Tips to create an innovative product

Tips to create an innovative product

In today’s world, in order for a company to be truly competitive nationally and internationally, it needs constant invention to innovate products that differentiate it from other organizations and that meet the expectations of its consumers.

Below are some suggestions to help the generation, development and launch of a new product to the market:

Investigate the market

It is an essential initial step for the creation of any product. It consists of the collection, systematization, study and analysis of the information in the context in which the product is going to be sold; which will later be used for the formation of strategies and will guide important decision making.

Identify market needs

Companies must mainly be oriented to satisfy and adapt to the wishes of their consumers. These needs must be based on reality for the product to be successful.

In this sense, the discovery of market niches is of vital importance (Group of individuals that have homogeneous characteristics and that their needs have not been completely covered by the general offer that there is in the market for that moment); in order to take advantage of all the opportunities that arise.

Starting from an original idea

One of the main methodologies to generate brilliant ideas is the call: “Brainstorm or BrainStorming”; which is based on the generation of words related to a central idea. From there, you can make phrases, slogans, concept maps and creative images that help us to conceive new and fresh ideas for the product we are designing.

Determine the competitive advantages

For a product to be easily recognized and favorably perceived by other people, it must have attributes that make it unique in the market. These main distinguishing characteristics are those that attract the attention of the consumer, hook and capture before buying or consuming the product.

Evaluate potential audiences

Through market studies you can obtain information about the tastes and preferences of the target of the product; as well as their habits and consumption behaviors can be determined.

Also, through the matrix of key audiences we can determine the importance and degree of knowledge we have of all the people that have to do with the product (Stakeholders).

Segment the market

It consists in dividing the market into smaller groups that have similar characteristics and interests; in order to establish direct marketing strategies that can help attract potential customers in a faster and easier way.

Similarly, market segmentation is very useful when sending communications messages to a group of people; since it allows to be more accurate and effective in the application of advertising and marketing campaigns.

Identify the competition

Competition is defined as any company or brand that develops products that cover or satisfy the same need in the market as the new product that is being designed.

In this sense, competitors must be permanently monitored; analyzing their evolution and following it up to determine who they are, the activities they perform, the geographical area they cover and the differential advantages that have positioned them in the market.

From there, information is derived that is of vital importance to be able to determine with greater ease the differential or competitive advantages of the innovative product that we are developing.

Make a DOFA

It is a study methodology that allows to specify the competitive situation of a product in the market and the characteristics of it. The internal analysis contains 2 factors that are controllable by the organization: Strengths and weaknesses and the internal analysis is composed of 2 factors that are not under the control of the company: Opportunities and threats.

Together, these four factors provide a current picture of the state in which the product we are creating is and the crosses that are derived from the factors are very useful to define the strategies and lines of action to follow.

Follow the rule of the 4 p’s

It is made up of 4 variables that all organizations must keep under control.

  • Product: It is what we are going to produce in order to satisfy an existing need in the market. For this, it is essential to be able to identify the characteristics and benefits of it.
  • Plaza: It refers to the distribution channels and is determined by the way the company will get the products to the public. For example: The means of transport that will be used, the commercial premises where the product will be sold and the location of potential markets, etc …
  • Promotion: It is the communication that must be established in order to persuade people and achieve organizational objectives. Also, this variable is constituted by: The force of sales, publicity, public relations and media.
  • Price: It is the cost that all the previous ones have. The value that the product has for potential consumers. To be able to fix a fair price, an investigation must be carried out that can specify how much the goods or services of the competition cost similar to the product that we are creating.

Strategic planning

It is based on the determination of common objectives that give a sense of direction to the people involved in the generation of the new product.

Here it is important to delegate the responsibilities to the work team, to set a schedule that allows to establish the time periods necessary to carry out the project and to specify the actions to be taken in order to meet the established goals.

Designing Advertising

To make an advertisement, a Brief of the product must be made; which is a generally written information of the company and / or a product in which the attributes, advantages, benefits and differentiating elements of the same stand out; with the purpose of transmitting to the experts the necessary inputs for the creation of the concept, the writing of the message and the design of the advertising image that one wants to position in the minds of the consumers.

Make a budget

It refers to the amount of money that is required to meet the costs that may involve the invention of a new product.

The budget must be based on real data and must take into account the economic resources that can be counted.

Also, the profitability of the product, the potential sales, the return of the initial investment, the financing mechanisms, the net profits, the necessary expenses, etc. must be foreseen and analyzed.

Carrying out market tests

They serve to make tests with several models of the product in a real context. A physical prototype of the product is manufactured and / or pilot tests are carried out before making a final decision.

All this allows measuring the reaction of consumers and their level of response to stimuli such as the distribution of free samples and special promotions.

In the same way, it allows detecting possible problems in order to make the necessary modifications in time.

Polish the idea

At this stage, all errors that have been made in the planning or execution of the strategies must be reviewed and corrected. Similarly, you can test the effectiveness of the actions taken or establish quality controls for the product.

Product Launch

Final and final phase of the creative process and is based on the introduction of the new product to the market; by presenting it to their potential audiences.

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