With an increase in competitive intensity across all business verticals, Companies are now beginning to think of some creative ways to innovate and provide solutions to business challenges that are under tremendous market pressure. The need to re-strategize the Product Innovation Process has emerged.
Generally, it’s at the beginning of the financial year when most of the entrepreneurs evaluate business trends that shape the corporate world. However, new practises can emerge at any point of the time in a year.
Here are some interesting Product Innovation practises that are completely transforming businesses in the current times.
One of the growing trends in the modern day’s product innovation strategy is making customers an integral part of the entire product innovation process. Companies have come to a realization that data alone is not sufficient to determine everything about customer preferences. There is a definite need for understanding the experience of the customers with regard to their product. Although it is easy to understand customer preferences with the help of relevant data, it is the input from real customers who share their experiences after using a product that adds more value to the product innovation phase.
Research has revealed that the customer focused businesses are 50% more profitable than the firms that are non-customer focused. Involving customers in the product innovation process will give you more insights about what they will accomplish with your product, why they would use it or what challenges they may face. These are crucial data points that can be obtained in the early stages of product innovation process using which you can make your product more open to change.
Increasing Popularity of Agile
The Agile methodologies are not really new. However, they are becoming increasingly popular. Some years ago, Agile was more a methodology for the engineering teams, but today we see an increasing trend of Agile methodologies being used in the product innovation process. Some of the leading firms across the globe are using the Agile techniques for almost all of their critical projects. The reason for this is quite simple, Agile is highly flexible and productive, it also helps in measuring success quickly and effectively. Take a look at how we helped Buzztime in faster optimization and in quicker roll out of test results using agile methodologies.
Eliminating Infeasible Ideas Quickly
In order to keep up with the pace of the market, businesses will have to quickly identify and eliminate infeasible ideas. This will help the resources to focus on areas that are more likely to lead to a serious breakthrough. Most often, with a sheer pressure of introducing products into the market, some revenue driven firms completely overlook good ideas with a much better market potential. Businesses that can access the real-time customer feedback can quite easily validate product ideas before investing all the time and money. Customer feedback can also be of great help when it comes to understanding the preferences and requirements of the customers. This will also help the businesses in exploring more ways to improvise an idea that may not have been initially considered.
Companies of the modern times are continuing to face multiple business challenges, catching up or staying ahead of these trends can certainly help them have a lasting impact on how their businesses will function in the future.