New Product Innovation

MCAworks Approach

Product innovation can be accomplished by applying a systematic approach to creating product ideas, testing those ideas via consumer research (for relevancy), and screening those ideas against business criteria (related to volume and profitability) for generating new products most likely to succeed in the marketplace. The key to success is to create an atmosphere in the company where lots of ideas can be created, not worrying at first about being overly precise about defining needs and sizing the market opportunity.

Typically, we work alongside a team representing a cross-section of functional areas (marketing, product development, manufacturing, research, sales, etc.). MCAworks provides insights that allow the cross-functional team to develop an understanding of consumer needs and market drivers, including competition. We utilize creative techniques that get team participants to think in new ways about providing solutions to the marketplace.

We then work with a smaller group to create a short list of new product ideas based on agreed-to filters. The short list of product ideas are screened via market research to gage consumer preference. From here, a basis for interest is developed based on those products ideas that appear to have traction in the marketplace.

Once in place, the process is iterative. Based on our experience, we recommend that companies create a culture and process for periodically brainstorming a large number of new ideas that can be put into the hopper, utilizing business and consumer filters to reduce the ideas to those most likely to succeed. As a track record is developed of successes and failures, the filters can be adjusted based on learning.

Contact John Hawkins for more information.