Digital Product Strategy

Digital Product Development Strategy: Maximizing Success Through Strategic Prioritization

Lloyd Melnick | PDMA Inspire Innovation Conference • September 19, 2023

Successfully developing and launching new products has been repeatedly recognized as critical to the success of a business. One study found that over 75 percent of top companies cited new products as a major contributor to improved share price. New product development is the primary driver of sustained competitive advantage, leading to a company's growth and profitability. New products are also shown to allow companies to adopt to changing market conditions and improve market share, enterprise value and overall life of the company. While there are many facets to creating successful new products, a critical decision is which projects to dedicate resources to building. Multiple studies have acknowledged that selecting optimal projects for NPD is the most important element to sustain competitive advantage. The objective of the presentation is to understand, analyze and discuss how technology companies prioritize radically new product projects. We will focus on digital, not physical, products as these are currently major drivers of economic activity. The presentation will combine primary research from 15 technology companies with literature on different new product development theories. It will also connect what is considered best practices among digital technology companies for prioritization with behavioral biases that impact the process. This presentation will fill the gap in the most impactful part of the new product development process for technology firms.

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