How often should you innovate your products?

[Frank]

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.

Just like you made mention of the phone industry. I feel that how often you can innovate on your products depend on the type of business that you do and how competitive that it is. Consider someone that is into the betting sector, you will agree with me that finding out what the competitors are doing is very important.

 

[chicnthin]

Just like you made mention of the phone industry. I feel that how often you can innovate on your products depend on the type of business that you do and how competitive that it is. Consider someone that is into the betting sector, you will agree with me that finding out what the competitors are doing is very important.

Competition is a big factor when deciding how often should the company innovates their product. The competitors in the market doesn't want to lose on each other, hence, they bring something new to be on the advantage.

 

[Adetayo100]

Innovation increases your chances to react to changes and discover new opportunities. It can also help foster competitive advantage as it allows you to build better products and services for your customers.

 

[Neta Sam(Samuel Odunlade)]

Utility they say is the satisfaction derived from a product, so if your product is static without innovation no patronage, innovation makes your product to compete in the market and bring more sales. Your innovation should be as planned, when it is due

 

[Bart Simpson]

As much as possible you must innovate your products in terms of the things that you see that has a potential to satisfy the customers. The innovation is non-stop and you can saw it in our modern days that's why we need to go with the flow and start Innovating as soon as possible.

 

[Frank]

Competition is a big factor when deciding how often should the company innovates their product. The competitors in the market doesn't want to lose on each other, hence, they bring something new to be on the advantage.

I saw this competition played out in the transportation sector in our community few years ago when two popular mass transit were dragging for customers. They used price innovation and to be honest with you, both of them lost out big time to the customers as the price they kept charging can't even cover cost of production. It was a terrible business experience for them.

 

[Bilal0087]

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.

The demand of your product will depend on people's need and wishes, with the changing environment, people's needs and demands also change according to the fashion.
So you must perform market survey to find out peoples requirements and then innovate your product according to their needs.

 

[chicnthin]

The demand of your product will depend on people's need and wishes, with the changing environment, people's needs and demands also change according to the fashion.
So you must perform market survey to find out peoples requirements and then innovate your product according to their needs.

That's right, doing a survey is essential to knoe about the preference of the customers and their other needs.

Innovation increases your chances to react to changes and discover new opportunities. It can also help foster competitive advantage as it allows you to build better products and services for your customers.

Your post is on point. The reason why a product is being innovated is because it needs to be better and new.

 

[Kiwi]

Innovation is extraordinarily misrepresented and pushed by individuals who need comprehension of how advancement functions and its dangers. You must be innovating you business if you want to keep selling because there are many competitors that realdy to overtake you by introduce new ideas to their business if you not.

 

[Quert]

You should innovate products if you think it is necessary, because products are produce depends on the needs of a consumer soo if a consumer is thinking of a new or much more improved type of product that he needs then maybe its time for you to innovate your current products soo that you won't be outdated for their needs .

 

[EMMANUEL]

How often should you innovate your products?​

Innovation is greatly overrated and pushed by people who lack an 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.
Now with innovation, there are costs and risks. It takes effort to create new products and many of them will fail. Companies like Microsoft, Google, and Apple, have departments just creating new products. Most will not go anywhere. By most, I mean 99%+ of the products. Because of their economies of scale and high profits, this is possible. Smaller companies don’t have the resources to be doing this.
Yes, innovation can mean a huge reward, but no one remembers the companies that were first, only the companies that were successful. That is, the adaptive companies that copied the innovators, then use their money and market power to succeed.
So basically, you need to be adaptive. You need to watch both your own product or service's 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 the restaurant and bar are offering chicken wings, well you can too. If the nearby shops start going on sale, you should have a sale as well. If blue is the hot fashion color 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

 

[Eyiteepraise]

Yeah, innovation is just as important as every other aspect of the business. It should be done whenever the business, product or service reputation is fading away, it might be yearly or even less

 

[Abbas ali]

Innovation should be regularly and more consideration must be given to it.because it can help you create new spaces in a seemingly crowded market. By identifying the gaps and imposing yourself into a new space, you can find an audience and satisfy consumer needs in a way that is new and refreshing.

 

[Rainlover207]

I think innovation should a yearly or quarterly something, you know, something that everyone is expectant of like the example of Samsung and iPhone you gave. People are always waiting for the next product in the series, so it should be something given enough time to entice and capture the interest of customers.

 

[Shaffy]

Innovation should depend on the consumers needs.

If they want something different, it is good and you can use their feedback to know this.

Another way is by looking at the competition you have and what you can improve to make yours better.

 

[Ifective]

Producers are meant to work hand in hand with their agents and middlemen in order to know the needs of customers. Customers needs are what form the innovations of a company's product. Through the complain and suggestion of customers,companies will know the next step to take towards innovating their products

 

[Afrinish]

innovation is very necessary of the business and if you want your product to sell the innovation is very important. I you want the guide of the complete oroduct of the knowledge at the correct . you customer of the right suggestion a

 

[Dorcey]

innovation of products depends on what kind of products that you sell. there are some products that requires monthly innovation, and there are some products that requires every three month or every six six months. While there are also some that requires yearly Innovation . Most common products that innovates are phone(iphones) to be precised.

 

[Kane]

In order to keep your strong hold in the market, you should not only introduce new products but also improve existing products. You not only have to keep your existing customers but also lure new customers.

 

[Thosynho]

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.

There is no specific time one needs to repack or innovate your what you are selling but you should do that when you notice drop in patronages or sales. You can also do that when you noticed some errors in your initial package and you want to correct it with the new one.
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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.

There is no specific time one needs to repack or innovate your what you are selling but you should do that when you notice drop in patronages or sales. You can also do that when you noticed some errors in your initial package and you want to correct it with the new one.