Description
In business and engineering, new product development (NPD) is the complete process of bringing a new product to market. A product is a set of benefits offered for exchange and can be tangible (that is, something physical you can touch) or intangible (like a service, experience, or belief).
BUSINESS INSIGHTS
Winning New Product Development Strategies in Financial Services
Building a profitable culture for NPD success
Financial Services Management Report
NPD Process Resource Deficiencies
Marketing Research Skills Technical Skills Project Management Skills Product Development Skills Advertising and Promotional Skills Sales and Distribution Skills Operational Skills Customer Support and Service Funding Management Skills None
0
5
10
15
20
25
Number of Financial NPD Executives
Source: Winning NPD Strategies in Financial Services
“Business Insights’ industry opinion survey revealed that most NPD projects are outsourced to some extent, although 44% of projects are done completely in-house. Smaller companies tend to outsource more of their NPD, whereas the larger companies prefer to keep more in-house...”
Ensure maximum return on your NPD investments using this report to create and integrate best-practice NPD processes into your organisation...
Business Intelligence for the Financial Services Industry
Business Insights’ portfolio of financial services management reports are designed to help you make well informed, timely business decisions. We understand the problems facing today’s financial services executives when trying to drive your business forward, and appreciate the importance of accurate, up-to-date, incisive product, market and company analysis. We help you to crystallize your business decisions. The strength of our financial services research and analysis is derived from access to unparalleled databases and libraries of information and the use of proprietary analytic techniques. Business Insights reports are authored by independent experts and contain findings garnered from dedicated primary research. Our authors’ leading positions secure them access to interview key executives and to establish which issues will be of greatest strategic significance for the industry. Our financial services portfolio of reports can be used across a wide range of business functions to assess market conditions and devise future strategies. The order form on the back of this brochure lists titles available within the following categories: Banking, Finance, Insurance, Wealth Management, Investment and Strategy.
Examining the Key Issues
• Maximising return on NPD investment. Use this report’s rigorous screening process involving marketing research and consumer feedback to eliminate potential loss-making projects. • Pre-planning has been shown to double the success rates of projects. Discover how top performing companies implement their planning activities. • Brand building is considered the most difficult part of marketing communications. Understand why and how you can take steps to ensure your communication strategies create a positive image. • Trust. Marketers have been accused of creating misleading advertisements and launching products that fail to deliver long-term customer value. Discover how to remedy the potential effects.
NPD success and planning intensity levels
Low Intensity 100% 90% 80% 70% 60% % citing 50% success 40% 30% 20% 10% 0% Sales Opportunity Measure of Success High Intensity
Source: Winning NPD Strategies in Financial Services
“There is a strong tendency for the chances of success in achieving strategic objectives to increase with planning intensity. There is a similar but weaker pattern for the chances of success with sales and profitability to also improve with planning intensity...” Source: Winning New Product Development Strategies in Financial Services: Building a profitable culture for NPD success
Winning New Product Development Strategies in Financial Services
Building a profitable culture for NPD success
Strategic objectives implemented by type of innovation
New Market New to Company New Product
New market objective New income stream objective
Existing Market Product Innovation
Increase revenue Build relationships
Whilst pressure is increasing for financial services firms to innovate, research has shown that many in the finance sector lack the rigorous, disciplined approach necessary to pick the right projects and see them come to fruition. Winning New Product Development Strategies in Financial Services: Building a profitable culture for NPD success is a management report that details the project management skills needed to manage resources effectively and shorten development times to allow you to meet and beat the competition. This report will provide you with: • The ability to shorten NPD lead times and be first to market. • Strategies to improve your brand image and consumer trust. • Industry survey results from over 5,000 financial services executives identifying the key success factors in NPD. • Guidelines on how to integrate the NPD process into your organisational culture.
Market Innovation
New income stream objective
Process/product modification
Increase revenue
Existing Product
Open a new market/improve positioning
Increase profitability
Source: Winning NPD Strategies in Financial Services
“Process innovations tend to be developed with the aim of improving profitability, while product innovations are often developed to improve customer relationships...” Source: Winning New Product Development Strategies in Financial Services: Building a profitable culture for NPD success
The Answers to Your Questions
• What are the key factors in successful development of new financial services products and services? • How long does it take to develop a new financial product? • Which strategic objectives are the most difficult to achieve? • What proportion of the NPD process is it efficient to outsource and how much do financial services companies outsource on average? • Which types of competitive advantage can be most successfully pursued through the development of new products and services? • Which areas suffer most from lack of resources during new financial product development?
