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What is Product Innovation?

Creation, design or conception of a unique device in the market is called product innovation. This process has some of the basic development methods but what makes it unique and great is the product idea. Great products are created by creative designers and engineers who do brainstorming and come up with ideas which people love the most. Now, Big data analytics is helping designers to know what people love and hate. The three steps involved in creating innovative products are.

  • The idea and the hypothesis
  • Experimentation and development of an instrument or device.
  • Designing it for public Market

Product innovation could be the modification of an existing device as well as changing the material and design of some expensive devices.

Read this too: How to become a millionaire by 2017?

Best Features of Innovative Products:

These are the most important things to know about new products. This process may involve the steps to make a great new instrument design.

  1. Great technical specification and quality improvements if it is re-design of a device.
  2. Adding new components, changing the materials or wanted functions into the already existing device.
  3. Building a new product from scratch using your unique ideas
  4. Experimentation on the idea and devolvement of device.
  5. User’s manuals and general usage guides.

What are the features a new product must have?

A newly designed innovative product must have the following features.

  • It must be unique and user-friendly
  • Must have all the functions that are available in other related hardware designs in the market
  • The new model needs to be cost effective to beat competitors
  • There must be room for further innovations
  • It should have a great look as a device as people like good looking designs.

How to make new brands?

It’s fascinating to note that every day there are new releases of well-established brands. Why they do this? This is one of the marketing tactics. They use the news and social media just to let the end customer know about their brand.

So, with a few minor modifications, you are all set to release a newer version of your innovative products.

What are the advantages of Product Innovation?

It’s critical to release new versions and do some innovations. You can do a lot of modifications and changes to your business model. There are a lot of examples in the electronics and mobile phones industry. Technology giants are using these tools for promotions.

  1. It helps in increasing number of sales, i.e., growth expansion.
  2. You can switch your business model without losing your customers and sales.
  3. There is the possibility to the branching of brands.
  4. New features keep you on the top everywhere in the news and on social media.

Some of the disadvantages of new features in innovative products may be,

  • Maybe you lose your loyal customer as the will start thinking that the devices are not stable. Some of the big companies found their competitors due to this issue.
  • The risk of failure of a device increases with the new releases when people do not update their devices.
  • The cost of the new devices increases when redesigned as the latest technology and materials are required.
  • Decrease in reputation is yet another disadvantage.

Innovative Products You Did Not Know Exist But Are Too Awesome To Miss!

Let’s look at the latest trends and get some good ideas. You need to have some of the latest trends in your ideas to make to the market. The competition is very strong! Look here.

The Biolite Camping Stove – Example of Great Design

A lot of people run out of the battery in their cell phones when they are traveling. Now, you never run out of your battery on your next long camping trip. With this newly designed Biolite camping stove, you can quickly charge your devices by simply burning wood in the stove. This is a great innovative idea.

Innovative Products examples
Great Idea!

Newly Designed Self-Stirring Mug!

This is yet another great idea. This self-stirring mug has attracted millions of people on social media and its one of the best ideas for innovators. Innovative heart products are of great importance. We shall also cover some of them.

Self-stirring cup

New Laser Keyboard:

Yes, here we go! This keyboard is love.

best keyboard for geeks
Laser action!

This article shall be updated from time to time. If you have a great product, submit it to us for adding it here!

The Idea of topic was taken from Wikipedia