Many successful companies often neglect the importance of new product development and spend their R&D budgets on upgrading their existing best sellers. However, this methodology typically presents two rather severe problems:
- Their qualified leads and existing customers are familiar with their products
- A reboot or upgrade may not be what your clients are looking for
Companies that fail to introduce new products to the market are in danger of losing a large portion of their clientele to organizations that regularly launch new items through effective internet marketing.
The specialists at Brain Box Labs agree that running an effective online advertising campaign on a professionally designed website is critical to your organization’s success. It’s an easily accessible platform that enables your clients to research and purchase your products conveniently.
Yet, why is new product development so important?
It Improves Consumer Experience
The internet has made it convenient for consumers to switch between businesses effortlessly. Recent research studies indicate that:
- More than 75% of people are willing to try out a different brand if that organization can provide them with a better experience and meet their requirements.
- 63% of consumers expect businesses to offer new services and products frequently
- More than 66% of clients stated that it takes a higher standard and technology to impress them
Regardless of the industry, you’re catering to, the lesson we learn from the statistics mentioned above remains the same – modern-day consumers insist on a quality experience. One of the best ways to provide for this need, and bring new value to your company, is by introducing new ideas and innovation to the market.
New Product Development – Customer-Centric Areas to Focus On
Emphasizing your clients’ needs and wants during product development can reveal something different about your customers. It’s helpful to focus on the following customer centric research areas when considering your consumers’ expectations and preferences.
Customer Interviews During the Ideation Phase
The amount of knowledge you might gain from relaxed customer interviews during the brainstorming phase shouldn’t be underestimated. It often leads to surprises and aha moments that can be invaluable to new product development success. During these interviews, you could even consider using a Conjoint analysis tool to help gain invaluable knowledge and provide useful data, that when analyzed, can influence the development of products, strategies, and customer experience.
Limit the Size of Customer Samples
Limiting customer sample sizes, especially during the ideation and conception phases, can render quick results to identify consumer patterns. It helps to keep the research phase moving forward and adheres to new product development best practices.
Listen to the Consumers’ Language
During the conception, testing, and refinement phases, it’s imperative to listen to the consumer’s language. Focusing on this customer centric research aspect helps to:
- Identify what your customers are trying to fulfill or do
- Discover any shortcomings that your current offerings may have that could be rectified, clarified, or simplified by introducing a new product
Combine Customer Behavioral and Survey Data
Combining customer behavioral and survey data can be an invaluable tool. It typically reveals your clients’ emotions and personalities and can lay the foundation for product personalization, leading toward ideal consumer segments.
A thorough analysis of this information informs the entire development process and marketing strategy, enabling you to speed up time to profitability once the product is launched.
To Wrap Up
Frequently developing new products plays a critical role in maintaining your clients. It keeps them happy and also helps to retain your organization’s competitive edge. Keeping your customers in mind during the research process is crucial to creating items that cater to your clients’ wants and needs.