What Next? Your Guide to Strategic NPD
In the fast-paced world of business, making well-informed, strategic choices is essential for long-term success. Too often, people become emotionally attached to their ‘pet projects,’ hindering their ability to make rational, detached decisions about the project’s relevance to their goals.
This guide will equip you with a structured approach to ensure your choices align with your vision, goals, and long-term prosperity.
Understanding the MoSCoW Framework
At Smallfry, we use the MoSCoW framework alongside other strategic criteria to navigate options effectively. This method is a prioritisation technique used to reach a consensus with stakeholders on the importance of delivering each requirement. The acronym stands for:
Must Have – Essential requirements without which the project or initiative would fail. These are the non-negotiables that your project needs to succeed. Without these elements, the project would not meet its objectives or deliver value.
Should Have – Important requirements that add significant value and should be included if feasible. These elements enhance the project and contribute to its success but are not critical to its immediate viability.
Could Have – Desirable but not essential; these often enhance user experience or satisfaction. Including these elements can make the project more appealing or user-friendly but are not critical to its success.
Won’t Have (this time) – Least critical requirements that will not be delivered in the current project but might be considered in the future. These elements can be revisited later when resources and circumstances allow.
Decision Making Criteria
When deciding what to do next, particularly in a business context, there are lots of criteria to follow. These can include:
1. Strategic Fit
Visions and Goals – Does this new offering align with your future vision and strategic goals? Will it support your desired market position?
Behavioural Alignment – Does this new initiative support your brand identity and values now and in the future?
Brand Support – Does the option reinforce your brand identity and values for the future?
2. Process and Implementation
Achievability – Do you have the necessary R&D capabilities? Are there technical challenges?
Resource Allocation – Are the necessary resources (budget, personnel, time) available?
Implementation Plan – What processes and timelines are needed to bring this to market?
3. Stakeholder Reception
Internal Stakeholders – How will your team perceive this new product? Will it gain their support and enthusiasm?
External Stakeholders – How will customers, partners, and other external entities react? Will it strengthen your relationships?
4. Customer Appeal
Desirability – Will this new offering excite and entice your target customer groups? Does it address their unmet needs, wants, and preferences?
Feasability – Can this be developed and launched with your current resources and constraints?
Viability – Will this new initiative provide long-term value and sustainability for the business? Is there a clear path to profitability?
Structuring the Final Decision
After evaluating the options based on the criteria and the MoSCoW framework, consolidate your findings. Prioritise options that fall into the “Must Have” category, followed by “Should Have.” “Could Have” options can be reconsidered if resources allow, while “Won’t Have” options should be killed off or deferred for future consideration.
Adopting this framework means your priorities are clearly defined and aligned with your vision, ensuring your resources are allocated to the most impactful projects. It also ensures sustainable business growth while maintaining focus on customer needs to drive loyalty and customer satisfaction.
Conclusion
Streamlining the decision-making process creates a simple guide to steer New Product Development (NPD) decisions.
This guide, with a customer-centric approach and strategic thinking, helps navigate difficult decisions and turn good ideas into exceptional ones. With confidence and ambition, you can achieve results that exceed expectations and drive long-term business growth.
Remember, make decisions not based on where you are but on where you aspire to be. If you’re interested in your team’s alignment regarding your business’ vision, check out our Innovation Audit. This service offers insight into the alignment of your team when it comes to goals and vision.
Reach out to Smallfry today and discover how we can help you achieve your innovation goals.
