When is a product deemed as a successful one? Obviously, the most instinctive answer is when the product meets a particular market requirement. Combined with the pricing model, the sales rate, the demand, and plenty of other factors a product is finally classified as a successful one or sometimes not! The introductory line of this blog is a statement from Professor Clayton Christensen from Harvard Business School. When one gives a little more thought to it, one realizes how cut-throat and competitive today’s market scenario is. While some argue that an assertive and “go-getting” approach in marketing will change the game, most entrepreneurs today believe that “Product Innovation” is the buzzword that all business owners need to memorize in today’s scenario.

Product Innovation:

You might have heard of this before, might have even read about it, maybe even done a tad bit of research on it. Time and again, in the race towards keeping pace with changing times, trends, and disruptions, one often forgets the most rudimentary of concepts. The next few lines stand as a refresher 101 for those who need it.

The most widely agreed-upon definition of Product Innovation is:
The research, development, and introduction of a new, revised, and considerably improved product and/ or service. It is to be noted that one doesn’t need to invent the wheel from scratch. The whole concept revolves around the idea that one accepts the “As-Is” scenario, and comes up with a unique “To-Be” one, which caters to the same audience (or newer), and is also a level up from its predecessor. Simple isn’t it?

What does it take to BE “Innovative” in one’s products?
Concepts such as Customer Journey Mapping, User Interface and Experience (UI/UX), Customer Profile Management, Sentimental Analysis, Social Listening, and others have lately gained prominence and help businesses not only understand where they and their customers stand, but also help them plan products or improvements to target specific niche markets. Additionally, when combined with the abovementioned regulations, important procedures like Consumer segmentation, Minimum Value Product (MVP) development, concept testing, Consumer feedback evaluation, etc., are extremely beneficial.