WHAT DISTINGUISHES THE TOP PERFORMING NEW PRODUCTS IN FINANCIAL SERVICES

Despite previous comparisons of success and unsuccessful new products, an important question remains unaddressed: What separates very succes sful new service products from the ordinary? Robert Cooper, Christophe r Easingwood, Scott Edgett, Elko Kleinschmidt, and Chris Storey obtain ed data on 173 new financial services and identified three performance dimensions: financial performance, relationship enhancement, and mark et development. Of eleven potential success determinants, nine were fo und to be drivers of performance. Management implications included the need for a market-driven, customer-focused new product process, great er emphasis on planning and executing the launch, the role of product design, and project prioritization factors.