Did you know that on an average, at least a million products are launched every year all over the world? Still, only a mere 5% of them make it through the market and are appreciated by the audience.
When is a product deemed as a successful one? Obviously, the most instinctive answer is when the product meets a particular market requirement. Combined with the pricing model, the sales rate, the demand, and plenty of other factors a product is finally classified as a successful one or sometimes not!
The introductory line of this blog is a statement from Professor Clayton Christensen from Harvard Business School. When one gives a little more thought to it, one realizes how cut-throat and competitive today’s market scenario is. While some argue that an assertive and “go-getting” approach in marketing will change the game, most entrepreneurs today believe that “Product Innovation” is the buzzword that all business owners need to memorize in today’s scenario.
Product Innovation: You might have heard of this before, might have even read about it, maybe even done a tad bit of research on it. Time and again, in the race towards keeping pace with changing times, trends, and disruptions, one often forgets the most rudimentary of concepts. The next few lines stand as a refresher 101 for those who need it.
The most widely agreed-upon definition of Product Innovation is:
The research, development, and introduction of a new, revised, and considerably improved product and/ or service. It is to be noted that one doesn’t need to invent the wheel from scratch. The whole concept revolves around the idea that one accepts the “As-Is” scenario, and comes up with a unique “To-Be” one, which caters to the same audience (or newer), and is also a level up from its predecessor. Simple isn’t it?
What does it take to BE “Innovative” in one’s products?
The answer to that is the mantra of every entrepreneur ever: LISTEN TO THE CUSTOMER.
It is no rocket science to understand that a precise outlay of requirements must be carried out to fulfil a specific demand. Only then a businessman can attend to a need from society and come up with a solution.
Secondly, a holistic “broader” perspective on product design and consumer behaviour is critically essential for innovation. Understanding the underlying consumer behaviour patterns and characteristics will add value to its product innovation strategy.
In recent times, concepts such as Customer Journey mapping, User Interface and Experience (UI/UX), Customer profile management, Sentimental Analysis, Social Listening etc have come into the limelight which not only help companies understand where they and their consumer stand; but also assists them in planning products/ improvements to target niche markets. Moreover, key methodologies such as Consumer segmentation, Minimum Value Product (MVP) development, concept testing, Consumer feedback review etc are of extreme benefit when combined together with policies mentioned earlier.
We at Awal Gulf, ensure product innovation is at the forefront of product design. The design and development team constantly strives to develop customer centric products by adopting latest technology and incorporating features to ensure comfort to the customer thereby by achieving customer satisfaction.
About the author:
Mohammed Anwar is the Deputy General Manager for our Engineering & Quality Assurance department, a position that he holds since 2015. Mohammed brings a wealth of knowledge and expertise to this area, ensuring that we continuously keep innovating and delighting customers with reliable and quality products. His role is also to ensure all quality assurance standards are strictly followed along with meeting all regulatory compliance requirements. He heads a team of brilliant research and development engineers at Awal Gulf Manufacturing.