Incremental Innovation: The Answer to Your Questions

In a highly competitive market, many businesses focus solely on developing groundbreaking products and services through innovative technologies. However, with lesser investments in research and development and more focus on incremental improvements and upgrades to existing products and services, companies can create more successful innovations. Incremental innovation involves improving existing products and services through small yet effective changes, instead of creating entirely new products. This approach helps to balance other aspects of the business, such as stabilizing innovation portfolios, retaining customers, and remaining relevant in the industry. Companies such as Apple, Sony, Toyota, Gillette, and Coca-Cola have all demonstrated the benefits of incremental innovation. By improving their products and services, they maintain customer loyalty while expanding their product portfolios. Tips for getting started with incremental innovation include identifying areas for improvement, establishing a constant stream of innovation, being quick and smart, and expediting the process.