DEVELOPMENT101
RinkaBanerjee Founder&ManagingPartner
ThinkingForksConsulting
3FUNDAMENTALSINPRODUCTINNOVATION
DESIRABILITY
Desirability
Feasibility Viability
•Consumerdesire
•PerceivedValue
FEASIBILITY
•Manufacturing
•Routestomarket(s)
•MarketOpportunity
•Righttowin
•Capability
•Risks/Guardrails
VIABILITY
•Volume
•Profitability
•Scale
CHARACTERISTICSOFSUCCESSFUL PRODUCT
INNOVATION
CUSTOMERDELIGHT
STANDARDIZATION
FEASIBLE&VIABLE PATHWAYS
CORPORATE/BRAND/ REGULATORY GUARDRAILS
KEYCONSIDERATIONSINPRODUCTDEVELOPMENT
STANDARDIZATION
• Standardizationi.e.specifications& TechnicalActionStandards
• Shelflife(F&B,BPC)
• Functionality
• Quality&Safety
• Distribution&SupplyChainproofing
KEYPERFORMANCE
INDICATOR:
CONSISTENTQUALITY&CONSUMER
COMPLAINTSPERXXUNITSSOLD
KEYCONSIDERATIONSINPRODUCTDEVELOPMENT
FEASIBLE&VIABLE
PATHWAYS
•Technology(Incremental/Breakthrough)
•MakeorBuy
•Sourcing
•Cost(designedtovalue)
•Continuousriskassessment&mitigation
KEYPERFORMANCEINDICATOR(S): SERVICELEVELS,PROFITABILITY,
KEYCONSIDERATIONSINPRODUCTDEVELOPMENT
CORPORATE/BRAND/ REGULATORYGUARDRAILS
•Quality&Safety
•Sustainability
•Ingredients
•Nutrition
•Transparency
KEYCONSIDERATIONSINPACKAGINGDESIGN
• Communicatingtheproductbenefit,position.
• Userdelight–supereasy,clean,nomessetc.
• Unboxingexperience.
• Functionality–Shelfthrow,Shelflife(F&B,BPC).
• Thinklowcost/lowMOQsolutions(graphics,board).
IMPORTANCEOFPRODUCTDESIGNPHILOSOPHY
ART&CULTURE
COMMUNICATINGBENEFITSSMARTLY
GAMIFYINGPRODUCTBENEFITSTHROUGH BRANDACTIVATION(OFFLINE&ONLINE)
SUCCESSFULINNOVATIONAPPROACHES
DESIGNTHINKING OUTOFTHEBOX ECOSYSTEMPARTNERSHIPS
BUILDINGANAGILEINNOVATIONPIPELINE
INNOVATION
PLAYBOOK
FEWMETRICSFORMEASURING INNOVATIONPERFORMANCE
Innovationperformancemetrics
Overallliking:>4.3/5
TopBoxScores:>80%
Purchaseintention:>4.3/5or8.5/9
CohortAnalysis(6-12mo.)
Monthonmonth
Cumulative
INNOVATION FUNDAMENTALS
SUMMARY
SUCCESSFULPRODUCT INNOVATIONS
SUCCESSFUL INNOVATIONPROCESS ✔ Desirable ✔ Feasible
Viable
Customer Delight
Standardization
Feasible&Viable pathways
Policies&Guard rails
Designthinking innovationprocess
Strongecosystem partnerships
Buildanagile innovationpipeline
Measureinnovation performance
