Product Innovation

Innovation is a part of product research and development.

Product innovation provides a competitive advantage, opens new markets, and increases sales to existing customers.

Determine how much you will spend on product innovation.

Set a budget for people and time to work on those innovations.

Base this budget on demands from customers as well as pressure from the competition.

Segment your customer base and perform market research.

Brainstorm various innovations and test with customers to determine the potential increase in sales from each innovation.

Compare the cost of innovation with the potential sales increase.

Consider pursuing innovations that can pay back more than the basic development cost.  

Repeat this process with each segment of the customer base and with various solutions.

Prioritize the approved innovations across the various customer segments to work on the highest return projects first.

Innovation is a key aspect of product development but it must be managed within the constraints of the company’s budget and the ability to monetize the innovation.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.

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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.