When your new product is finally launched after extensive preparation but fails to yield the results you were anticipating then it can cause lasting and negative impacts on your business. Financial instability, resource drain, warehouse capacity issues, pressure on marketing budgets and a reluctance to re-enter the market again with another bold innovative product.
All of these factors emphasize the vital importance of a balanced portfolio built with thorough research and knowledge . Triteq have over twenty years experience across many industry sectors and can deliver superior customer benefits in product innovation to drive responsible growth. So whether you are looking for advice and support for development to an existing product or experienced consultancy for a new innovative product- Triteq are your ideal partners. Accenture have highlighted this situation in a recent article and defined three principle kinds of innovation:
Incremental Innovation “Running to stand still” innovations which do not offer customers' superior benefits or create additional demand for the companys' products, but this type of innovation can still protect a company's baseline against competition. Accenture describe this as a form of maintenance. Renovation not innovation.
Platform Innovation – Delivering superior customer benefits to drive market growth, often in heightened value thanks to pricing rather than in terms of volume.
Breakthrough Innovation– These products are market changing innovations – which deliver new innovations to customers and create a “new” market that the innovator can dominate for some time. In addition it is vital not to underestimate the impact that innovative development can have on the culture of your company. Successful innovation creates energy, positivity, attracts top talent and generates publicity, attention and a strong competitive advantage.