Let’s face it, the market is flooding with an unending tide of new companies. But sometimes those who are trying to stand out from the crowd find themselves struggling to make their mark and stay afloat in a sea of similar products. So what can they do? The answer is simple: innovate. Innovation products are not something only inventors can come up with. It takes some careful planning, creativity and product risk assessment; none of which are exclusive to inventors.
For an innovative idea or innovation product to work, you need to know where you want to take your business and what will happen over time.
Innovation product design
It’s difficult to explain just how the concept of innovation product design actually works, but the gist is that by constantly modifying your product in some way, you’re giving your customers something new and exciting that they can’t get anywhere else. Of course, this comes with a caveat; you need to see the pursuit of innovation as something that will never end, something that is both important and worthy of committal time and resources.
On the flip side, there are a whole host of businesses that use innovative ideas and the lack of them is giving them little to no choice but to remain stagnant in their positions. This would be a mistake, as stagnation can never bring real innovation and can be nothing but a roadblock to a bright future for any business.
How to tell if your innovation product is worth your time
How do you know if your innovation product is worth your time and effort? The top 10 innovative products of the year by Interbrand show that there are a few signs that you’re likely to be innovative.
1. Your product is deeply rooted in the needs of your target market.
Start with your audience’s problems and how your product can solve them, and then see how far you can take it before it becomes overkill. You’re not trying to be the tipping point for singularity, but innovation products need to have a benefit to them rather than being different. Customers are loyal to the brands they currently use, so if your product isn’t solving a problem, there is no reason to change their buying habits.
2. Your product is versatile.
A product that can do too many things will probably appeal to nobody, but products that can be modified into other useful products seem to hit a nerve with consumers. Instead of settling for just one product, companies should be looking to build something that can grow.
3. Your product is well marketed.
You might think your product is good enough to sell itself, and that you don’t need to market it at all, but the best example of a self-marketing product by far is Coca-Cola. Their sales have skyrocketed over the years because of the way they’ve innovated with marketing their product using first names on the label and changing nothing else about the product. People share their bottle of Coke with their social networks just because it includes their name on the front, and everyone knows it’s Coke. They’re advertising on behalf of Coca-Cola for free.
4. Your product stands out from the crowd.
Whether it’s because it’s a device that’s constantly on the cutting edge of technology, or a life-changing innovation that can’t be ignored by your target market, you’ve got to stand out from everything else on the shelves somehow. Find a different colour, different function, differing packaging option or something else that makes your product different from the competitor your customer has always bought from.
5. Your product is sustainable in the long run.
While you might make your initial sales in a flash, you’ve got to keep them coming for years to come if you want to stay in business long term.
6. Your product is durable.
If you’re manufacturing something, it can’t fall apart within a couple of months, or people will be hesitant to buy it again. You don’t want a product that will never need to be replaced, but if you release a product that doesn’t feel it holds weight against its price tag, you will lose a customer. It’s a fine balance, but cutting corners will only lead to loss of trust in your product.
7. Your product is ready to move abroad.
Foreign markets are just as ripe for innovation as your own, so if you’re not planning on going global anytime soon, then your innovation product simply won’t stand out enough in the crowd of products already out there.
8. Your product is desirable and uncommonly cool.
It probably won’t be worth all that much, but if you’ve got a product that’s an object of desire by consumers looking for a little something extra out of their purchases, then your product will sell itself. FOMO is a real condition, and your customers suffer from it.
9. Your product is something new.
While you might have the best idea in the world, it’s not worth making something you didn’t invent yourself. But there’s one thing that people often misunderstand – innovation doesn’t necessarily mean you have to come up with something completely new; it can be as simple as a better, more appealing design of an existing product. Variations are new.
10. Your product makes others obsolete
Your product isn’t just good enough to leave your competitors in the dust – it makes them obsolete and never gets old. That sounds aggressive in the business world, but it’s just the truth. You need to look at what your competitors are offering, and make your innovation product far superior. You want customers to forget all about your competitor after using your product.
Change your mindset
An innovative product isn’t a chance to simply guess at what you think is going to appeal to your customers. It’s a chance to find out how you can bend the rules and come up with a new invention that actually blows everyone’s mind. Your customers will be blown away by it, and they’ll come back for more.
You need to know what is worth your time, because launching an innovation product or service is not something that is quick, easy, or inexpensive. It’s a long journey that you have to be patient through, and it requires you to stick with your vision and make the right decisions.
If you spend the right amount of time looking for an innovative product, one that’s going to bring in sales in droves, then everything starts to fall into place.
It’s important not to get discouraged by stiff competition or unfavorable product reviews. But if your innovation is compliant with the above 10 steps, it will guarantee you a bright future and soaring success.
Matthew James Oxlade
A digital leader that has delivered solutions for entities of all sizes including the Commonwealth Games, Brisbane City Council, local businesses and freelancers.I help fin-tech digital product teams to create amazing experiences by crafting top-level UI/UX.