Innovation in Product Development simply refers to the innovation of a new product or the improvement of an existing one. For more details, visit : https://mitidinnovation.com/recreation/what-is-product-innovation-development-and-why-is-it-important/

1. What is Product
Innovation
Development And Why
Is It Important
MITID Innovation

2. Product Innovation Development simply
refers to the innovation of a new product
or the improvement of an existing one. It
is a feedback-driven and efficient
method of rolling out products into an
open market. Depending on the industry
it serves, it can be a process innovation
(Ford’s assembly line) or a radical
innovation (cloud computing). So, why is
product innovation development
necessary?

3. The obvious reason for innovation is
customer satisfaction. In a survey
conducted on the importance of innovation,
83% of customers were ready to pay more
for innovations in existing products. Thus
improving products or releasing new ones
is the way to survive.
Necessity Of Product Innovation
Development

4. Product innovation is beneficial to
companies too. Product improvement has
the bonus of a pre-existing market carved
out for you. This reduces costs for R&D,
predicting market reception, etc. Moreover,
it creates a loop in the system. The more
products you deliver, the more feedback
you get, the faster your next innovation
develops. In fact, 35% of companies believe
customers are their biggest “innovation
partners”. So it is a win-win!

5. Nothing can guarantee 100% success in
your product innovation, but some
strategies can make the process less
risky.
Innovation in Product Development
simply refers to the innovation of a new
product or the improvement of an existing
one.
Strategies For Product
Innovation Development

6. As hundreds of companies aim to serve
the same demographic, customer
approval is the driving force in innovation.
The customer-centric approach takes the
following steps:
The Customer Is Always
Right? – The Customer-
Centric Approach

7. • Conduct customer surveys. Find out their
likes, dislikes, shopping habits, needs,
etc.
• Compare survey results with other data
points like their social bracket, financial
statistics, gender, etc.
• Based on your research, develop a
prototype for your product.

8. • Test the market by small releases or
by offering free trials.
• Adjust as per market reception.
Now the question you may ask is, “How
do I adjust my product after its
release?” This brings us to the next
approach.

9. In the fail-fast method, companies allow
products to ‘fail’ on the condition that the
lessons learned from the failure will
contribute to its eventual success. For
example, up until 2010, Zomato was a food
directory website called Foodiebay. They
tested the market and adjusted their
branding to create Zomato - a company
valued at $13.3 billion.
Learning From Your Mistakes –
The Fail Fast Method

10. The biggest advantage of the fail-fast
method is the acceleration of the feedback
loop. Traditional business models suggest
doing a thorough research and refining each
aspect of a product before releasing it. The
issue with this approach is that the demands
of your customers might change drastically
by the time you perfect your product. The
fail-safe method creates a dialogue between
you and your audience and allows space for
innovation and tweaks.

11. Another advantage is that this approach
gives a message to your employees: failing
is okay. This incentivizes them to think out
of the box and suggest better innovations.
Did you know that companies that listen to
employees are 21% more profitable than
their competition? Clearly, product
innovation is a team effort. Hence, these
strategies only work when people join
hands to create something for the
betterment of society.

12. Do you want to know more about
innovation development? MIT ID
Innovation is here for you! Our courses in
innovation and design are hand-crafted
for students wanting a future in business.
Innovations tomorrow, MIT ID Innovation
today.

13. MIT ID Innovation Programme curates
knowledge and experiences that
challenge the very paradigm of evolution.
And that's why we have set out to define
the future of industries, communities,
cities and ecosystems. MIT ID Innovation
offers the best Innovation Courses in
Pune.
Conclusion

14. We’d love to
hear
from you.
MIT INSTITUTE OF DESIGN
Rajbaug,, Loni-Kalbhor, Pune-412201
innovation@mitid.edu.in
+91-7038982225 / +91 9834092369