Posts Tagged ‘NEW PRODUCT DEVELOPMENT PROCESS’

The Reward of Innovation

Sunday, September 5th, 2010

Innovation is ultimately about return on investment at the end of the New Product Development process. With the success of a new product launch, everyone benefits – from shareholders and company employees to the consumers. Innovation done well reaps market share gain, new products and new features. Essentially, everyone wins.

The last imperative of Robert’s Rules of Innovation is Net Results, Net Reward, meaning recognizing the people who contributed to the development of a new product. It’s important to reward actions with incentives for sustainable effort.

Rewards for a successful New Product Development process can be monetary – often the key stakeholders get a product launch reward or a percentage of sales from new products. But all members of the staff need to be rewarded, and motivation isn’t always about money. In fact, non-financial motivators can rise above other incentives. Praise from managers, the attention of leadership and the chance to lead projects are strong motivators that can top even monetary rewards. People mostly want to feel recognized and appreciated for their contributions. If those needs are met, employees stay engaged until after the new product launch and for more development processes to come. Rewards enhance an employee’s commitment to the company, boost workplace morale and motivate future efforts.

The fruits of your team’s labor benefit all. These successes must be rewarded – and in the appropriate manner. Here are some tips on why you should reward your employees and how:

  • Innovation and ROI: True Innovation results in value creation for all stakeholders – in terms of financial return, increased market share and enhanced profitability; this is the ultimate goal of your sustainable Innovation program.
  • The Right Rewards: Rewards and recognition systems can take many forms, from a bonus percentage based upon new product sales to peer acknowledgment and awards.
  • Recognition: Pride…a thorny problem solved…the personal satisfaction of a job well-done – these are some of the intrinsic motivators that make creative people tick.

For more tips on Net Results, Net Reward and other Rules of Innovation Imperatives, see Robert’s Rules of Innovation by Robert F. Brands with Martin J. Kleinman published in March, 2010 by Wiley.

Continuous Training and Coaching is Essential to Innovation

Tuesday, August 3rd, 2010

In order for any company to meet its goals and to achieve sustainable Innovation , proper training and coaching is an essential though often overlooked imperative. But how can a New Product Development (NPD) team represent the philosophy of its organization if the attitude, culture and processes are not continually reinforced? Proper hiring, training and coaching is essential to finding and keeping the right people for the right job – and having them trained in their role and processes on the NPD team in order to perform their personal best.

Training and coaching doesn’t stop after the initial phase. Continuity is key. New techniques, processes and best practices should always be shared to foster a constant culture of Innovation. From top to bottom, from executives to managers to newcomers, everyone must be included in training and coaching programs to be on the same page and for the New Product Development process to go as smoothly as possible. In fact, even the trainers and coaches themselves need ongoing training and coaching to prevent their practices from going stale. Sustained Innovation is a constantly evolving process.

It is not without reason that Whirlpool Corporation established that the “How To” training is the most important need for corporate Innovation to succeed, from top to bottom. At Whirlpool, innovative thinking is considered the responsibility of each of its 80,000 employees. They continue to be the primary source for new ideas that meet consumer needs. It’s such an important part of their culture that they have a corporate initiative in place to sustain the commitment company-wide.

To reinforce and enhance a creative company culture and mindset, effective training and coaching must not be forgotten. Any company that wants to stay in business needs a sustainable Innovation program. Here are some Training and Coaching tips to help your product development process:

  • Share the Joy: As well as the frustrations – communicate what is working and not working.
  • Pick the Right Coaches: Not everyone has the psychological makeup to be the coach.  Knowledge is key, obviously.  But the coach needs to be able to motivate, mediate, and create camaraderie and a sense of selflessness.
  • The One-On-One Touch: Individual coaching provides the privacy and attention that breeds success.  I’ve found that discussions regarding areas for improvement are received and acted upon much better in a private session, away from peers listening in.  This can be especially critical with new employees and/or team members.
  • Basics First: Make certain project management basics are taught, applied and re-taught.

For more Tips, see Robert’s Rules of Innovation by Robert F. Brands with Martin J. Kleinman published in March, 2010 by Wiley.

Fostering Creativity with Structure

Sunday, June 20th, 2010

Creativity in the form of fresh ideas, whether from executives, salespeople or customers, is an invaluable resource to any organization. But these ideas need guidance and structure in order to achieve the key goal of Innovation: profitable growth. To successfully channel ideas into a profitable result, it is necessary to establish a formalized New Product Development Process, from concept to launch.
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New Product Development Requires Fresh Perspective on ‘Creative’ and ‘Structure’

Tuesday, December 1st, 2009

New product development can be a misunderstood concept.

Is the “product” actually a product? Or can it be a process? Is it a mandate from the C Suite? Or can it be a suggestion from the factory floor, the retail showroom, the Idea Box or a customer tip?

How wide is your idea funnel? And how do you treat ideas once they land in the organization’s “idea hopper”? (see the blog post on “Innovation and Idea Management” to discover how to handle in-bound ideas).

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