Our Insights:
We have identified key solutions to guide your use of research in the NPD process and tips for things to avoid during this key process.
1. Using Tomorrow’s Research to Justify Yesterday’s Bad Decisions
Too often companies move forward with new products based on a hunch. They have an idea, see value in it and decide to progress with the development of a product without thoroughly exploring the market for that product. However, without thoughtful research and abiding by the known principles of NPD, chances are this company and product will encounter difficulties. Then, when the inevitable problems arise, companies look to research to justify their decisions. Demonstrating this point, an article, “What Entrepreneurs Get Wrong,” surveyed entrepreneurs in Hong Kong, Kenya, Mexico, Nigeria, the United Kingdom, and the United States to uncover insights on these entrepreneurs’ first sales and what they learned through the process. In discussing their regrets, they shared that “starting late” was a mistake as they missed out on the crucial opportunity of understanding customer needs and reactions before actually developing the product.4