3 Drivers for New Product Development Success, with John Malloy

As the ever-changing marketplace continues to evolve, product life cycles are shortening and customer expectations are exponentially increasing. Whether an organization’s goal is to remain competitive or to emerge as the most valuable brand in the industry, businesses can capitalize on this dynamism by investing in and prioritizing innovation.

John F. Malloy, Chairman, President and CEO of Victaulic, is a leading proponent of product innovation. He recognizes that new, useful solutions that solve customers’ greatest challenges should be top-of-mind for all business leaders and is dedicated to bringing meaningful product innovation practices to the forefront of his business and the construction industry at large.

“Encouraging new product and technology development provides a broad underpinning for growth and market penetration. It is critical to sustain a sense of urgency and empowerment, to cultivate a responsibility to innovate, and to maintain an external, customer-focused culture,” comments John F. Malloy. Below are three of the core benefits that occur when product innovation becomes a top priority in a company’s overarching strategy and steps for how you can easily integrate them into your own processes.

Product Innovation Strengthens Customer Collaboration

Gaining customer feedback is vital to an effective new product development strategy. That’s why Victaulic hosts more than 200 companies each year at its headquarters in Easton, Pennsylvania. During their visit, customers have the opportunity to share their needs, desires, and challenges, while Victaulic reciprocates with collaborative ideas which help lead to a robust approach to innovative thinking.

“Everything we do at Victaulic is focused on uncovering opportunities to provide greater customer value or improving customer satisfaction,” said John F. Malloy. By integrating customer feedback into new product development efforts, organizations are better prepared to sustain long-term customer satisfaction, loyalty, and valuable relationships.

Your business could easily integrate these customer visits into your overarching product strategy. This type of event would give your customers a voice and open lines of communication to establish an ongoing collaborative relationship that you can consistently revisit. Customers who feel personally invested in your product are much more likely to be loyal to your business and satisfied with your product. In addition, the reciprocal relationship that is fostered during this limited time is invaluable and will open up many new directions your product could take.

Advanced Technology Improves Speed of Commercialization

The second core benefit that occurs as a result of prioritizing product innovation is the speed of commercialization. As technology improves, the time required to take a product to market decreases. In order to maximize the speed of commercialization, Victaulic utilizes advanced 3D-printing technology to produce prototypes for internal testing, customer evaluation, and engineering applications.

In order to apply that to your business’ processes, we recommend that you identify areas where your internal and external systems can introduce advanced commercialization tactics like our 3D prototyping endeavor. Here, the goal is to “fail fast”, identify areas for improvement as quickly as possible, and rectify them in order to effectively and efficiently produce the most innovative, valuable solution on the market. Whatever method you use to bolster your speed towards commercialization, ensure that it fits into your current product innovation initiative and has the ability to scale as your business grows.

Product Innovation Can Promote Sustainable Business Growth

Successful companies prioritize and track their new product development efforts and their effects on revenue. Victaulic measures these results via a vitality index which quantifies the percentage of revenue derived from products launched within the last five years. “Victaulic has set the standard for innovation across the diverse markets and industries it serves. New, disruptive product developments are key differentiators that will drive future growth and vitality,” comments John F. Malloy, Chairman, President & CEO of Victaulic.

Driving the adoption of new products increases Victaulic’s revenue growth and distribution fidelity, and it can increase your business’ as well. In order to achieve this continued advancement, set your business up for success by keeping product innovation and creation at the forefront of the overarching strategy of your business. Empower employees, customers, and other stakeholders to continuously seek out new product innovations and ensure that their feedback is incorporated into your strategy. Most importantly, create avenues that allow for your product development ventures to continuously grow. Once that happens, your business can reap the inevitable benefits that will follow.