Developing, promoting and succeeding with a product line is no easy feat. Competition is fierce and with the modern online world dominating in terms of marketing, there are more opponents in the retail playing field now than ever before.
For a company to grow, certain demands ought to be met. These may relate to customer value, cultural demands, financial needs and operational adjustments. If you wish to be considered a leader in your particular market, it is crucial that you approach areas of innovation wisely, from idea management to the development of new products.
The good news is that by focusing on innovative strategies, you can accomplish success time and time again.
Why innovate a product line?
Innovation may be considered somewhat of a survival strategy in today’s technological world.
A firm that is able to determine precisely where their areas of expertise lie, meanwhile accurately amplifying their strengths with the correct type of technology, will master the art of innovation on a whole new level.
Unless you are able to attract interest and sustain it, how do you expect your brand to survive in a cut-throat niche? Product line innovation strategies may differ from one company to another, but something that remains the same is the motive: to be relevant in your specific market.
Generally, four main things will combine to determine just how relevant a brand is:
- Customer obsession
According to a 2015 study on what innovation means to consumers, 84% of consumers said that it was somewhat or incredibly important! Something as simple as a change in technology can set you up for success within your sector and by technology, we are talking about Systematic Inventive Thinking (SIT).
What exactly is Systematic Inventive Thinking?
If you haven’t quite grasped what Systematic Inventive Thinking (SIT) is and how it could benefit your business, enlighten yourself. Designed specially to forecast business changes and adapt business processes, SIT is a type of technology that utilizes predictable data to determine trends, analysis and potential pitfalls, of which can be negated and dealt with using a holistic approach.
The aim of the game is to solve problems (both innovative and inventive) in an efficient and non-time consuming manner. Meaningful solutions can be drawn from a situation when SIT is utilized. Essentially, this can fuel the minds of workers and encourage fresh ideas, not to mention reduce overall risk in the workplace.
The Most Innovative Companies of Today
An easy way to kick-start your competitive streak and get that all-important action plan into motion is by seeking inspiration from the experts of innovation themselves. The companies mentioned below are shining examples of brands that have lead the way with their leadership skills and financial achievements.
Take note, because the following lucrative companies didn’t get to where they are today without their unique innovation strategies:
- Apple – The iPad, iPod, iPhone and iTunes are all fine examples of this company’s innovative products. Creativity, design and ease of use are three factors that help Apple gain a competitive advantage over industry contenders.
- Google – Often described as “the most innovative company on Earth”, Google relies on crowdsourcing for idea generation, data-driven duties and customer-centric aspects to survive.
- Playstation – The gaming world reacted with excitement when the PlayStation VR was released in late 2016. The virtual reality headset depicts innovation like no other, with the Mirror mode allowing users to take a glimpse into another user’s world.
- Samsung – Since 1983, Samsung has consistently been pursuing new ideas with efficiency and innovation. The company blends form with function to develop electronics, many of which scooped the CES 2018 Innovation Award.
- Microsoft – Holoportation, Skype Translator and touchless interaction in medical imaging are just a handful of the fascinating innovations developed by this company.
Utilizing Systematic Innovation Technology for Product Development
There is no denying that you will have a few things on your “to-do” list ahead of a product launch and the way you execute those tasks will most certainly influence the outcome. After all of the product idea brainstorming, idea/market evaluation and prototype testing, your brand new product/service will be ready to unleash to the world.
However, you must consider how you will keep things under control, from monitoring feedback to idea-sharing. You can anticipate a spike in sales when you use the right kind of process for business growth decisions and product development, such as Systematic Inventive Thinking (SIT).
Let’s find out what areas of the product innovation process can be improved with SIT:
- Developing a Plan – Remember to mirror your brand philosophy in the products and/or services you sell. Questionnaires, surveys and social media polls will give you an insight into customer wants/needs. Use this valuable information to roll out something completely fresh and relevant.
- Request Regular Feedback – Don’t just focus on the new customers but also, the long-standing ones! Discover what makes consumers tick and what doesn’t. Target areas of neglect and use this constructive feedback as a powerful asset for innovation.
- Team Collaboration – What is the point of employing a team of workers if they are unable to accomplish tasks as part of a group? Although each employee ought to maintain solo status within the company, their productivity will increase tenfold when they share ideas and thoughts with one another. Utilize SIT to promote idea-sharing and innovation will follow.
- Prototype Validation – Forget about spending hours conducting virtual prototyping and product design, because software can do the job on your behalf. With continuous testing and reinvention, your brand will never step out of the limelight.
- Taking Action – The more products you sell, the wider the audience you will target. SIT is the perfect tool for broadening an existing product line and introducing something completely new to the mix.
Systemic innovation ensures unlimited opportunities for growth, not only for the brand but also, your workforce, customers, stakeholders, investors and suppliers. When you consider the fact that it can be relied on as a highly-effective method of moving from strategy to action, there is no wonder why companies are using an innovation model to achieve their objectives.
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