Developing successful new financial services for businesses

Although industrial services comprise an increasingly important sector of the economy, research has largely ignored product innovation in services, resulting in speculation about the keys to new service product success. A popular view is that because services differ from physical products, the factors that determine success are therefore also unique. Our research, which focused on 106 new industrial financial services, showed that new service success depends largely on five key factors which in many respects are similar to those for physical products.