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INNOVATION PROCESS

The definition of marketing is: the action or business of promoting and selling products or services.



innovation
Innovation is the lifeblood of your business. Without new products and services, you become stale to the market. New products, and updates to existing ones play a major role in your company’s revenue. Apple focused most of their energy on innovation over the last 10 years and because of that, it has become one of the wealthiest companies in the world. Let’s look at 2 key performance areas of innovation: New product lines and product updates.

When Apple created the iPod that product revolutionized the electronics industry. No longer did anyone have to carry portable CD players anymore. Now that Apple changed the way music was listened to for many, they also simultaneously created iTunes and changed the music industry forever. Now, although that was groundbreaking, what if Apple never updated their product? Today nobody would buy those green screened iPods anymore and they would fall to a competitor. Instead, Apple kept updating their product staying ahead of any possible competition. Next came the iPhone. Still to this day other companies are having trouble keeping up, although Samsung has been the closest. Again immediately after releasing the latest version of their product the team is immediately working on next year’s model. Then came the iPad. Again, this product created a whole new industry selling millions. Not to mention the iPad mini and all the updated versions

Apple is a perfect example of a company who perfects the one-two punch- first creating a game changing product then constantly updating it. Every single time a new iPhone came out, millions of people purchased it because they had to have the newest model. Imagine creating revolutionary products that people are dying to get their hands on and then every 6 months to a year updating those products and reselling them to the same people! Then continually create different types of ground breaking products (or services) and with updates on each one.

Innovation keeps your company relevant and profitable. For those who just want to coast, then new product development is not important, but for those who want to become the leader in their industry, innovation is a must. Not only is new product development a minimum requirement, but it has to be done continuously and systematically.

MindStorm will help your company focus on innovation and create products or services that people want. If you would like to discuss strategies on how to take your company to the next level give us a call.



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