The NPD Cycle
>12 months
7-12 months
4-6 months
1-3 months
< 1 month
0
5
10
15
20
25
Number of respondents
Source: Winning NPD Strategies in Financial Services
“Company size affects the speed at which new products are developed. Most medium sized companies take 4 to 6 months to develop new products, for large companies this lengthens to between 7 and 12 months...” Source: Winning New Product Development Strategies in Financial Services: Building a profitable culture for NPD success
Key findings from this report
• Two-thirds of managers are not satisfied with the return on their innovation investments even though innovation is a top three priority for 62% of financial services companies, • Most financial institutions have no formal product development process. Around 60% have no guidelines or an informal approach. • Although marketing activities are proven drivers of service development they are often omitted. Pre-commercialization business analysis and post-launch review and analysis were
55% 60% 65% 70% 75% 80% 85% % Success
Strategic objectives versus success rate
Build brand Imp. position New income Inc. share New market Relationships Inc. profit Competitive threat Test market Inc. revenue 50%
undertaken in less than half of the companies studied. • Most financial services executives believe their products could be marketed more effectively whilst over 40% feel pressurized to focus on the wrong areas. • Strongly branded products command a 30% premium and successful brands can be used to promote new products.
Source: Winning NPD Strategies in Financial Services
“While increasing revenue is top of the wish list, it comes at the bottom of the performance list, with 33% of new products that had this as a primary objective failing to achieve it...” Source: Winning New Product Development Strategies in Financial Services: Building a profitable culture for NPD success
The Value Proposition
Benefit from 140 pages of expert insight and analysis, enabling you to:
Competitive advantages associated with the different measures of success
Performance Measure Increasing volume sales Increasing profitability Competitive Advantage Newness Newness Better service Creating strategic opportunities Better quality Better value Achieving objectives Meet new needs Better quality Better value
• Identify the key elements of successful NPD and benchmark your NPD activities against the results of our industry opinion survey of top financial services executives working in NPD. • Implement best practices in NPD processes using case studies of the winners of the “2003 Institute of of Financial Services Innovation Awards” and the thirteen stage service development process described in this report. • Ensure your products are first and best to market with this report’s “invented competitor technique” and examination of which factors consumers rank highest in the NPD process. • Create an effective NPD marketing and branding strategy based on this reports actionable recommendations of when, why and which strategies promote NPD most effectively.
Source: Winning NPD Strategies in Financial Services
“While most new products are developed to deliver competitive advantage with new features, it is other types of advantage such as uniqueness, quality and value that are associated with success...” Source: Winning New Product Development Strategies in Financial Services: Building a profitable culture for NPD success
Sample information from the report
Chapter 6: Marketing Communications for New Products
How successful are marketing communications for new financial products?
The success of a new product depends upon the way it is marketed during the launch. Respondents in the Industry opinion survey were asked to evaluate the success of five communications objectives that were used for the launch of their products.
Consistent strategy Unsuccessful 38% 45% 46% 46% 58% Successful 62% 55% 54% 54% 42%
Marketing communications strategies success rates
1. Explaining the key benefits to the target market. 2. Raising awareness about the new product. 3. Staying consistent with the overall marketing strategy. 4. Building a new brand. 5. Creating a clear market position. Actionable recommendations for marketers to improve the success rates of their brand building activities
Explain benefits Build awareness Positioning Build brand
Respondents: Senior FS executives in NPD
Source: NPD in Financial Services Industry Opinion Survey, September 2004
By either looking through previous market research reports, or by putting yourself in the position of a buyer, write down the four main reasons, in order of importance, why one of your company brands is being purchased. Then show an advertisement for this brand to one of your buyers and ask them to identify the four key points they took from the message. If the results from the first and second part of the exercise are the same, your brand is correctly appealing to customer choice criteria. Any discrepancy is indicative of inappropriate brand marketing. Write down the core values of one of your brands and ask other members of your organisation to do the same. Compile a summary of the replies and circulate the findings, asking for comments about (a) the reasons for such varied replies and (b) which core values your company is trying to emphasise. Repeat the exercise until a consensus is reached. Having identified your team's views about the core values of your brand, ask them to write down (a) what your brand communicated with your company's relationship with the customers and (b) an evaluation of how well the different resources supporting the brand are satisfying the relationship objective. Collate the replies and consider how well your team appreciates your brand propositions. Using your list of brand values, estimate how long it would take a competitor to buy in resources which would help it copy each of these values. For each of the benefits that your brand represents, write down how it will be supported by each element of the marketing mix.
