How many products should we launch to get a commercial success ? Many statistics exist on failures and successes related to the launch of new products. beCPG software manages New Product Portfolio Management for Food, Cosmetics and CPG industries in order to anticipate market trends.
According to Robert Cooper of the Product Development Institute (2001 data), 48% of new products fail due to an inadequate assessment of the market.
According to Deloitte Consulting (1998 data), some causes of project failure are due to:
- Unrealistic objectives: 65%
- Weaknesses in project management : 54%
- Definition of project scope : 43%
- Lack of cross vision : 41%
When you develop new products, it is important to select the best ideas and the best projects. For this, beCPG provides project management that drives the development of new products, from idea generation to product launch on the market.
Each phase of the project is validated by a review of project to eliminate non-strategic / risky projects with phase-gate.
Here are some phases we can have when developing new products:
Idea generation enables brainstorming. Ideas are grouped by lists (Change requests, product improvements, customer requests …). Each member can add its ideas and votes.
Marketing analysis is often composed of several tasks, for example:
- Requirements gathering
- Market analysis
- Evaluate concepts
- Regulatory assessments
This phase evaluates the project and validates the launch of the product design.
At the end of this phase, the project has:
- Screening completed with answers to questions
- Deliverables to provide are defined
- Planning proposal
Each project is evaluated so it’s easy to compare them in order to select the best projects and cancel projects that don’t fit the business strategy, that are unprofitable or too difficult to achieve.
We will see in a future post the next phases:
- Project design
- Product Launch
Are you interested in our software for New Product Portfolio Management ? Please, contact us to get a web demo !