TEI 005: How Relying on Aggregate Marketing Data Can Doom New Product Developmen

Global Product Management Talk is pleased to bring you another episode of The Everyday Innovator.

The podcast is all about helping people involved in developing and managing products become more successful, grow their careers, and STANDOUT from their peers.

George Farkas is CEO of an electronics engineering service company in the Pacific Northwest called Tsuga Engineering. His company creates portable power components for electronic devices, such as integrated power in backpacks and business cases. Over his career George has helped several companies develop products that provide customers value.  He is also certified as a New Product Development Professional (NPDP) by the Product Development and Management Association (PDMA).

Highlights from the discussion include:

• The winning product formula is developed by studying the customer and collaborating as a cross-functional team to deliver what the customer values.
• Using aggregate market data only, in isolation from real customers, results in a “me too” product that is more likely to be a failure.
• Watch out for those who say “we know what the customer needs” – the way to know is to iterate and co-develop prototypes with customers.
• Wrong assumptions early in the process can set product development work on a path that leads to failure because time is not available to correct the issues.
• Skipping proven product development and management processes leads to expensive failures.
• Executives role in product innovation includes developing the company culture to support innovation and create alignment in strategies.
• Executives need to understand the best practices in product innovation processes and know that such training exists.
• Don’t design a product based on opinions – base the design on real customer needs.