The SBP team have worked on many projects over the past 12 months, including the analysis of over 100 depth interviews, 10,000 online survey responses and the facilitation of numerous workshops. Many of these projects have involved partnerships with state sporting organisations and the programs that they run. From these experiences we have identified 6 critical success factors for new product development.
Critical Success Factors for New Product Development
Organisation Strategy - For a new product to be successful, there must be a commitment and strategy aligned to the product, irrespective of funding/grants.
Structure – A dedicated resource may be the difference between the success or failure of the program.
Commercial Expectations – One of the benefits of sport participation products, is that they can be commercialised through user-pay models. On the other hand, sponsorship and franchise models require scale and significant resources to come to fruition.
Partnerships - Identifying and pursuing new or existing partnerships can create opportunities to rapidly increase scale.
Marketing - Marketing in sports participation is a weakness across the entire sector. Sports need more help to understand customer segments, UVP's, channels and messaging.
The Grit Factor - Commercialising new products in sport requires determination, resilience, momentum and commitment to getting it off the ground.