Reasons why product innovations fail

In my experience, product innovations must be linked to the brand’s growth strategy and unique advantages. When defining the strategic priorities it helps to apply two lenses: problems and opportunities.

The problem:

• What are the greatest business challenges or barriers to growth e.g. acquiring fewer new clients, fewer re-purchase, return rate (for a particular product)?

• Why is the consumer or client not buying your brand or product today?

The opportunity:

• What are the trends, movements, or any other external influences that present a growth opportunity?

• What is the consumer or client looking for, what are their needs and dreams?

Unique advantages:

This can be your brand story, consumer data, production process etc

Developing product innovation against strategic priorities and your unique strengths will give you a “right to win” against other players in the market.

Product innovation should not be pursued based on its own agenda. The product development needs to be assessed against strategic priorities and the unique advantages of the business and or brand. If the risk is high starting with a test-and-learn approach can give you confidence to invest in the innovations.