Differentiated and compelling products, services and customer experiences are the key to profitable growth. However, numerous studies show that between a third and a half of all new product or service launches fail. Three quarters of all customer-focused development efforts never make it to market. In total, nearly half of the total financial and human resources dedicated to new product or service development is spent on failed projects. Obvious failures aside, we’ve seen the great majority of the customer-focused investments deliver little more than “better sameness.”
To avoid the pitfalls that lead to these failures, companies must transform the way they innovate. Today’s more knowledgeable and networked customers are ready to play a more active role in how companies conceive, develop, and deliver value. As a result, the old “plan and push” approaches are out; effectively engaging customers as collaborative design partners is in. Customers, not surprisingly, hold the key to success in rapidly changing competitive markets.
Over the past two decades, Customer Innovations has evolved a Collaborative Design Lab approach that productively engages customers in a way that significantly raises the chances of market success and avoids many of the predictable sources of failure. The attached white paper looks at the common challenges facing most traditional innovation efforts and introduces a five step Collaborative Design Lab approach.
Check it out: White Paper: The Collaborative Design Lab