Accept Corporation, a leader in product innovation management, unveiled the results of its inaugural “Innovation Priorities and Challenges” annual survey conducted in partnership with the Association of International Product Marketing and Management.
The survey found that although most new products launched in 2010 were unsuccessful, companies continue to develop the wrong products and features for their target markets, and that new products often do not align with the companies’ overall strategic objectives.
Major Findings on Why Products Have Been Failing…
Failure to Incorporate ‘Voice of the Customer’ — Less than 25% of companies surveyed utilize social innovation or social media tools to gather new product or features ideas from customers.
Failure to Align Product Execution with Company Strategy –– More than half of executives surveyed believe their teams are working on the wrong products and features and that less than 50% of their engineering resources are focused on the most important priorities.
Failure to Automate Product Innovation Processes — Nearly 70% of companies rely on manual processes (including MS Word and Excel) to manage their innovation across the enterprise.
Failure to Mitigate Planning and Execution Risk — Inability to plan resources to match timing and constraints and the inability to manage product and execution dependencies were cited as the top challenges and sources of risk.
Top Product Innovation Priorities for 2011:
- Translate Strategy into Reality
- Integrate Voice of the Customer As A Critical First Step
- Automation is A Must for Innovation Success
- Mitigate Risk at Every Stage in the Product Innovation Lifecycle
To learn more about the innovation priorities of leading organizations and the strategies they are employing to tackle them, download a complimentary copy of “The Return to Profitability: 2011 Product Innovation Priorities Report.”