With technologies evolving and customer demands always changing, having a successful product can be a challenging task. But with adequate planning and product innovation, you can identify shortcomings in your products and make the essential improvements.
In this post, we’ll dive into product innovation. We’ll talk about why product innovation is crucial, along with a few companies to reach out to for your product innovation requirements.
What is Product Innovation?
Product innovation refers to creating or optimizing a product or service to make it better than its previous version.
The concept of product innovation goes beyond the traditional invention of new products. While innovation includes invention, it essentially consists of changing the design or adding new materials to established products to improve them.
Why Is It Important To Innovate Your Products?
Regardless of the industry, the market is full of changes and evolutions. One day, new technology will erupt, and the entire industry will need to adapt. The next day, there’ll be a sudden shift in customer demand, and you’ll need to adjust.
Product innovation helps you identify the changes and trends in your marketplace, along with the shortcomings in your product that you need to eliminate to satisfy your customers.
The first version of any product is never perfect. It has to go through cycles of furnishing and revamping before it aligns with the market’s needs.
And even then, the need for innovation never ends. You’ll need to keep improving your products and adding new features to keep your customers stick in.
Product innovation isn’t confined to products only. It can involve services or other aspects of a business.
The Companies That Help You Innovate Your Products
Innovation is crucial, but it’s easier said than done. You need to constantly update your product by adding new features. And that’s only the developer side. What about the market and competitor research required to identify new trends and changes in customer demand?
One thing you can do is have an in-house product innovation team. That option will, of course, be more expensive and resource-heavy. The better alternative is to outsource your product innovation tasks to specialized companies.
Here are a few companies that help you with product innovation.
Ideanote is a technology company that helps you with product and service innovation. It offers a cloud-based platform that enables you to brainstorm, nurture, prioritize, and maximize new ideas.
Started in 2014, Ideanote has catered to the product innovation needs of several startups and SMEs like ThoughtWorks and IKEA.
Ideanote offers a wide range of features and capabilities, such as:
Besides, Ideanote is an all-in-one platform that offers a 100% mobile experience. So, you can give life to your ideas anytime and from anywhere.
Revuze is one of the leading market research and data analytics companies that help you make informed business decisions. It offers a series of ideation and innovation products, including Revuze Explorer and Ad Hoc Reports, to help you understand the sentiment of the market and customers.
In addition to being an idea-sharing platform, Revuze also deploys industry-leading Artificial Intelligence to provide you with real-time, actionable insights.
Trusted by leading brands like Dolby, Gillette, and Levi’s, Revuze offers the following capabilities:
Intelligent AI-powered research and market analysis
Category analysis and hierarchies
Clean, classified, and granular data
Faster time to insights
3. Product Plan
ProductPlan is a roadmap software solution that enables seamless, transparent, and collaborative road-mapping. It offers an intuitive platform with planning, visualization, and communication capabilities. It also helps you develop, administer, and share roadmaps across remote teams.
With ProductPlan, you can develop and share live roadmaps with simple a drag & drop roadmap builder.
Multiple roadmap views
Drag & Drop functionality
Seamless integration with other tools
Trusted by global brands like HubSpot and Microsoft, ProductPlan enables you to standardize your product innovation roadmap, thus, helping you make informed decisions.
SurveyMonkey is the leading survey software company that enables you to collect feedback from your customers in real-time. It offers a comprehensive range of products and services that you can use to put your curiosity at work.
Eager to know whether your customers like a particular feature in your product? Or do they want a new feature? Are they happy with customer support?
No matter what questions you have, with SurveyMonkey’s solutions, you can get them answered. SurveyMonkey offers solutions for HR, marketing, and CX. Some brands that use SurveyMonkey are Box, Intuit, and Cisco.
Innovation is the key to success, regardless of the type and purpose of your product or service. But to achieve the best outcomes, it’s essential to work with the right product innovation company.
While all the companies mentioned above are best-in-class, they differ in work approach. Ideanote and ProductPlan are software solutions that help you share and organize new ideas. Revuze, on the other hand, provides you with insightful data to make informed decisions. Similarly, SurveyMonkey enables you to gain customer feedback and make real-time innovations.
So, pick a company that aligns with your objectives, requirements, and challenges.