Blog
People discuss product innovation every day although in many cases, the true meaning and objective of it is averted. They bring up product innovation, whether they’re talking about their smartwatch and its most recent features, the best-performing vehicles, or the newest app that relieves stress.
What is Product Innovation?
Introducing something new is one of the more commonly used definitions of innovation. A new service, product, technique, or even a slight upgrade to something already in existence could be that item...
But what does "product innovation" actually mean? The most well-known innovation kind is arguably product innovation, which has several diverse definitions...
Is Innovation a Must-Do in This Era?
Innovation is the primary economic driver for both enterprises and society as a whole...
Some Examples
Scalability and substantial profitability were achieved by Airbnb, Uber, and Fiverr...
Competitive Edge
Successful businesses have always found a way to take advantage of innovation and acquire a competitive edge...
- ✔️ Create brand-new items that meet consumer demand or address market needs.
- ✔️ Incrementally innovate while continually improving their main offerings.
- ✔️ Bring old products to new markets or channels to redefine the competition.
Redefining the marketplace also entails redefining the worth of a given good...
The Sweet Spot
Combining the three strategies—launching new goods, making improvements, and searching for new markets—is where success lies...
The Growth Booster
Product innovation enables businesses to expand, generate greater revenues, and take over new markets...
Product Innovation Frameworks (Need Infographics)
- NPD (New Product Development)
- CIP (Continuous Improvement Process)
- BOC (Blue Ocean Strategy)
- JBD (Jobs to Be Done)
Challenges of Product Innovation (Need Infographics)
- Validating Product Viability
- High Cost
- Apt Pricing of the Product
- Innovation for the Sake of Innovation
- Complexity
The Last Words
We’d like to end by reminding you that large firms can greatly profit from investing in all kinds of product innovation...
