Product Innovation:

New Product Development

New Product Development (NPD): Best Practices

10 Characteristics of the Most Successful Companies

By: Vadim Kotelnikov

Founder, Ten3 Business e-Coach – Inspiration and Innovation Unlimited!

Strategy

1. Market innovators, develop new market segments

3 Strategies of Market Leaders

2. Top management supports product innovation and new product development consistently and effectively

Customer Focus

Customer Success 360

3. Practice customer-focused innovation; conduct customer need identification research

4. Solicit customer input prior to product idea generation

5. Observe prospective customers to discover their hidden needs

6. Involve customers as partners in the process of new product development

Yin-Yang of Value Innovation

Innovation Process

7. Empower cross-functional innovation teams and establish a jazz-like innovation process

8. Use effective inventive thinking and idea assessment techniques

9. Encourage risk taking during new product development

Failure as a Stepping Stone To Success

10. Start small, build prototypes, test market their new product, learn from customer feedback, and adapt