It is critical for companies to ensure that the consumer’s wants and needs are driving their marketing research. Failure to do so can lead to innovating faster than the market demands, launching products that exceed what consumers really want, or investing in great ideas that are too far ahead of their time – drastically reducing your chances of success.
Pfizer is one of the largest biopharmaceutical companies in the world, with a global presence in over 100 markets. And like many organizations of its size and magnitude, it’s challenged to create breakthrough ideas to continue to be successful in a changing market, pricing pressures, and a declining pipeline. By investing resources to create a culture of innovation, Pfizer now routinely creates great ideas that continually move the company forward. Here’s how they did it:
“A problem well defined is half solved.” – John Dewey
When market research managers create ineffective market research questions, it’s typically because they’re not working with a well-defined problem. Instead, they have oversimplified the issue, failed to identify the root cause, or are culturally biased toward execution rather than problem definition. This is a major issue because if you can’t adequately define the challenges facing your organization, you have no chance of solving them.
When one innovation is successful, companies inevitably want more. But the challenge then becomes innovating in a bigger, faster, and more productive way, so that you can bring as many new products to market as possible. If this sounds extremely difficult under your current model, it may be time to create a scalable innovation process that works well no matter how many different projects are going on at once.
Consumer insights are invaluable to the product development process. However, not all strategies are created equal. A consumer insights program that is inflexible, rigid, and difficult to navigate isn’t particularly beneficial because it prohibits team members from productively leveraging their findings to drive innovation and achieve company objectives.
In order to create consistently fresh and profitable products, collaboration is absolutely necessary. Teams that are comprised of diverse individuals working together tend to be the most successful, because their varied skillsets and points of view ensure the development of the strongest possible innovations. As such, it is imperative that product managers encourage collaboration on insights and ideas throughout the product lifecycle, ensuring an ideal outcome when developing a new concept to bring to market. Here’s how to get started:
Gathering, sorting, and organizing ideas is a critical part of product design – and it begins as soon as the project launches. Getting organized gives order, form, and structure to the massive amount of information involved, ensuring that everyone on the team can see the larger vision, make meaningful contributions, and capture inspiration when it strikes. There’s no doubt that product design can be a chaotic process, but with the right organizational approach, it can also be streamlined to drive innovation more productively. Here’s how: