The primary function of innovation is the search for solutions that generates ‘plausible’ outcomes for a business. Encouraging innovative ideas to solve frequently encountered quandary receives wide acceptance from the consumers. In a way, customers face a new concept capable of bringing constructive revolution. Simultaneously, it improves their quality of life.
Problem-solving through innovation-led products necessitates the understanding of consumer behaviour & trends. You may need to approach them either personally or use electronic & telephone survey for a feedback.
It equally helps to unearth their shopping habits, patterns, any difficulty that they face. As well as, asking for product feedback is good for the business.
Therefore, an innovative product must be customer-centric. Put your creativity to play and assess the consumer needs.
Innovation does not need to be new or incredible, but it can come from a service already in place. With significant improvements and better strategy, it can top the sales in the market.
Now, let us learn a bit about the process of innovation.
The Process of Innovation
As much as it seems hard to comprehend, the entire process of innovation is actually based on a logical sequencing of organised thoughts and well-crafted set of actions.
Launching a successful product into the market calls for ample research, attention to detail, and also, strategic planning.
Steps Included in the Product Development Project:
Information on Product Release & Conceptualisation
The information regarding the product in developmental phase is released to the market to assess the public reaction. Typically, it is done to perform an impact study in a specific category. The results of such study are taken into account and applied to the product development.
The conceptualisation is carried out rather more specifically. It relates to the assessment of what the product offers to its consumers.
Product Specification & Description
The next step following conceptualisation is the product specification & description. This includes listing the product’s primary properties, objectives, features, design, and the proper way to use it.
Manufacturing & Planning
The manufacturing & planning phase of the project outlines the key aspects related to the process of generation. Afterwards, its production in large-scale quantity is also a prime concern to fulfil the demand from retailers reselling your product.
The product launch is perhaps the most crucial step since it integrates many different aspects of commerce. It involves marketing, promotion, exclusive product launch events, press release, and much more. Mostly, a flagship product demands a widespread launch.
Another factor of success is the inherent corporate culture. It brings a greater amount of integration within the company.
A company culture attributes its conceptual aspects, ideas, and everything that permeates systematic functioning of activities inclusive of the pre-determined company policies, discussions among teams and out-of-the-box suggestions about a product under development.
To sum up, the process of innovation intends to bring positive changes, more benefits, & development for the growth of a company.
The above-mentioned steps when performed with a view to impart quality leads to satisfaction at a corporate level.
The organisational culture of a company makes use of a participatory management which involves the entire team. It also incentivizes creativity and welcomes fresh thoughts from other collaborators. This is responsible for generating an adequate ambience for innovation.
Sometimes, a feedback from other departments may also help contribute towards the innovation phase.
Alternatively, seeking help from peers within the company to exemplify the process of innovation only leads to sweet results and it may set the end-product on a higher pedestal in the ocean of similar products found in the market.