Maintain Business with Product Innovation

  There are times when undergoing a business, there are some terms that become too general to forget what the meaning or importance of the term. The daily grind, the effort to provide breakthroughs in business and develop them can be a distraction that makes a person forget the meaning of a keyword. One of them may be the meaning of the term product innovation.

For every businessman, product innovation is certainly a term that should not be forgotten. Because, product innovation is an activity that significantly affects the level of possibility or potential of a business to be able to grow and achieve success. Without it, the business will only move constantly, and gradually eroded by fierce business competition from its competitors. 

Product innovation is absolutely needed in business in order to develop and create more benefits and positive impacts for the performance of a business. Not only businesses that peddle a product, businesses that struggle in the field of services also certainly need innovation in order to be able to attract more consumers and retain existing customers.

In other words, innovation is able to bridge your business to be able to achieve multiple profits and develop it. Therefore, for those of you who may not understand very well what is product innovation and its purpose in a business, see the following explanation. 

Understanding Product Innovation

Product innovation is an effort made by business people in improving, improving, and also developing products that have been produced and peddled so far. In this case, what is meant by product innovation is not always related to goods or things. But, it can also be by improving service in a business or business.

Based on Law No.19 of 2002, product innovation is described as a series of developments through the application of science and technology to a product. The occurrence of product innovation can also be caused by a number of things, including the result of feedback or input from consumers, a combination of things that have existed before, until the emergence of new discoveries.

This activity must be done continuously so that the product can always be developed. That way, the quality of the product will increase until it finally reaches perfection. 

What is the purpose of product innovation?

In living life, everyone is required to be able to develop their ability to become a more qualified individual than before. This is exactly the same as the purpose of product innovation. By making innovations, there are several goals that entrepreneurs want to achieve, including:

Improve product quality and attractiveness

The most common goal of product innovation is to improve the quality and attractiveness of the product itself. Over time and the times, an item that has long been created will become increasingly obsolete. The reason is because the needs of consumers today are no longer able to be met by the product optimally.

Another reason, product innovation is able to provide additional features that are able to increase the attractiveness of the product. A good or service that has new advantages or features will definitely outperform other products that are stagnant and definitely loved by more consumers.

Meeting consumer needs

A business can survive if the needs of consumers are always there. On the other hand, consumers will certainly continue to demand product manufacturers or business owners to always improve the quality of their products so that consumer needs are met more optimally. The demands of consumers are what force entrepreneurs to always innovate products.

Examples of product innovations are shuttle services where they no longer use motorcycles, but also cars or buses. The reason may be because customers of the shuttle business demand comfort to avoid the hot sun or the risk of rain. Furthermore, culinary businesses also need to innovate and keep up with the times by offering their products online through various applications.

Create a New Buzz on the Market

Through innovation, business people are also able to create new breakthroughs in the market or even create new markets. Because it is innovated, the product will certainly have new features and developments and be able to attract people's purchasing power.

Not always referring to the addition of features and improvement of quality, innovation can also be done by reducing some features to get other advantages. As an example of product innovation, not infrequently smartphone factories that reduce memory capacity or camera quality so that the selling price of their products becomes more affordable. That way, the product will be able to enter the new consumer market that is eyeing smartphones at more comfortable prices in the pocket.

Help Develop and Apply Insights and Capabilities

In addition, product innovation also aims to apply and develop the abilities and insights of business owners. It is only natural because innovation can not be done without new and broad insights or abilities.

Employers will strive to apply knowledge and capabilities to their products. If it turns out that it still has not produced results as expected, the business owner must certainly add more insight from various sources and continue to conduct the necessary experiments.

Replace Outdated Services or Products

You must have come across a product or service that suddenly is no longer produced by a business. This is because business owners feel that the product is outdated and no longer able to compete with competitors' products or does not attract the interest of buying target consumers effectively and profitably. Another reason may be because the business owner has innovated similar products with more attractive packaging and evocative purchasing power.

Again, examples of this product innovation can be found in a number of smartphone manufacturers. A few years after its release, a number of smartphone series will definitely be stopped production and replaced with the latest series of smartphones with more qualified specifications and features. However, it should be noted that the purpose of this product innovation is still to maintain the main function of the product being replaced.

Making the product more efficient

Finally, the purpose of product innovation is to make the product more efficient. With innovation, the product will be able to perform its role more on target and not waste a lot of time. Like an online motorcycle taxi application that not only offers passenger shuttle services, it now has various additional features such as food delivery, between shopping, and so on.

The addition of these features certainly makes the use of online motorcycle taxi applications become much more effectively used by customers. That way, customers do not need to be complicated and waste a lot of time to find an application that is able to meet all these needs.
Benefits of Product Innovation for Business

The benefit of product innovation is to ensure the business remains competitive and indirectly beneficial in increasing the value or value of the making company. By continuing to innovate, an entrepreneur will have more potential to beat his business competitors.

In addition, through innovation, a product will be better known by its target consumers and gain greater market share. 

Extend the Life of Your Business with Product Innovation

The essence of product innovation is basically to ensure that a business is able to survive in the midst of its industry competition. Product innovation can be done in various ways, ranging from, improving the quality of products in general in accordance with market needs, improving business services, and so on. The goal is none other than that the business is not abandoned by its customers so that it is still able to generate sales and profits in accordance with expectations.