Look Inside: 5 New Product Development Myths
Why Good People Get It Wrong
Innovators – an organization’s most insightful, contrarian thinkers and creators – need lots of time and space to come up with bright ideas. Dreaming up big, bold new product concepts is a spirited process not to be interrupted, and certainly not to be burdened by the company’s bean counters requesting a price check. Or so the theory goes. It’s the prevailing mindset about product development; monetizing a new offering is perceived as dirty, detrimental work.
But dig deeper and you’ll find it’s a mindset rooted in myths and misconceptions.
If you simply build a great new product, customers will pay fair value for it.
The new product or service must be controlled entirely by the innovation team working in isolation.
High failure rate of innovation is normal and even necessary.
Customers must experience a new product before they can say how much they’ll pay for it.
Until the business knows precisely what it’s building, it cannot possibly assess what it’s worth.