In New Product Introduction - more is less
The Executive Corporate Board has a great white paper entitled “Boosting the Impact of Innovation and New Product Launch Processes.” In it they have some mini case studies of how companies who try to achieve top line growth by introducing an increasing number of product/service extensions often times end up with reduced revenues instead.
They also recommend that companies focus on “market segment” innovation rather than pure product innovation - which has traditionally been used to help differentiate products. With the advent of fast followers becoming increasingly faster, product innovation no longer helps with product differentiation. They describe the case studies of P&G and Best Buy as good examples of “market segment” innovation - where you look at product innovation based on the insights gained from well defined market segments.
[Tags: innovation product introduction market insight]
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