This product innovation strategies template has 5 pages and is a MS Word file type listed under our business plan kit documents.
Sample of our product innovation strategies template:
PRODUCT INNOVATION STRATEGIES Product innovation deals with the development of new and cutting-edge products, upgrade of already-existing products, and sustainability of already-established products. Product innovation is what has enabled a good number of companies to stand the test of time, and there are many examples of success stories that highlight just how important the product innovation industry is. Amazon, for instance, introduced the Amazon Kindle product, which transformed book reading as we've always known it. Previous studies have also shown that more customers are excited and motivated to buy products when manufacturers offer new and improved products. It is for these reasons that developing worthy product innovation strategies is important for businesses. Key Points that Determine Product Innovation Strategies There are five key points to have in mind when you develop a product innovation strategy for your business. They are: Company Objectives This ensures that you establish the approach that your product innovation will follow. With these objectives, you can determine why a product should exist and what can be done to determine that it meets your company objectives. Ensure that the objectives are clear and that the product goals are even more clear. An Understanding of the Market An understanding of the market means that you know how the competitors and the customers work, and you will find ways to provide value for these customers, building on the insights gotten from the competitors. This is an important factor to consider, as product innovation is hinged on valuable products and how you can provide products that improve the customer's experience. A Clear Value Proposition What a product innovation strategy gives you is a competitive advantage. A clear value proposition is a unique element that helps you stay focused on that competitive advantage, build on it, and stand apart. It helps in the designing, iteration, and growth of the product. Resources The necessary resources include time, budget, and people. These factors can help to push the product innovation strategy from start to finish stage, successfully. Execution Have a plan in place that ensures that after the product innovation stage, you're able to efficiently launch, test, and measure the success level of the product. Another aspect of innovation is ensuring that the existing customers have a smooth transitioning process when the product is launched, as user downtime and loss of revenue can be a major transition process. Winning Product Innovation Strategies There are various approaches to follow for product innovation strategies to ensure that focus is put on the different dimensions of the new product and the development of the products. More often than not, product innovation strategies are driven by three market position categories. They include: High price/high-value products -innovative, premium, and differentiated products. Competitively priced products - differentiated products on minor factors like pricing. Low-cost products - with good enough quality. Product innovation strategies will either augment these positions or enable them by focusing on a time-to-market approach, a market-oriented approach, a platform-based approach, or on a customer insights approach. Time-Based Approach
