Product Innovation and its Importance
In the Americas, several hundreds of new consumer items are introduced to take place annually. But, in today’s ultra-competitive industry, how all of these goods will withstand? As per Harvard Professor Clayton M. Christensen, 95 percent of innovations failed. Firstly, a definition: product innovation is a novel approach to solve an issue that affects a significant number of people (Ghelber, A., 2019). There seem to be no items in the industry that tackle the question, and there may be products available that do so differently. One should be capable of responding “yes” to the three primary issues in order for your service or product to be considered innovative:
Is really the product appealing to a great number of people (even if you’re targeting a broad or specialized market)? That’s also especially important for products that meet previously unsolved problems. Is the offering superior to the competition? If that is so, what are the changes: style, technologies, usefulness, and so on? Is there any evidence of the product’s uniqueness or creativity? Is it simple to explain to customers how this service is essential or superior to its competition? Whereas the response might not be a simple “yes,” marketers who’d rather assist you with the product announcement should be aware of this issue. In the current economy, it only takes one individual to design and introduce a unique product or service – from engineering to industrial specialists, marketing personnel to lawyers; you’ll want everyone’s support to ensure you’re inside the 5% of successful products.
Importance of Product Innovation:
Product innovation is critical since it allows you to carve out new niches in a saturated area. You could indeed attract an audience as well as meet customer needs in a new and exciting way by addressing issues and affirming oneself in a new space (Lu et al, 2020). It’s also worth noting that innovation doesn’t just imply producing a brand-new item that solves a brand-new problem. Without hesitation, once the first iPhone was released, it created a market that did not even exist beforehand and met customer needs they didn’t realize they seemed to have (Ghelber, A., 2019). The Kindle is also the same way: not only was first design a victory (it managed to sell out in much less than six hours when it was released in 2007), but Amazon was able to evolve this with new designs, such as the introduction of the touch interface.
Whenever you upgrade an existing model or introduce a different functionality to a current design, you’ve innovated. Once phones first featured cameras, it was a revolutionary step; similarly, Apple substantially enhanced the capability of iPhone camera systems on the iPhone 11 Pro, which was a game-changer. Of course, as we discuss innovation, we don’t just mean goods; we’re also talking about services, procedures, and business strategies. These are less visible, yet they have the potential to be highly successful and profitable. Major innovations of this era include Uber, Airbnb, as well as Netflix.
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