Product Innovation

Product Innovation

Product Innovation Jonathan Poland

Product innovation refers to the development and introduction of a product or service that significantly improves upon existing offerings, often by a factor of 10x or more. While many products are developed to stand out in a crowded market, product innovation may aim to completely disrupt the market and replace existing products with something new. This type of innovation is rare and can be challenging to achieve, as it requires a significant level of creativity and innovation. The following are common types of product innovation.

Time
Reducing time consumption including things that improve productivity or represent a customer convenience. For example, software that reduces the time for an interior decorator to produce a floor plan.

Efficiency
Reducing the inputs required to achieve a goal. For example, it currently costs around $50,000 a pound to launch things into orbit. It is believed that this can be reduced considerably.

Cost
Reducing the cost of products and services. For example, the cost per watt of solar panel modules dropped from around $75 in 1974 to less than $0.50 by 2020.

Performance
The performance of products and services as measured by a figure of merit. For example, the speed of computers has roughly doubled every two years since 1975.

Quality
Leaps forward in the quality of products in areas such as availability, durability and reliability.

Experience
The product experience including intangible elements such as concepts, feelings, taste, sight, sound, touch and smell.

Risk
Reducing risks such as improving the safety or sustainability of products.

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Contract Risk Jonathan Poland

Contract Risk

Contract risk refers to the potential negative consequences that a business may face as a result of issues or problems…

Revenue Risk Jonathan Poland

Revenue Risk

Revenue risk refers to any event or circumstance that could potentially negatively affect your future revenue. This could include external…

Lead Qualification Jonathan Poland

Lead Qualification

Lead qualification is the process of identifying the most promising sales leads and focusing sales efforts on those leads that…

Supply Risk Jonathan Poland

Supply Risk

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Employee Costs Jonathan Poland

Employee Costs

Employee costs refer to all of the expenses that are incurred when hiring and employing an individual. These costs go…

Latent Need Jonathan Poland

Latent Need

A latent need is a customer need that is not currently being met by the market and is not actively…

Lifetime Customer Value Jonathan Poland

Lifetime Customer Value

Lifetime customer value (LCV) is a measure of the total value that a customer will bring to a business over…

Modular Products Jonathan Poland

Modular Products

Modular products are products that are made up of standardized, interchangeable parts or modules that can be easily assembled and…

Corporate Governance Jonathan Poland

Corporate Governance

Corporate governance refers to the system of rules, practices, and processes by which a company is directed and controlled. It…

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Over Planning Jonathan Poland

Over Planning

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Business Relationships

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Customer Needs Jonathan Poland

Customer Needs

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Capitalist Realism Jonathan Poland

Capitalist Realism

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Digital Media

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Durable Competitive Advantage Jonathan Poland

Durable Competitive Advantage

The most important aspect of durability is market fit. Unique super simple products or services that does change much if…

What is a Product Line? Jonathan Poland

What is a Product Line?

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Legal Risk Jonathan Poland

Legal Risk

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