Order this report today to find out more...
Table of Contents
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 IN FINANCIAL SERVICES • Summary • Introduction • Research method - Sample profile - What responsibilities did respondents have during the development of the new products? - Nature of innovation - The 4 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
Table of Contents
CHAPTER 5: CREATING AND MANAGING A MARKET-DRIVEN NPD PROCESS (CONTD.) - 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 - 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 TABLES • Group financial performance and integration benefits • New service development process activities • Size of companies surveyed • Responsibilities of respondents • Length of financial services NPD cycle • Which types of innovation take longer to develop? • Effects of company size on speed of NPD • Development times for different financial products • Primary strategic objective of NPD in FS • Are different strategic objectives implemented for different types of market? • Which strategic objectives are easier to achieve? • Are different competitive advantages used for different types of innovation? • Types of competitive advantage used in different market environments • Are some types of competitive advantage more successful? • Number of companies following a managed NPD process • How much of the NPD process is outsourced? • Is outsourcing NPD more common to a certain size of business? • Small businesses tend to outsource NPD process more frequently • Planning levels and performance • The benefits of branding - to the buyer and the seller • Rates of success with marketing communications strategies • Communications objectives • Are some marketing communications more successful in certain market conditions? • Communication strategies for launching new products in different environments
About Business Insights
Business Insights appreciate the importance of accurate, up-to-date incisive market and company analysis and our aim therefore is to provide a single, off-the-shelf, objective source of data, analysis and market insight.
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doc_419980496.pdf
In business and engineering, new product development (NPD) is the complete process of bringing a new product to market. A product is a set of benefits offered for exchange and can be tangible (that is, something physical you can touch) or intangible (like a service, experience, or belief).
BUSINESS INSIGHTS
Winning New Product Development Strategies in Financial Services
Building a profitable culture for NPD success
Financial Services Management Report
NPD Process Resource Deficiencies
Marketing Research Skills Technical Skills Project Management Skills Product Development Skills Advertising and Promotional Skills Sales and Distribution Skills Operational Skills Customer Support and Service Funding Management Skills None
0
5
10
15
20
25
Number of Financial NPD Executives
Source: Winning NPD Strategies in Financial Services
“Business Insights’ industry opinion survey revealed that most NPD projects are outsourced to some extent, although 44% of projects are done completely in-house. Smaller companies tend to outsource more of their NPD, whereas the larger companies prefer to keep more in-house...”
Ensure maximum return on your NPD investments using this report to create and integrate best-practice NPD processes into your organisation...
Business Intelligence for the Financial Services Industry
Business Insights’ portfolio of financial services management reports are designed to help you make well informed, timely business decisions. We understand the problems facing today’s financial services executives when trying to drive your business forward, and appreciate the importance of accurate, up-to-date, incisive product, market and company analysis. We help you to crystallize your business decisions. The strength of our financial services research and analysis is derived from access to unparalleled databases and libraries of information and the use of proprietary analytic techniques. Business Insights reports are authored by independent experts and contain findings garnered from dedicated primary research. Our authors’ leading positions secure them access to interview key executives and to establish which issues will be of greatest strategic significance for the industry. Our financial services portfolio of reports can be used across a wide range of business functions to assess market conditions and devise future strategies. The order form on the back of this brochure lists titles available within the following categories: Banking, Finance, Insurance, Wealth Management, Investment and Strategy.
Examining the Key Issues
• Maximising return on NPD investment. Use this report’s rigorous screening process involving marketing research and consumer feedback to eliminate potential loss-making projects. • Pre-planning has been shown to double the success rates of projects. Discover how top performing companies implement their planning activities. • Brand building is considered the most difficult part of marketing communications. Understand why and how you can take steps to ensure your communication strategies create a positive image. • Trust. Marketers have been accused of creating misleading advertisements and launching products that fail to deliver long-term customer value. Discover how to remedy the potential effects.
