Most of the new ideas do not lead to successful products or services. 60% to 80% fail in the market. In this article, I will share with you my criteria for making a product innovation successful.
Relevant customer benefit
Is the innovation relevant for the customer?
Innovation must satisfy customer need. What I see often is that innovations don’t bring real benefits to the customer or are aimed at the wrong target group.
Relevant differentiation from the competition
Is your solution superior in one relevant aspect?
An innovation must differentiate itself from the competition and be distinguished by at least one unique feature (that is important for the customer).
Explainability of the product innovation
Can you simply explain the product benefits and its uniqueness to customers?
Saying that it’s innovative won’t work.
Sometimes a product innovation puts conventional customer ideas into question to such an extent that they do not recognize their benefits.
Easy to test
Is it easy for the customer to try the product and experience the benefits?
Quite often the benefits company advertise apply to the VIP version or product with additional equipment.
Easy to change
Is it easy for the customer to switch to your product without risk and effort?
Make sure to analyze their alternative solutions.
Do you get into legal conflicts (laws, norms, patents) or ethnic conflicts (values) with product innovation?
Make sure you don’t break someone’s rights and that your product can be distributed in countries and in ways your strategy desires. Often products are classified differently around the globe, some ingredients are not allowed in all countries or product can’t be advertised in the same way around the globe.
Earnings prospects of product innovation
Does product innovation have the necessary potential for sales and profit?
As a product developers, we love our masterpiece. We think is that amazing and we believe that will sell well. Reality is not ideal. Many successful new developments often take years after market launch to mature and offer attractive value for money. During our R&D process, new technologies can be introduced – protect your product from being displaced by new technology.
Integration into the existing product portfolio
Can the product be launched without directly competing with your existing product portfolio?
The introduction of innovative products to the market increases the risk that they will be at the expense of existing products. Brand cannibalization can cost margins and reduce the value of the company. Cannibalization should therefore normally be avoided. However, there are also advocates of “preventive cannibalization”.
Does the product innovation fit your brand positioning and values?
This is what business owners often dismiss. They came up with this new, shiny idea – not thinking if it is aligned with their brand. It’s extremely visible now, during the pandemic. People started adding to their portfolio things that never been there and never should be. Many fashion brands stopped working on their collections and begin sewing masks and distributing antibacterial gel. Plenty of them markets it wrong. Plus, many are overstocked. What they will do with it after coronavirus?
Do you have the necessary resources to technically implement and market the product innovation?
Numerous innovations fail due to a lack of cooperation between important business partners, on whom the success of an innovation depends.
Do you want to implement product innovation in your fashion business? My infuture.fashion team may help. Message me firstname.lastname@example.org