Product innovation is exactly what it sounds like; it involves coming up with business innovation ideas to develop new products or improved renditions of existing products to make them more useful. The rollable LED television by LG is one of the best examples of Product Innovation. Other good examples of product innovation are Nike, Spotify, Amazon. Business innovation ideas that stand out are shifting focus from mass production to mass customization, serving customers uniquely, as a service and differential experience.
According to a study, 63% of the clients appreciate it when a company offers them a new / upgraded product. Product innovation can be of three different types.
- A brand can develop an entirely new product.
- The brand can improve the performance of an existing product.
- Last but not least, the brand can add new features to the existing products.
Product Innovation for Business Growth
Expansion: Effective product innovation sires more development, which essentially empowers your business to scale and grow. Innovation can help you reduce waste in your business and leave you better positioned to zero in on the drawn-out objectives instead of continually extinguishing fires.
Competition: The unique innovations you come up with helps your business stand out among the competition, giving a raise to your business's revenue. Innovations can emerge out of persistently investigating market patterns, tuning in to your clients, and considering what contenders are doing to spot openings and hop on them.
Customer Loyalty: Product innovation makes sure that the products you sell or the services you offer does not become insignificant. Inventing your time and money in product innovation results in customers seeing and appreciating the additional worth you are bringing them. That ought to convert into more sales.
Talent Acquisition: Top-level employees seek opportunities to work for organizations at the innovative bleeding edge of their industries. Developing a longing for your organization to be an industry leader ought to lessen work environment turnover and lift efficiency.
Strategies to Create Business Innovation Ideas
An innovation strategy guides choices on how assets are to be utilized to meet a business' goal for innovation, convey worth and competitive advantage. The innovative strategy should include:
- An investigation of an organization's competitive and technological environment
- Organization's SWOT analysis
- Its competitive advantage.
The following steps should be used to integrate innovation into the business strategy:
Adopting a comprehensive strategy for innovation
When developing your business strategy, look to the general association and partners, for example, suppliers and customers. Take a gander at your abilities and your staff's abilities: can more successful groups be created by joining the inventive and coherent individuals?
Building a strong communication network
Your communication channels will decide your innovation viability. Strong communication networks allow individuals with various types of knowledge and methods of handling issues to cross-prepare thoughts. Novel thoughts breed more ground-breaking ideas so that organizations can produce a pattern of advancement.
Promote Innovation culture
An innovation culture establishes an environment where representatives are urged to step through risks and test their thoughts. It tends to be as basic as acknowledging employees' thoughts and encouraging them to seek ideas that increase the business's value. Consider how this can be accomplished and incorporated into your innovation strategy.
Framework to link the supply side of innovation to the demand side by curating the best innovations to meet enterprise needs, mitigating risks, deploying at scale, managing change and ultimately guiding disruption.
To bridge this gap, one needs a strong foundation, and the right institution plays a vital role in building that foundation. MIT ID Innovation is one such right institution with experienced faculty, placement opportunities in the industry's leading companies. Guest educator, Mr. Nilesh Sahasrabudhe, Founder NordicMojo. Former Vice President, Country Manager - Tieto, states 'Good products make life easier, enjoyable, and meaningful.'