NPD processes at the heart of CPG businesses’ success
New Product Development (NPD) is a long-term and complex process for businesses. In an environment where competition is getting stronger and regulations strengthen, product and process innovation is proven to be key. With the paramount volume of products on the market, consumers have plenty of choices when it comes to consumer packaged goods (CPG). Manufacturers, brands, or retailers must be unique and meet consumers’ needs. Therefore, product innovation and development represent a large asset in terms of resources, money, and time. Marketing a new product can be very risky, costly, and time-consuming for companies.
The marketing department plays a crucial role when it comes to product innovation. In order to build value and satisfy consumers, their main goal is to accelerate innovation processes while reducing time-to-market. Product innovation includes packaging and artwork design as a decisive part of the development. Consumers are getting more and more sensitive to product packaging when choosing a new product and brands are increasing their investment.