Alarming statistics about new product innovation
New product innovation can be difficult. Consider these statistics from a recent study conducted by Nielsen; their research revealed that approximately “two out of every three products are destined to fail regardless of where they’re launched.” That’s a pretty big chunk of the product pie.
Their findings also revealed that “more than half of all products launched won’t sustain their year-one sales performance in year two—regardless of what geographical region they are launched and promoted in.”
Yikes.
Must-read books on new product innovation
Though these the above stats are alarming, there are many great new product innovation books out there to help you better understand recent trends and factors shaping the new product innovation space. Here are three of our favorites:
Innovation Management and New Product Development: Whether you are an undergraduate, a graduate or a product veteran, this book will help you look at new product innovation from a more holistic perspective. The author Paul Trott, persents the concepts surrounding new product innovation as an integrated process that consists of management, technology, knowledge and new product development.
Digital Disruption- Unleashing the Next Wave of Innovation: Disruptive innovation is a term that has been thrown around over the last few years- but the concept behind it is very real and it’s dramatically affecting the way we develop products. In this insightful new book by Forrester Research, you’ll learn how to develop a disruptive innovation mindset in order to adapt to rapidly changing marketplaces, assess market readiness and innovate faster. Consider this book like a crystal ball that helps to predict the future product development landscape.
How Stella Saved the Farm: A Tale About Making Innovation Happen: The title may seem a little strange but this books tells a story that resonates across many different organization types and verticals. It tells the tale of a farm that runs into major financial issues and eventually goes bankrupt. The only way to save the farm is by figuring out a way to innovate as a team. This book highlights some important elements of new product innovation: Leadership, conflict, idea management and the challenges associated with each one. A great read for anyone looking for new product innovation inspiration.
As always, we love hearing your suggestions, please share them with us below.
Happy reading!