Winning New Product Development Strategies in Financial Services: Building a profitable culture for NPD success

The new strategic management report ‘Winning New Product Development Strategies in Financial Services: Building a profitable culture for NPD success’ aims to dispel the myth that innovation and financial services do not mix. This report examines the reasons why many in the sector have difficulties in implementing innovative projects and offers step-by-step guidelines on how each step of the NPD process can be integrated into organizational culture. An industry survey illustrates the factors that determine success and failure in NPD.
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Winning New Product Development Strategies in Financial Services
Building a profitable culture for NPD success
Executive Summary
Innovation and NPD in financial services overview
Critical components of success: the process factors
How to develop NPD for financial services
Creating marketing synergy
Creating and managing a market-driven NPD process
Marketing communications for new products
Differentiating between winning and losing new financial services products

Chapter 1 Innovation and NPD in Financial

Services Overview
Summary
Introduction
Case study: Tesco
Case study: Bank of America

Chapter 2 Critical Components of Success: The Process Factors

Summary
Introduction
Strategy
Resources
Process
The three cornerstones of NPD in action
The IT integration programme
The benefits of integration have been substantial
Conclusions
The ingredients of a world-class process
Studying the success factors
Short-changing the process has consequences
Areas where innovation has taken place, and the nature of the innovation
Impact of the reforms
Assessment of value in terms of additional revenues or reduced costs
Status of the project in terms of its implementation and any future plans

Chapter 3 How to Develop NPD for Financial Services

Summary
Introduction
Research method
Sample profile
What responsibilities did respondents have during the development of the new products?
Nature of innovation
The four types of innovation for new financial products
New-to-company innovations
Product innovations
Market innovations
Process innovations or product modifications
How long does it take to develop a new financial product?
Does company size affect the speed at which new products are developed?
Do different types of financial product take longer to develop than others?

Chapter 4 Creating Marketing Synergy

Summary
Introduction
Strategic objectives for developing new products
Are different strategic objectives used for different types of innovation?
Are different strategic objectives used in different types of market environment?
Successes and failures of strategic objectives
Increasing revenue is top of the wish list but it bottom of the performance list
Sector of discontent
Competitive advantage
Are some types of competitive advantage used more frequently than others?
Are different competitive advantages used for different types of innovation?
Competitive advantage by market environment
Types of competitive advantage that are more successful than others
The four keys to successful NPD

Chapter 5 Creating and Managing a Market-Driven NPD Process

Summary
Introduction
Critical steps for success: the project factors
Do solid up-front homework before the project proceeds to development
Adopt a strong market orientation and build the voice of the customer into every facet of the project
Characteristics of a high-quality project team
Employing truly cross-functional teams
Adopt fast-paced parallel processing to shorten cycle time
Attack from a position of strength: leverage core competencies Marketing
Operations
Management and financial
Strive for unique, superior services
Case study: First Direct
Constructing a superior service
Case study: HSBC DriverQuote
Seek a service-market fit
Deliver top-quality services with frontline expertise
Case study: Newcastle Building Society
The importance of a quality service/product launch effort
NPD typically follows a managed process
Outsourcing NPD
How much of the NPD process is outsourced?
What resource deficiencies are more common when developing new financial products?
The planning stage of the NPD process
Are new product planning and development activities recommended by the research associated with success?
Planning preparation

Chapter 6 Marketing Communications for New Products

Summary
Introduction
Implications for branding
The importance of brands
How successful are marketing communications for new financial products?
Actionable recommendations for marketers to improve the success rates of their brand building activities
How successful are marketing communications for different types of new product?
Defining successful marketing communications
Actionable conclusions

Chapter 7 Differentiating between Winning and Losing New Financial Services Products

Summary
Introduction
Conclusions
Different types of innovation call for different approaches
Different strategies work better for different market environments
Appendix
NPD in Financial Services Questionnaire

Index
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Table 2.1: Group financial performance and integration benefits 35
Table 2.2: New service development process activities 38
Table 3.3: Size of companies surveyed 54
Table 3.4: Responsibilities of respondents 55
Table 3.5: FS NPD cycle? 60
Table 3.6: Do different types of innovation take longer to develop than others? 61
Table 3.7: Effects of company size on speed of new product development 62
Table 3.8: Development times for different types of financial products 62
Table 4.9: Primary strategic objective of NPD in FS 66
Table 4.10: Different strategic objectives implemented for different types of market 68
Table 4.11: Are some types of strategic objectives easier to achieve than others? 69
Table 4.12: Are different competitive advantages used for different types of innovation? 76
Table 4.13: What types of competitive advantage are used in different market environments? 77
Table 4.14: Are some types of competitive advantage more successful than others? 78
Table 5.15: Number of companies following a managed NPD process 104
Table 5.16: How much of the NPD process is outsourced? 105
Table 5.17: Is outsourcing NPD more common to a certain size of business? 106
Table 5.18: Small businesses tend to outsource NPD process more frequently 106
Table 5.19: Planning levels and performance 108
Table 6.20: The benefits of branding – to the buyer and the seller 116
Table 6.21: Rates of success with marketing communications strategies 118
Table 6.22: Communications objectives 120
Table 6.23: Are some marketing communications more successful in certain market conditions? 122
Table 6.24: Communication strategies for launching new products in different environments 123

Figure 3.1: What types of financial product are included in the survey? 54
Figure 3.2: Number of products by company size 55
Figure 3.3: Product descriptions of survey 58
Figure 3.4: Product descriptions of survey, continued 59
Figure 3.5: NPD cycle 60
Figure 3.6: Product descriptions of survey 61
Figure 4.7: Primary strategic objectives of NPD 66
Figure 4.8: Different strategic objectives implemented for different types of innovation 67
Figure 4.9: Primary objective is to generate revenue 69
Figure 4.10: Strategic objectives versus success rate 70
Figure 4.11: The importance of competitive advantage factors 75
Figure 4.12: Competitive advantages of new products compared to the type of innovation 76
Figure 4.13: Where customer needs are changing rapidly, new products tend to be designed to deliver greater value 78
Figure 4.14: Competitive advantages associated with the different measures of success 79
Figure 5.15: Four fields map/deployment flow chart 88
Figure 5.16: Reasons for customer loyalty 99
Figure 5.17: Resource deficiencies in the NPD process 106
Figure 5.18: NPD success and the level of planning intensity 108
Figure 5.19: What preparation is undertaken for developing new products? 109
Figure 5.20: What activities are undertaken during new product development? 110
Figure 6.21: Communications objectives by innovations type 121
Figure 7.22: Success or failure factors of new products 128
Figure 7.23: Success or failure factors of new products, continued 129
Figure 7.24: Different types of innovation call for different approaches 132
Figure 7.25: Different strategies work better for different market environments 133
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