NPD success and planning intensity levels
Low Intensity 100% 90% 80% 70% 60% % citing 50% success 40% 30% 20% 10% 0% Sales Opportunity Measure of Success High Intensity
Source: Winning NPD Strategies in Financial Services
“There is a strong tendency for the chances of success in achieving strategic objectives to increase with planning intensity. There is a similar but weaker pattern for the chances of success with sales and profitability to also improve with planning intensity...” Source: Winning New Product Development Strategies in Financial Services: Building a profitable culture for NPD success
Winning New Product Development Strategies in Financial Services
Building a profitable culture for NPD success
Strategic objectives implemented by type of innovation
New Market New to Company New Product
New market objective New income stream objective
Existing Market Product Innovation
Increase revenue Build relationships
Whilst pressure is increasing for financial services firms to innovate, research has shown that many in the finance sector lack the rigorous, disciplined approach necessary to pick the right projects and see them come to fruition. Winning New Product Development Strategies in Financial Services: Building a profitable culture for NPD success is a management report that details the project management skills needed to manage resources effectively and shorten development times to allow you to meet and beat the competition. This report will provide you with: • The ability to shorten NPD lead times and be first to market. • Strategies to improve your brand image and consumer trust. • Industry survey results from over 5,000 financial services executives identifying the key success factors in NPD. • Guidelines on how to integrate the NPD process into your organisational culture.
Market Innovation
New income stream objective
Process/product modification
Increase revenue
Existing Product
Open a new market/improve positioning
Increase profitability
Source: Winning NPD Strategies in Financial Services
“Process innovations tend to be developed with the aim of improving profitability, while product innovations are often developed to improve customer relationships...” Source: Winning New Product Development Strategies in Financial Services: Building a profitable culture for NPD success
The Answers to Your Questions
• What are the key factors in successful development of new financial services products and services? • How long does it take to develop a new financial product? • Which strategic objectives are the most difficult to achieve? • What proportion of the NPD process is it efficient to outsource and how much do financial services companies outsource on average? • Which types of competitive advantage can be most successfully pursued through the development of new products and services? • Which areas suffer most from lack of resources during new financial product development?
The NPD Cycle
>12 months
7-12 months
4-6 months
1-3 months
< 1 month
0
5
10
15
20
25
Number of respondents
Source: Winning NPD Strategies in Financial Services
“Company size affects the speed at which new products are developed. Most medium sized companies take 4 to 6 months to develop new products, for large companies this lengthens to between 7 and 12 months...” Source: Winning New Product Development Strategies in Financial Services: Building a profitable culture for NPD success
Key findings from this report
• Two-thirds of managers are not satisfied with the return on their innovation investments even though innovation is a top three priority for 62% of financial services companies, • Most financial institutions have no formal product development process. Around 60% have no guidelines or an informal approach. • Although marketing activities are proven drivers of service development they are often omitted. Pre-commercialization business analysis and post-launch review and analysis were
55% 60% 65% 70% 75% 80% 85% % Success
Strategic objectives versus success rate
Build brand Imp. position New income Inc. share New market Relationships Inc. profit Competitive threat Test market Inc. revenue 50%
undertaken in less than half of the companies studied. • Most financial services executives believe their products could be marketed more effectively whilst over 40% feel pressurized to focus on the wrong areas. • Strongly branded products command a 30% premium and successful brands can be used to promote new products.
Source: Winning NPD Strategies in Financial Services
“While increasing revenue is top of the wish list, it comes at the bottom of the performance list, with 33% of new products that had this as a primary objective failing to achieve it...” Source: Winning New Product Development Strategies in Financial Services: Building a profitable culture for NPD success
The Value Proposition
Benefit from 140 pages of expert insight and analysis, enabling you to:
Competitive advantages associated with the different measures of success
Performance Measure Increasing volume sales Increasing profitability Competitive Advantage Newness Newness Better service Creating strategic opportunities Better quality Better value Achieving objectives Meet new needs Better quality Better value
• Identify the key elements of successful NPD and benchmark your NPD activities against the results of our industry opinion survey of top financial services executives working in NPD. • Implement best practices in NPD processes using case studies of the winners of the “2003 Institute of of Financial Services Innovation Awards” and the thirteen stage service development process described in this report. • Ensure your products are first and best to market with this report’s “invented competitor technique” and examination of which factors consumers rank highest in the NPD process. • Create an effective NPD marketing and branding strategy based on this reports actionable recommendations of when, why and which strategies promote NPD most effectively.
Source: Winning NPD Strategies in Financial Services
“While most new products are developed to deliver competitive advantage with new features, it is other types of advantage such as uniqueness, quality and value that are associated with success...” Source: Winning New Product Development Strategies in Financial Services: Building a profitable culture for NPD success
Sample information from the report
Chapter 6: Marketing Communications for New Products
How successful are marketing communications for new financial products?
