KEY PRODUCT INNOVATION
The term innovation has become the “go to” word for small business growth. The term itself sounds overwhelming. Is a small business owner supposed to find a new product and begin a new marketing campaign? Too many small business owners believe that the term innovation equates to something new, different and difficult.
Every business has a core product or service. Innovation can also mean that you keep your core product or service and create innovations around it, with the goal being to make your core product more attractive without making any significant changes.
Two important considerations include:
- Changing your logo: for example, Gatorade became simply G with a more up-to-date lighting-strike design.
Adding new products around your core product without changing it in any significant way. This can include pricing, marketing, and operations.
- The key product innovation process first requires the identification of your key product. Choosing a key product is a decision to keep that key product essentially the same and to build a portfolio of complementary products and services around it.
The next step is to go back to the BizQuack Vision Based Business Plan and review your promise to your target market. (If I buy your product or service, how will I benefit).
With your key product identified and your promise before you, you can now start making a list of creative ways you can add value.
The last part of this process has to do with the delivery of your innovation. It may require a new marketing approach to tell the story of your innovation and its benefits.
Since change is the only constant in the lives of small business owners, this process makes change affordable, impactful and also rejuvenating to the business.
Tips & Advice by Nick Petra, CFP – Founder of Strategic Duck and BizQuack
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