Product Innovation Process

You can use several metrics to measure the innovation. Most business leaders use sales rate and ROI to find the success of a product. You can apply these metrics only when the new one has already been launched. How can you measure the product innovation before the product launch?

In the development stage, how can you know about the audience mindset? The only answer to all these questions is market research. Gaining the market knowledge, customer interest, and competition details will add advantages during a product launch. Following are the essential parts of the product innovation process

Identifying Gaps and Blue Oceans in the Market?

Blue ocean is a term introduced by two professors named W. Chan Kim and Renee Mauborgne in Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant. The Blue ocean is an unexplored area in the business that can give high potential profits.

For example, before the launch of iTunes, users were illegally downloading music from the internet that was a blue ocean. iTunes provided a platform for consumers to download music that had never existed before. Spotify and Apple Music followed the same. Their creators found a blue ocean in the market and launched them. Only a person who keeps his eyes open for gaps in a specific industry can identify a blue ocean.