be utilized if a benefit is apparent. For example, if there is an employee with great vision and creativity working down in the mail room, how are her untapped talents going to be recognized over in NPD? When employees exhibit a passion and dedication to a product or towards the company, it needs to be recognized so it can be brought to the next level. There are many companies out in the world today that underutilize staff and are missing out on miraculous products or improvements due to simple job title restraints.
NPD is not easy and not for the timid, but it is essentially how we keep our marketplace moving and changing. Even though not all new products are capable of reaping success, it is important to give them a test out on the market. Remember sliced bread didn’t become a modern marvel without NPD.
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