To keep up with the ever-changing market, companies must continually design and redesign products. In other words, they must master the art of innovation. When done well, innovation will boost competitive value, and prevent the risk and falling to the trenches, forgotten.
So how can companies innovate when it comes to product development?
First, scope the field.
How do you figure out what innovative products would make an impact in the markets? Learn about what the market wants.
Companies must research the playing field in their industry – and always be aware of what competitors are doing, what products are successful. A great way to do this is by assessing search results trends and common queries. Youtube and user-generated content is always a good way to see what customers and commentators think about current products in the industry.
Furthermore, and perhaps more importantly, companies have to check in with customers. As the end-users of a product, their input is highly valuable to create the next successful innovation. This may mean scouring online forums, either on the companies customer support page or other related sites. Or companies can take a direct approach by sending surveys to customers, gaining data from studies, and creating focus groups.
Find the right people.
The product design and development team is the most critical driving force in any innovation. Once you have garnered information about what product features are most desired or need, the right team consolidates that information into the next new product.
Construct a great team by hiring a diverse set of qualified, intelligent, creative people. After all, if a company desires innovation, the team will need an interesting cast that each brings fresh skills and ideas to the table.
Finally, companies must have a plan in place before introducing a new product. Every project requires some risk-taking. However, companies must simultaneously ensure that the project isn’t far too costly only to fall in success.
Starting with a minimum viable product, or an MVP is the best way to be flexible. An MVP is almost like a prototype or a test product, that is still as functional as possible without going overboard on the budget. For customers, this is like a taste of the ultimate vision of the product design. So if it garners positive feedback, it’s a good sign to continually important and reintroduce the product in better forms.