Product Innovation: Definition, Examples & Strategies used
Product innovation is the industry that is related to the development of new and modern products, modifications in designs of the already existing products, enable use of better and new components or materials for already established products. There are many successful examples of product innovation that we have observed over the years, like the Amazon Kindle, which has revolutionized how we read books, or the Fitbit, which has changed the way we track our health forever.
According to a study conducted in 2016, 63% of the consumers actually like when their manufacturers offer them new products. It clearly highlights the significance of developing a product innovation and technology strategy for your business. Here are some of the strategies one could adopt for successful product innovation:
- Make your fact game strong.
Creative innovation could only be achieved if the person has complete information and fact check about a customer’s needs. An extensive and comprehensive collection of facts will result in effective innovation culture in a company.
Instead of working on a customer’s mere request, research should be done to understand the needs of a large section of consumers.
- Relative competitive differentiation and customer benefit
An innovation culture adopted regarding a product by a company will only prove its worth if it fulfils the real needs of a customer. Apart from the fulfilment of real needs, another strategy for successful product innovation is the uniqueness and superiority of your product from your competitors.
It is quite essential that a reason is given to the consumers to choose your product. If a product is common in regards to the market, it will lose its worth in the crowd.
- Track technological advancements
A successful strategy for creative innovation is to stay ahead of time and curve in order to address future concerns and problems that may arise due to technological changes in the future.
A solution may be devised for the same problem priorly and could be used effectively after certain trials whenever the problem emerges. Thus, a track should be maintained for technology development parallel to product innovation.
- Same page stance for the right parties
In order to make your product innovation particularly more customer-centric and successful, there is necessity for congruent mindset between different components of your company like marketing and sales. This congruency will encourage a proper exchange of information, brainstorming, enhanced peer communication.
- Making of prototype
In order for product innovation to be successful, the creation of a prototype should be considered an essential step. Even at the creation of every individual component, a prototype should be created so as to avoid long-term waste of efforts, money, and time. This step will help in preparing an analysis of risks, challenges, and threats pertaining to that product.
Therefore, it can’t be denied that product innovation is the future of all industries. It is the base that will affect the innovation culture of every manufacturing unit. Thus, for every rising industry, an institution will shape the futurewith utmost perfection.
MIT ID Innovation is one such institution that will imbibe the skills and competencies that one requires for a successful career in product innovation. MIT ID Innovation is the choice you should make for a decision you will never regret!
