Product Innovation Process & Strategy
Innovation is the driving force and lifeblood of any business. Innovation requires creativity and thinking out of the box once in a while. However, it does not necessarily mean fully revolutionising the industry and reshaping a category like Apple did with the iPhone! It does not either mean starting from scratch when a business is suffering from a temporary downturn. Innovation can bring new lights and opportunities at any stage of a product lifecycle or company life. Innovation can start with a new product idea but can also be applied to the repositioning of a product or your business on a changing market. It can also mean adapting a product or service to the changing environment or consumer preferences or rethinking the way you do your business.
Although creativity requires an open mind and “wild thinking”, it also needs to be anchored within a framework that ensure business sense and should be followed in a structured manner to make certain constant alignment with the overall business strategy. Innovation is not easy; it is the art of joining consumer insight, creative thinking and a business case in a structured manner.
Our Innovation Services
Concept development is the creative phase of a new product idea where consumer insights are joined with business opportunities to generate initial concepts, design suggestions, positioning drafts etc. All ideas should be tested and validated before going into the following, more costly, development phase.
We have a long experience in driving concept development workshops and projects in various product categories. We will guide you through this creative, yet structured exercise using relevant tools to generate a solid base for further product development, market and communication plans.
Opportunity identification and concept development form the base for refining the product development pipeline. With a consumer-centric approach, where your target customer segment is the core of your reasoning, you can set clear priorities for future product development and business development. Mostly, you will better understand what not too include in your product ranges or how to optimise your offer based on true consumer insights. Focus and prioritisation are the key points here.
Based on the understanding of your customer, your business plan and development capabilities, we will help you defining a realistic, mid to long term product development plan.
Whether you’re about to launch a new product/service or a new version of an existing series, it is important to have prepared a consistent launch plan and make sure your communication, advertisement and sales channels are the most suitable to reach your customers. If you have identified your consumer segment and defined your insight, the launch is a logical continuation and execution of your prework. If some of those previous steps are missing, it’s not too late and surely recommendable to validate some consumer insights before going ahead and hoping for the best.
We help you finding the most relevant message, positioning and pricing for your product. We analyse the market in your industry and suggest a marketing message that your prospective customers understand, appreciate and turn them into buyers.
For more information, please contact: Marcel Mendes Da Costa tel: +354 665 3002.