Innovation continues to drive product development trends in 2022, but remains closely tied to customer needs, so innovation solves a real problem for customers. Even after extensive development and testing, an estimated 40% of new products fail when launched. Only one in ten products based on a new concept are huge commercial successes, and only 13% of companies report meeting their annual profit targets based on new products.
In his research paper On Product Development Success Factors, Robert G. Cooper sets out to review several research studies to identify the product development success factors of certain companies. His work looks at why some companies’ products consistently outperform others. The document defines five categories: tactical, organizational, strategic, systems and methods.
In the tactical category, a company focuses on the execution of its new product development project. They listen to the voice of their customers, improve their processes with front-end work, and work towards successful go-to-market projects. In the organizational and strategic categories, at the business level, the company focuses on its organization and its leadership at the VP level and within teams. In the strategy category, they include heavy investments in innovation and start-up R&D. Specifically, in culture, the company must cultivate a tolerance for failure, risk-taking, and accountability at the team level. Finally, New Product Development (NPD) requires a system and method, such as a New Product Development process.
Trends for 2022
Product development trends closely follow consumer demand and behavior. For example, consumers are increasingly concerned about the environment and ethical issues. For example, in the consumer category, this drives the need for textiles made from bast fibers like hemp, linen, and jute. Consumers are also increasingly interested in waterless washing.
Product development trends in 2022 include integrating AI-based features into products, satisfying consumer demands for products with additional voice assistance, natural speech recognition, and intuitive, voice-based operation. site.
Product innovation does not only include physical products. Trends in 2022 include exploitation of the cryptocurrency world with reward systems (like crypto-back credit cards) and growing interest in virtual reality, like Facebook’s Metaverse product announcements.
Consulting in product development in 2022
For any company developing products, product development consulting offers solutions for many product development challenges. These include getting the whole team to work together on an idea with clarity, meeting customer expectations, meeting financial goals, and ensuring the product launches on time.
Product development consulting firms specialize in helping industries overcome all of the above issues by fostering an agile environment.
What does a product development consultant do?
Perhaps you have asked yourself, “What does a product development consultant do and how can my company benefit from their services?”
There are several aspects that product development consultants can do to help product development processes and product strategies in all industries. Their services are invaluable in improving an organization’s efficiency and driving innovation – typically by identifying shifts in definition, late decision-making and insufficient team empowerment.
An effective product development process must go through the right steps. These start with discovery, then move to definition, design and development, ensuring the process is improved, predictable, accelerated and efficient.
The product development consultant’s job is to ensure that the strategy leverages the company’s brand, respects the company’s strategy, stays on track and respects profit margins. Often this is done by reducing time to market.
Approaches Used by Product Development Consulting Firms
Most product development consulting firms work on the principle of developing a one-size-fits-all approach. Businesses should be wary of one-size-fits-all strategies because every organization is different. Product development consulting is all about having both the knowledge and the experience to develop the right approach to help new products succeed in today’s demanding marketplace.
TCGen is a product development consulting firm founded by John Carter. He has hands-on experience from years leading product development for BOSE, Apple, Bio-Rad and HP. The approach used for product development consulting at TCGen is tailored to the needs of each organization, prescribed after a thorough assessment to highlight product development pain points.
After agreeing with ownership and management on objectives and KPIs, the TCGen approach identifies improvement levers associated with a metric. The emphasis is on listening and being accompanied by an experienced product management consultant throughout the process.
As industries, markets and consumer demands continue to change unprecedentedly; product development trends will also evolve. However, one thing is certain; we will continue to see winners and losers among new product developers.
Ensuring success in the global market environment requires improved product strategy, innovation and product portfolio management. Product Development Consultants are trained to provide the mechanism to take a product from idea to successful outcome.