Factors Influencing the Success of New Product Development

Are you planning to introduce a new product into the market? What are the steps to follow to ensure it becomes successful?

There are different factors that influence the success of a new product development. For instance, your entire team needs to be competent and committed to the success of this product.

Your product designer will be responsible for utility, usability and raising the user’s experience on your site. Despite this, there are a number of factors that are beyond the control of your designer. All these factors will influence the success of your new product. They include the following.

1. Senior Management Support

The support of the company’s top management is essential for the success of your project. Without it, you won’t get the resources and financial budget to implement the development phases. While your design team cannot force the top management to support the program, however, they can persuade the management to support it.

As such, you and your design team need to learn how to convince the top management for support. Without its support, the entire project collapses.

2. Market Orientation

Your market orientation analysis should guide you on how to meet the needs and wants of your customers.

While your design team cannot dictate your company philosophy on customers, it should influence this. But how do they do this? By conducting an appropriate user research and an effective market research.

The market research should help you identify your customer/user needs and how you meet them.

3. Technology

Which technology are you planning to use in introducing the product to your market? Is it compatible with the market?

It is imperative that you use a technology that your market can resonate with. Whereas the design team may not have the final say on technology budget allocation or appropriation, they should influence the choice of your development team.

For instance, a multi-million dollar software or hardware requirement may make your product inaccessible to small consumers. However, it may not be an insurmountable hurdle for the large corporations.

Whenever you choose a technology, you need to have your end user in mind.

4. Knowledge Management

Different organizations in the present day value knowledge. They are willing to protect it as a treasure. However, creating such a knowledge silo in a company makes the knowledge ineffective.

The market research and analysis data will be helpful to your design teams. But if the marketing team is hesitant to share the data, the entire company will not benefit from its analysis. Your company should, therefore, work on ensuring that any data and information is accessible by all.

5. The Development Strategies

How do you intend to achieve the overall goal of introducing a successful new product for your market? Who is responsible for formulating and implementing these designs?

The responsibility for drafting and implementing strategies is a shared goal between the development, design and management teams. These parties should coordinate their activities to ensure there is uniformity in their decision.

It’s worth noting that the final decision on the strategy to adapt lies with the product managers.