Competitor analysis and being up-to-date on trends can bolster product innovation.
Evolving core business products necessitates a strategic assessment in a company's growth trajectory. Inform significant decisions with data to assess how the change will impact existing consumers and stakeholders, while updating products.
Develop an innovative strategy that takes into account several areas of the business, like finance and operations, and ensure its alignment with the company's priorities and goals. To map an innovation strategy, understand the specific objectives of the business and assess how it creates value for consumers.
According to Gary P Pisano of Harvard Business School, technological innovations must be able to create and capture value while also retaining customers. Collecting feedback from consumer surveys, employees, and other stakeholders can help brands effectively evolve their products.
[5 minute read]