Challenges Facing a New Product Introduction
November 1, 2007
Pat Vesay, Standard Textile

In today’s marketplace, where the role of the manufacturer for commodity products has been marginalized, the need for successful product development and new technology has become paramount. The search for niche markets, and competition therein, has provided many companies another opportunity for success, or in some cases a lifeline. For those venturing into or producing new products for the industrial or technical sectors, there are some critical elements that are being overlooked when introducing these new technologies to prospective customers.

The ability of new products to live up to their sometimes fantastic claims is increasingly rare. The balance between marketing and performance is something that must be struck in relation to the needs and priorities of the new market as opposed to other markets previously or simultaneously served, such as retail. Also, the ability of a product to be modified or customized to meet a variety of end-user environments is all the more important to keep out of the “one size fits all” category at a time when everyone wants a customized technology. And finally, there are many great technologies that never make a successful impact because companies have inflated ideas about how much their technology is worth in the market. Prospective customers are left to figure out how to absorb an increase in cost to account for technology licensing, royalties, and technical support to sell into a market that ultimately wouldn’t bear the premium needed to turn a profit.