How often should you innovate your products?

[Nurudeen]

Innovation should be done on a product and services on a yearly basis based on the reviews gotten from the customer. You can do this by doing survey to know your customers opinion based on the product and services you are offering them.

 

[Hassan14]

Innovation plays a big role on business' success as it always offers something new. Cellphone brands are always in stiff competition because each phones always release new units every year with cool features. For instance, the apple & samsung competition and many other brands.

Yes, innovation is very important for business and if you want your product to sell well then innovation is very important. There will be some competitors who will give you a lot of ideas to leave you behind, so it is very important to bring you an invitation.

 

[Aniwhyte]

This is the reason I so much love apple iPhones as they normally takes time to innovate new products unlike some other brands like infinix, tecno and itel whom release new series on monthly basis there by rendering the other newly released phone as older model.

 

[Hasan Raza]

Innovation is the basic part of a business or any product you are producing.Innovation is just the creation and development of new ideas for a product. Innovation can be done anytime you want to make your business a lot better. Innovation is also important if you want to get ahead of your competitors in the market. Then you can easily succeed and compete.

 

[Trexxxy]

There is no particular time line on when you should innovate or bring new ideas. You can't expect companies to continue to innovate every time . Companies this days already have a basic working techniques all they do is tweak and bring in fresh ideas to complement the already existing business model.

 

[Maliha]

Innovation is quite important aspect of business because to meet the need of thz people at a certain time.it beings changes in business an yearly innovation would be better. Or it also could be at a time When you feel the need to change.it is means you realize the need to change to satisft the customer's need.

 

[Ojonuyo]

I suppose you meant renovation of your business. Well if you feel renovating your business will increase the productivity of that business, please do go ahead. Renovation is very important as it makes you fit to compete with your competitors and still have your own brands.

 

[Nicklas22]

So basically, you need to be adaptive. You need to watch both your own product or services success as well as monitor the market. Then you need to change your options , like product offerings and prices to match the market. This might not involve any innovation at all. If restaurant and bar is offering chicken wings, well you can to. If the nearby shops start going on sale, you should have a sale as well. If blue is the hot fashion colour of fall 2020, then you should think of focusing your fashion on blue too.

There is nothing wrong with innovation, but it is always sold as easy money. They are telling you to always be creating, but then they are selling creative consultation services, so they plan to profit from what is most likely to be your misery.

 

[Tiwa]

Innovation is important in any production line. More important is actually adding value when entering an innovation process.There must be a cost benefit/feasibilty studies as to what the changes will bring about? A turnaround in sales, customer retention.increase in margin or a cut in overhead cost. We have all witnessed some innovations that turn sour. Rather than get more customers, it was rejected and infact reviews showed old product or services were preferred.

 

[maventiger]

@chichnthin The nature of the business I do warrants innovative change when a new trend is introduced and it happens once in three month. Those in the tech industry needs to be innovative to thrive because a one minute change in that industry can make or Mar a business.

 

[Adeyoola7]

Copy someone else’s idea. One of the best ways to innovate is to pinch an idea that works elsewhere and apply it in your business. Henry Ford saw the production line working in a meat packing plant and then applied to the automobile industry thereby dramatically reducing assembly times and costs.

 

[Abbas007]

You can identify opportunities for innovation by tailoring your product or service to the way your business is run. Businesses are often run on debt. People turn to their banks for loans or loans for extra finance.

 

[Adebayonle7]

Innovations, upgrades, should be continuous and constantly changing and updating. Technology and other industries are advancing and innovating so fast that as if one is not sync with the developments, he/she would feel lost amidst recent changes. Even the business world advances in its marketing, customer service, product packaging and presentations aspect. These changes should be regular. People will prefer anything or anyone who's sync with changes and updates.

 

[Erik4150]

Sometimes when business starts getting difficult and there is need to innovate, I change my strategy and start producing better products...but to make sure that the new products sells, I use franchising to re-brand and remodel my products. Customers buy it thinking it is a new product.

 

[Sammyesx]

Innovation is very important in business, most people want a new feel of a particular product, it is a good for a company to one's in a while make an upgrade of their products according to customers taste, that is why surveys are good, it enable organisations know what their customers want.

 

[Oliver 20]

Innovation is greatly overrated and pushed by people who lack understanding of how innovation works and its risks. First of all, I don’t think companies should be innovative, but focus on being adaptive. Innovation means creating the new and novel, but adaptation means changing to meet circumstances. Yes, that change can mean innovation, but it is not required.

 

[Maheen]

Innovations plays major role in your business ..you have the example of Nokia ..their phones were best but when samsung launches touch screens Nokia just vanished from sight....Nokia dint moderniseand becomes useless for us

 

[joy101]

I think innovation of your products should be every year, because innovation is very important in business if you want customers to keep coming, product innovation is important because it can help you create new space in a seemingly crowded market,

 

[eenya001]

You should constantly seek to innovate your products as this is what entrepreneurship is all about, when your products are constantly changing to a model that favors the customers or you basically innovate your business constantly you would realise much earlier at the speed in which you would attract more customers.

 

[adazeez1995]

Well, I think it all depends. On how ambitious, smart and progressive the business owner is. Especially when the world is fast changing and business owners have to adapt to changing circumstances. Talk to your buyers always. Ask them how much they enjoyed your products . Dissatisfied customers should also give suggestions on what aspects they would want improvements.