With mounting economic pressures, increased competition and tightened spending, it can feel daunting to take risks and create something different. But embracing innovation when it comes to product development is key to retaining competitive advantage and thriving in today’s reality.
Though the pursuit of innovation is often associated with substantial resources and deep pockets, the truth is there are many ways that innovative products can be developed, and some of them don’t require generous budgets or an abundance of manpower.
Here are my top tips to help businesses develop innovative products using limited resources:
Identify market gaps
Innovative products can spark from anywhere, a conversation with a friend, scientific research, or a first-hand experience, to name a few. But the key to turning that innovation into a success is understanding which customer needs are currently unfulfilled (or underserved) by existing services or products, and how your new product or service will improve on that.
At Biogency, our Synext supplements were sparked by the biomedical discovery that the right combination of nutritional supplements could slow down the ageing process, revitalise cellular energy and improve digestive, nervous and immune functions. Given that health-conscious consumers have long been looking for ways to counteract the effect of extended working hours, poor work-life balance and other environmental stressors, we knew there was a market for a product that could help them live healthier lives.
Create a professional network
Navigating the journey of taking an innovative product to market is challenging at the best of times, but building a network of mentors and like-minded entrepreneurs can provide significant value by helping you see around corners and anticipate risks. For example, as university graduates, we cultivated strong relationships with professors and researchers, which helped my team and I to gain access to valuable industry insights that we then used to tailor our products to the needs of the market, and improve efficacy in line with the latest scientific research. This belief in the value of collaboration, community and knowledge sharing has continued on, and is part of the foundation of how we run our global team.
In addition to guidance and support, making connections with people in industries relevant to your product can provide an invaluable opportunity to showcase your products, spread positive word of mouth, and grow your business with minimal investment into traditional marketing efforts.
Innovation is a marathon, not a sprint
Creating innovative products doesn’t stop once a product is in the market. In fact, businesses that want to remain competitive should engage in a cycle of perpetual innovation. After the success of our Synext product, copycat products emerged, which had the potential to negatively impact our market share. However, by continually looking at the latest scientific data and customer feedback we were able to refine our formula and solidify our position as industry leaders.
Taking a proactive approach to perpetual innovation can serve as a powerful retention strategy. By consistently refining and advancing products based on the latest insights, businesses can build on their initial success and fortify their relationship with existing customers so that they are less likely to be swayed by copycats or competitors.
Ultimately, while it’s easy to believe that innovation is reserved purely for businesses with ample resources, stories like ours prove that the right mindset and community can help you go a long way. I truly believe that identifying market gaps, building a professional network, and committing to perpetual innovation, can greatly contribute to the success of innovative products, regardless of the number of resources that a business has.
