It is important to do product innovation roadmapping, as it sets clear expectations when certain product features will be developed and how.
was spent globally last year on R&D
Sectors for product innovation opportunities
Product: This dimension focuses on changes in the actual product or service itself. It includes enhancements, redesigns, or entirely new offerings. Innovations in product features, design, functionality, and quality fall under this category.
Process: Process innovation aims to improve operational efficiency within a company. It often happens internally and can significantly impact profitability. Examples include streamlining manufacturing processes, optimising supply chains, or adopting agile development methodologies.
Position: Position refers to how a product is positioned in the market. Innovations in positioning involve redefining the target audience, identifying unique value propositions, and differentiating from competitors. Effective branding, pricing strategies, and market segmentation play a role here.
Paradigm: Paradigm shifts involve fundamental changes in how an industry operates. These innovations challenge existing norms and create entirely new ways of doing things, creating white spaces. Examples include the shift from physical to digital music (iTunes) or the transition from traditional taxis to ride-sharing services (Uber).
Early stages of product innovation are covered by Diversification Strategy and White Space Strategy, depending on the type of product innovation. After the company has set the strategy and has determined the innovation partners, it needs to create a product innovation roadmap. This roadmap outlines what features the minimum viable product (MVP) will have and what features will be implemented over the next 10 years and when.
Years is a typical detailed product innovation roadmap
New products are introduced each year
Of product innovation initiatives result in failure
There is no one framework that fits all, and every company has to work out what works in their own context. At CamIn, we work with clients to help them develop their product innovation roadmaps through our Expert Consulting Model. Here are the general steps you should follow:
