5 biggest mistakes companies make when innovating products

By Jenny Eagle contact

- Last updated on GMT

Related tags: challenges, Innovation, Problem solving

Today’s fast-paced, technology-driven world has applied even more pressure on innovators to grow their business, says Euromonitor.

To remain relevant and stay ahead of the pack, it claims companies need a ‘top notch process’ to bring successful products to market and has launched a list of the roadblocks that hold innovators back, complied by Lydia Gordon, digital marketer, and Zandi Brehmer, head, client innovation, Euromonitor.

‘5 biggest mistakes companies make when innovating new products’

1. Not investing enough up front

Businesses have strict rules or procedures around concept tests and product launches, but often don’t go through a rigorous enough process in the early innovation stages to ensure they are solving the right issues at the right time.

Identifying the biggest consumer/customer needs for tomorrow is a critical first step that saves companies time and money in the long run.

2. Sticking too close to home

Many companies have the tendency to look for opportunities within their category, industry, or market and fail to factor the fast-paced evolution of the broader world in which consumers/customers view them.

Looking at global, socioeconomic, and demographic trends as well as ancillary industry movements helps innovators to identify patterns and draw parallels that can lead to disruption.

3. Being too conceptual

For companies that do think outside-the-box in opportunity identification, we often see they fall short in a critical next step: taking a broad concept (such as a megatrend) and bringing it down to tangible actions for their category or industry.

Take broad insights and pivot to creative, strategic next steps through the power of cross-functional interaction, workshops, and hands-on immersion/learning.

4. Focusing on solutions and not on solving the issue

Once a need is identified, companies tend to leap straight into new product ideas and actual concepts.

Take the time to flesh out a full understanding of the issue and think of the need as a “job” a consumer/customer would like done to stretch to multiple ways one problem can be solved.

5. Getting stuck at the finish line

Many companies fail to consider the benefits of first-player movement V an absolute perfect launch and miss opportunities by being too slow, while others may have a perfect product that fails due to poor launch strategy.

Create a culture of innovation agility, but make sure that product marketing focuses on a consumer-based story of benefits over features.

Related topics: R&D

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2 comments

Innovation with export market in mind

Posted by Rutian,

Great summary.
Innovation starts with the needs of the customers.
Think about customers overseas.
Innovation is not only the products but the strategy as well.

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5 biggest mistakes

Posted by Peter Bourke,

1. Purchasing people decide on the equipment supplier based on lowest cost - they often buy poor performing old technology and are stuck with it for 20 years or more.
2. Marketing people are not given enough power to state what the equipment must provide for the consumer and many don't research opportunities well enough.
3. Most of the machinery manufacturers only supply machine that they want to produce - they should, but do not, offer the latest bespoke differentiated equipment.
4. Recycling after use is the important feature - the world is better served producing and using slightly heavier packaging which is easier to handle than offering very light weight hard to recycle items.
5. All secondary packaging must be designed so that it takes return of the original empty primary pack thereby ensuring ALL of the packaging is easily collated for placement in the recycling bin ……...to stop littering.

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