Product and Service Innovation
Every year, tens of thousands of new consumer products are being launched. But how many of those products survive the ultra-competitive market? According to Harvard Business School professor, Clayton Christensen, 95% of those new products fail. Product innovation, a keyword for those who want their product to be among the successful 5%.
Product innovation represents a new way of solving a problem a high number of consumers have. There may be no products at all on the market that address the issue, or there may be other products already on the market that address it in a different way.
Product innovation is important because it can help you create new spaces in a seemingly crowded market. By identifying the gaps and imposing yourself into a new space, you can find an audience and satisfy consumer needs in a way that is new and refreshing.
Innovation happens when you improve an existing product or you add a new feature to an existing product.
When phones got cameras, they gained a new feature; or for example when Apple dramatically improved the quality of iPhone cameras in the iPhone 11 Pro, that was an innovative move.
How to make innovative products?
The “easy” answer is: listen to the voice of your customers, understand them, and use their knowledge to anticipate where the market is heading. There’s much more to it than it sounds and Divantage will help you put the puzzle pieces together and create an innovative, desired solution.
Challenges we address
- Developing new products and services based on customer insights
- Responding to future trends
- Developing more sustainable solutions
- De-risking innovation investments
- Using new technology intelligently