The success of a new product depends upon the way it is marketed during the launch. Respondents in the Industry opinion survey were asked to evaluate the success of five communications objectives that were used for the launch of their products.
Consistent strategy Unsuccessful 38% 45% 46% 46% 58% Successful 62% 55% 54% 54% 42%
Marketing communications strategies success rates
1. Explaining the key benefits to the target market. 2. Raising awareness about the new product. 3. Staying consistent with the overall marketing strategy. 4. Building a new brand. 5. Creating a clear market position. Actionable recommendations for marketers to improve the success rates of their brand building activities
Explain benefits Build awareness Positioning Build brand
Respondents: Senior FS executives in NPD
Source: NPD in Financial Services Industry Opinion Survey, September 2004
By either looking through previous market research reports, or by putting yourself in the position of a buyer, write down the four main reasons, in order of importance, why one of your company brands is being purchased. Then show an advertisement for this brand to one of your buyers and ask them to identify the four key points they took from the message. If the results from the first and second part of the exercise are the same, your brand is correctly appealing to customer choice criteria. Any discrepancy is indicative of inappropriate brand marketing. Write down the core values of one of your brands and ask other members of your organisation to do the same. Compile a summary of the replies and circulate the findings, asking for comments about (a) the reasons for such varied replies and (b) which core values your company is trying to emphasise. Repeat the exercise until a consensus is reached. Having identified your team's views about the core values of your brand, ask them to write down (a) what your brand communicated with your company's relationship with the customers and (b) an evaluation of how well the different resources supporting the brand are satisfying the relationship objective. Collate the replies and consider how well your team appreciates your brand propositions. Using your list of brand values, estimate how long it would take a competitor to buy in resources which would help it copy each of these values. For each of the benefits that your brand represents, write down how it will be supported by each element of the marketing mix.
Order this report today to find out more...
Table of Contents
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 IN FINANCIAL SERVICES • Summary • Introduction • Research method - Sample profile - What responsibilities did respondents have during the development of the new products? - Nature of innovation - The 4 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
Table of Contents
CHAPTER 5: CREATING AND MANAGING A MARKET-DRIVEN NPD PROCESS (CONTD.) - 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 - 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 TABLES • Group financial performance and integration benefits • New service development process activities • Size of companies surveyed • Responsibilities of respondents • Length of financial services NPD cycle • Which types of innovation take longer to develop? • Effects of company size on speed of NPD • Development times for different financial products • Primary strategic objective of NPD in FS • Are different strategic objectives implemented for different types of market? • Which strategic objectives are easier to achieve? • Are different competitive advantages used for different types of innovation? • Types of competitive advantage used in different market environments • Are some types of competitive advantage more successful? • Number of companies following a managed NPD process • How much of the NPD process is outsourced? • Is outsourcing NPD more common to a certain size of business? • Small businesses tend to outsource NPD process more frequently • Planning levels and performance • The benefits of branding - to the buyer and the seller • Rates of success with marketing communications strategies • Communications objectives • Are some marketing communications more successful in certain market conditions? • Communication strategies for launching new products in different environments
About Business Insights
Business Insights appreciate the importance of accurate, up-to-date incisive market and company analysis and our aim therefore is to provide a single, off-the-shelf, objective source of data, analysis and market insight.
FAX BACK TO: +44 (0) 207 900 6688
or scan and e-mail to [email protected]
www.globalbusinessinsights.com I would like to order the following report(s)...
(Please use BLOCK CAPITALS)
1
Company details
3
Company name: ________________________________________________________
EU companies (except UK) must supply VAT / BTW / MOMS / MWST / IVA / FPA number:
_____________________________________________________________________________________________
1.____________________________________________________ 2.____________________________________________________ 3.____________________________________________________
Purchase Order Number (if required)_____________________________________
Ordering Multiple reports:
Multiple report discounts 1 report 2 reports - save 15% 3 reports - save 20%
2
Enter total price below
Payment method
Please indicate your preferred currency: GB£ EUR US$
4
___________________________ ___________________________ ___________________________
Total order value is ____________________________ I will forward a check payable to Business Insights Limited. Please invoice my company (please complete invoice address below) I would like to pay by bank transfer (email address required) Debit my credit/charge card: Amex Visa Mastercard
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