Monthly Archives: July 2014

How to Come Up with Better New Product Concepts

What should our next new product be? Answering that question is perhaps the hardest step in the entire new product development process, especially if you compete in a mature or commodity category. Let’s say you work for a kitchen gadget...

The One Question You Must Ask When Developing a New Product

In last week’s blog post, I wrote about the new product development process entrepreneur Scott Tavenner and his team used to create Savino, a wine preservation carafe. Does the product fill an unrealized need? Scott came up with the idea...

Consumer-Centric Product Development Increases The Odds Of New Product Success

I am an advocate of consumer-centric product development. Consumer-centric product development means that consumer research is an integral part of the development process and every major decision is informed by consumer feedback. Companies who employ a consumer-centric product development process...

What is Margin of Benefit and Why Should You Care?

I recently brought a group of HomeTrend Influentials (HIPsters) together to test multi-blade food choppers.   After testing the food choppers, the HIPsters said they would not be interested in purchasing any of them. The reason?  The margin of benefit.  The...