Product innovation is necessary in order to keep the product relevant with time and also to create a differentiation in the market.However,very few product really innovate and create a differentiation.Rest all just follow what others do.
Right innovation can help companies to grow leaps and bounds by catching on the opportunity.In Online product there is large scope for innovation .In this blog will discuss what stops innovation and how to deal with it.
Product guys works in sync with sales and there can be chances that due to sales pressure one only launches the product which just increase sales without providing any value to the user.This can thwart innovation.
How to avoid:Once should chart out how the new product innovation can increase sales and explain sales team how to will bring value to business as well as user.
One may not innovate because of risk involved in innovation.There are high chances that innovation may not bring in the desired results.This may prevent people from innovating as failure may lead to loss of value of a person in organisation.
It is necessary to have a back up plan to mitigate the risk involved in innovation.This can be done by thoroughly anticipating the expected results and creating a backup plan for it.Consider you have launched an online booking for property.
Expected results How to mitigate
Lack of booking SEM,Mailers,Site visit facility,Other projects
Right innovation can help companies to grow leaps and bounds by catching on the opportunity.In Online product there is large scope for innovation .In this blog will discuss what stops innovation and how to deal with it.
1.Sales pressure:
Product guys works in sync with sales and there can be chances that due to sales pressure one only launches the product which just increase sales without providing any value to the user.This can thwart innovation.
How to avoid:Once should chart out how the new product innovation can increase sales and explain sales team how to will bring value to business as well as user.
2.Risk factor
One may not innovate because of risk involved in innovation.There are high chances that innovation may not bring in the desired results.This may prevent people from innovating as failure may lead to loss of value of a person in organisation.
It is necessary to have a back up plan to mitigate the risk involved in innovation.This can be done by thoroughly anticipating the expected results and creating a backup plan for it.Consider you have launched an online booking for property.
Expected results How to mitigate
Lack of booking SEM,Mailers,Site visit facility,Other projects
3.Lack of ideas
There are chances that people may not have right ideas to innovate.This can be because of lack of knowledge in the particular field or because most of the innovation is already done
It is necessary to fully understand the field by talking to user,customers and referring various materials.One can also do the competitive analysis and check what nobody is doing.This can bring in some ideas to innovate
4.Lack of resources
This can be very common problem for many startups .The solution of this can be to either assign part of the employee KRAs to innovation which can help in bringing in innovation in the product.
No comments:
Post a Comment