Product development
Innovative product development – 'Wow your customer'
In almost every product sector there are examples of the impact that innovative products can have on their market:
- in drug delivery the development of breath-actuated inhalers provided benefits and re-assurance for the patient as well as enhancing the delivery performance
- Dyson well and truly upset the vacuum cleaner marketplace with his ‘bagless’ products
- in packaging, the Evian Action bottle (seen on the right) not only created a more attractive and convenient pack that suited customer lifestyles but also created an icon for the Evian brand with real ‘shelf shout’
- in food and drink the introduction of ‘widget’ technology to canned beer radically changed the sector by giving customers a better product.
In each case the vision of the future product and the potential commercial benefits will have been compelling enough for the company concerned to take on the higher development costs and risks. But unfortunately the number of innovative product launches remains low. This is primarily because it’s exceptionally difficult! Survey data suggests that on average it takes over 3,000 raw ideas leading to 9 significant developments and 1.7 launches for one commercial success. Using the right approach and flattening this curve will maximize the chances of success and minimize the cost.
Key factors for success are:
- relevant market insights on consumer needs and trends
- innovating around these insights
- researching key ideas early and thoroughly with consumers
- understanding the key technologies involved
- commitment to push through the winning ideas.
PA is an acknowledged innovator and has developed breakthrough products for our clients in many sectors.
Contact us
For further information call +44 1763 267492 or e-mail: innovation@paconsulting.com
Case studies in innovative product development
 Evian - innovative thinking elevates a global brand
Courage - maintaining brand leadership through technical 'widget' innovation
|
