One of the most difficult choices in New Product Development is in deciding what products to develop !
Lot’s of us watch “Dragons Den” on TV and it’s pretty obvious some of the budding entrepreneurs believe they have a great idea but have never even considered asking their customers or potential customers what they think.
To avoid wasting millions of dollars on products no one wants it is essential to listen to the Voice Of the Customer. (VOC)
Companies involved in New Product Development & Innovation need to establish effective methods to capture VOC.
This can take many different forms such as surveys, telephone conversations, face to face interviews, feedback forms, Social Media strategies etc etc etc
Whichever mix is used the information then has to be filtered and sorted to identify priorities for New Product Development. To do this effectively it is essential to have a multi-functional team involved to get a number of perspectives.
If you are involved in Innovation you need to capture the VOC.