In today's world, for a company to be truly competitive nationally and internationally, it needs the constant invention of innovative products that differentiate it from other organizations and meet the expectations of its consumers. Here are some suggestions to help with the generation, development, and launch of a new product on the market:
This is an essential initial innovation step for the creation of any product. This is the collection, systematization, study, and analysis of information on the context in which the product is going to be sold, which will later be used to develop strategies and guide the taking important decisions.
Identify the needs of the market
Businesses must first and foremost be oriented towards satisfying and adapting to the wishes of their consumers. These needs must be based on reality for the product to be successful.
In this sense, it is vitally important to discover market niches (a group of individuals with homogenous characteristics whose needs have not been completely covered by the general offer that exists on the market. time) in order to take advantage of all the opportunities that arise.
From an original idea
One of the main methodologies for generating brilliant idea is the "Brain-Storming", which is based on the generation of words related to a central idea. From there, phrases, slogans, concept maps, and creative images can be created to help us design new and fresh ideas for the product we design.
Determination of competitive advantages
For a product to be easily recognized and perceived favorably by others, it must have attributes that make it unique on the market. These key differentiating features are those that catch the consumer's attention, catch and capture them before buying or consuming the product.
Evaluate potential audiences
Market research provides information on the tastes and preferences of the product target, as well as determining consumer habits and behaviors.
In addition, through the Key Audience Matrix, we can determine the importance and degree of knowledge we have of all people who have to do with the product (the stakeholders)
It consists of dividing the market into small groups with similar characteristics and interests, in order to establish direct marketing strategies that can help attract potential customers more quickly and more quickly.
Similarly, market segmentation is very useful when sending communication messages to a group of people because it helps to be more precise and effective in the implementation of advertising and marketing campaigns.
Identify the competition
Competition is defined as any company or brand that develops products that meet or satisfy the same needs on the market as the new product being designed.
In this sense, competitors must be constantly monitored, analyzing their evolution and monitoring to determine who they are, the activities they perform, the geographic area they cover and the incremental benefits that position them on the market.
It is from here that information of vital importance is obtained in order to more easily determine the differential or competitive advantages of the innovative product we are developing.
Make a DOFA
It is a methodology of study that makes it possible to specify the competitive situation of a product on the market and the characteristics of it. The internal analysis contains two factors that can be controlled by the organization: strengths and weaknesses, and internal analysis consist of two factors that are not under the control of the company: opportunities and threats.