Product Innovation – What is it and how to do it right

Innovation, and specifically product innovation, is crucial for driving economic growth and creating competitive advantage for businesses. Despite this, 95% of new products fail. In this article, the author explores the factors that contribute to successful product innovation and why more companies should consider it. Product innovation can take three forms: the development of new products, improvement of existing products, or adding new features to existing products. When done well, it can lead to increased revenue and profits, and can enable companies to pivot and overcome challenges. Key strategies include new product development (NPD), continuous improvement processes, Blue Ocean Strategy, and the Jobs to be Done framework. However, it is important to find the right balance between developing new products, improving on existing ones, and targeting new markets in order to achieve success.