New products (including new technologies and new services) are one of the main engines for growth in most businesses. Developing a successful new product is challenging enough, but integrating an effective New Product Development (NPD) process could further differentiate you from your competition, improve your margins and enable long term sustainable growth.
“If you define a company by its products, it dies.You have to define it as a great culture that can create great products” —Jim Collins, Good To Great
Many successful companies set goals for their New Product Development (NPD) process, i.e.: “25% of annual sales must be from new products introduced over the past 3 years.” Although goals may vary depending on your markets and products, the message is the same – unless you formalize your NPD process and set aggressive organizational goals, you’re not fully realizing the total potential of your R&D investment.
TekMark’s New Product Development advisory services range from facilitating formal brainstorm sessions (many times conducted during annual sales meetings or industry conferences) that will generate new ideas for new products and services to the development and integration of a formal, Stage-GateTM, NPD process (from idea generation to post launch review).
We develop a process that is correctly sized for your business and generates results in a quick and effective manner. This process will reduce the impact of individual biases and encourage NPD strategies that are in the best interests of the company as a whole and increase your opportunity for long term, profitable growth.
“Lake Shore Cryotronics, along with guidance and support from TekMark Growth Partners develops new far infrared filters through NASA’s SBIR program. The filters are designed for applications in the far IR to THz wavelength regions starting past 12 um and were specified for use in the Faint Object Infrared Camera (FORCAST), designed for NASA’s SOFIA program.”
“Our brainstorming and ideation sessions are an effective way to generate and prioritize new product ideas and growth initiatives.They engage employees from all functions, encourages “buy-in” and motivates an organization to become more “pro-active”.We often conduct these at international sales meetings or industry conferences when our clients’ sales and management teams are already together as a group.”
