Ten Criteria for the Perfect New Product

What a brilliant idea! That’s what a lot of people think after a new idea pops into their minds. Or it’s something someone says at the end of a wonderful ideation workshop where a team of colleagues has just brainstormed new concepts. Of course, at that very moment it looks and feels like utter brilliance. Just like adoring parents swooning over their child. But, in this instance is it really justified?

Well actually, most new ideas don’t lead to new successful products or services. Six out of seven new concepts never reach the market. There is considerable evidence that show of the thousands of ideas out there, only one of them is converted into to a successful product.

In my professional practice as a marketer and consultant I made – and saw a lot of mistakes being made. So as innovation facilitator I developed a practical checklist to verify new concepts. As I love to make you a better innovator, I present in chapter five of my new book ‘The Innovation Expedition’,which you can download at the top of this article, a great list of ten criteria which a new concept must meet if it is ever to become successful. Five of these criteria are from the perspective of the customer. The other five are from the perspective of the organization.

Ten Criteria for the Perfect New Product

Customers’ perspective:

  1. Is it relevant for the customer?
  2. Is the solution superior on a relevant aspect?
  3. Is its uniqueness easy to explain to the customer?
  4. Is it easy for the customer to try?
  5. Can the customer change to our concept without any risk?

Organization’s perspective:

  1. Does it have the required potential in turnover and profits?
  2. Can it be done without directly competing with our other products or services?
  3. Does it fit our brand positioning?
  4. Can we make it (with the help of partners)?
  5. Can it be done without huge investments?

It’s easy to implement. If the answer is ‘yes’ to all ten questions, your concept is a no-brainer; just do it! If not, take time to pause and rethink your strategy.

Please share this blog with your colleagues, bosses and business relations helping them to avoid important pitfalls and just download chapter six of my new book for free.

By Gijs van Wulfen

Interested in the previous chapters? Please click here

About the author

Gijs van Wulfen (The Netherlands, 1960) helps organizations to start innovation effectively as author, speaker and facilitator. He is the founder of the FORTH innovation method. With FORTH he create attractive innovative products and services with great internal support with a multidisciplinary team. In his latest book ‘The Innovation Expedition’ he makes innovation very accessible by telling the story in a visual way. His clients are international companies in industry and services, as well as non-profit organizations. Gijs also trains and certifies facilitators in his method. Gijs is a keynote speaker at international innovation conferences and was chosen by LinkedIn as one of their 150 Thought Leaders.

Photo: Hand pick idea from shutterstock.com

  • Gaurav Shajepal

    Aptly stated..thanks for the article ..one thing about which i am curious is what if there is no organization ..i mean if there is a new product and new organization ..how does these question changes ?

  • Gijs van Wulfen

    Hi Gaurav Shajepal,

    Great Question. There is in practice always someone who introduces the new concept. it might be an individual, start-up or government organization. So question 6 – 10 stay relevant in most of the cases.

  • NYC I-Corps

    This is a great overview! We use the Lean LaunchPad program to teach researchers and technologists how to identify their potential customer’s pain points and determine whether the technology, or some variant of it, can address these issues. This list is a comprehensive and detailed review of the process. Great quick read!

  • Gijs van Wulfen

    Thanks for your wonderful compliments!

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