Innovation in Product Development - MIT ID Innovation

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What is Product Innovation Development And Why Is
It Important MITID Innovation
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Product Innovation Development simply refers to
the innovation of a new product or the
improvement of an existing one. It is a
feedback-driven and efficient method of rolling
out products into an open market. Depending on
the industry it serves, it can be a process
innovation (Fords assembly line) or a radical
innovation (cloud computing). So, why is product
innovation development necessary?
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Necessity Of Product Innovation Development
The obvious reason for innovation is customer
satisfaction. In a survey conducted on the
importance of innovation, 83 of customers were
ready to pay more for innovations in existing
products. Thus improving products or releasing
new ones is the way to survive.
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Product innovation is beneficial to companies
too. Product improvement has the bonus of a
pre-existing market carved out for you.
This reduces costs for RD, predicting market
reception, etc. Moreover, it creates a loop in
the system. The more products you deliver, the
more feedback you get, the faster your next
innovation develops. In fact, 35 of companies
believe customers are their biggest innovation
partners. So it is a win-win!
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Strategies For Product Innovation Development
Nothing can guarantee 100 success in your
product innovation, but some strategies can make
the process less risky. Innovation in Product
Development simply refers to the innovation of a
new product or the improvement of an existing
one.
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The Customer Is Always Right? The
Customer- Centric Approach
As hundreds of companies aim to serve the same
demographic, customer approval is the driving
force in innovation. The customer-centric
approach takes the following steps
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• Conduct customer surveys. Find out their likes,
  dislikes, shopping habits, needs, etc.
• Compare survey results with other data points
  like their social bracket, financial statistics,
  gender, etc.
• Based on your research, develop a prototype for
  your product.

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• Test the market by small releases or by offering
  free trials.
• Adjust as per market reception.
• Now the question you may ask is, How do I adjust
  my product after its release? This brings us to
  the next approach.

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Learning From Your Mistakes The Fail Fast Method
In the fail-fast method, companies allow products
to fail on the condition that the lessons
learned from the failure will contribute to its
eventual success. For example, up until 2010,
Zomato was a food directory website called
Foodiebay. They tested the market and adjusted
their branding to create Zomato - a company
valued at 13.3 billion.
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The biggest advantage of the fail-fast method is
the acceleration of the feedback loop.
Traditional business models suggest doing a
thorough research and refining each aspect of a
product before releasing it. The issue with this
approach is that the demands of your customers
might change drastically by the time you perfect
your product. The fail-safe method creates a
dialogue between you and your audience and allows
space for innovation and tweaks.
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Another advantage is that this approach gives a
message to your employees failing is okay. This
incentivizes them to think out of the box and
suggest better innovations. Did you know that
companies that listen to employees are 21 more
profitable than their competition? Clearly,
product innovation is a team effort. Hence, these
strategies only work when people join hands to
create something for the betterment of society.
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Do you want to know more about innovation
development? MIT ID Innovation is here for you!
Our courses in innovation and design are
hand-crafted for students wanting a future in
business. Innovations tomorrow, MIT ID Innovation
today.
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Conclusion
MIT ID Innovation Programme curates knowledge and
experiences that challenge the very paradigm of
evolution. And that's why we have set out to
define the future of industries, communities,
cities and ecosystems. MIT ID Innovation offers
the best Innovation Courses in Pune.
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