Wed, 9 November 2022
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
Innovation is a part of product research and development.
Product innovation provides a competitive advantage, opens new markets, and increases sales to existing customers.
Determine how much you will spend on product innovation.
Set a budget for people and time to work on those innovations.
Base this budget on demands from customers as well as pressure from the competition.
Segment your customer base and perform market research.
Brainstorm various innovations and test with customers to determine the potential increase in sales from each innovation.
Compare the cost of innovation with the potential sales increase.
Consider pursuing innovations that can pay back more than the basic development cost.
Repeat this process with each segment of the customer base and with various solutions.
Prioritize the approved innovations across the various customer segments to work on the highest return projects first.
Innovation is a key aspect of product development but it must be managed within the constraints of the company’s budget and the ability to monetize the innovation.
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