What are the Benefits of Product Innovation?

[Suba]

For business people who create or produce finished goods, be it food, drinks or other products such as cosmetics, electronics, etc., of course they need product innovation so that their products can dominate the market. Product innovation can improve product quality and also help customers find new satisfaction in their products. Product innovation not only creates new products, but can also develop existing products. We also know improving/developing existing products as incremental innovation or simply making small changes to improve the quality or taste of food and beverage products. So what do you think are the benefits of product innovation?

 

[Augusta]

Product innovation comes with diverse benefits of developing better existing products. it comes with changes to improve the quality of the product as well as the taste of it.

 

[Fidelia]

No matter the how good the quality of a product is, it has to keep getting better to stay relevant in the market.

 

[Stardom22]

It helps the products to appear so unique and win the market share against the competitors.

 

[Augusta]

No matter the how good the quality of a product is, it has to keep getting better to stay relevant in the market.

Yeah right even very popular companies at some point would want to modify or renew their products to meet certain standard.

 

[eLdavis]

One major benefit of product innovation is that it is a great way to expand the business to a new market, and a new target audience.

 

[Starmix]

That's one way to boost sales if do innovations. It's required in every business to monitor the strengths and weaknesses of your products and innovate the weak ones for chances to get sold.

 

[Augusta]

One major benefit of product innovation is that it is a great way to expand the business to a new market, and a new target audience.

Yeah this will really work if you are using the feedback from the audience to do your innovations you would make money

 

[Xtynehappy]

The products Innovation is aimed at shaping up the quality and improves the tastes for the products.

 

[kerryjoy]

No matter how good the quality of a product is, it must continually improve to remain relevant in the market.

 

[Sanjeev]

The benefits of product innovation:

1. Gain a competitive advantage.
2.Meet customer demands.
3.Drive business growth.
4.Increase efficiency and productivity.
5.Better equipped to deal with changes.
6.Attract and retain talent.
7.Promote resilience and sustainability.
8.Brand switching
9.Growth, expansion and gaining a competitive advantage.

 

[Kross]

Product innovation helps a business to improve what it has on offer. Innovation can attract new customers to the improved products.

 

[Augusta]

The products Innovation is aimed at shaping up the quality and improves the tastes for the products.

Yes, to avoid giving customers boring products you would have to innovate it and add more spice to its make or packaging

 

[King Belieal]

Innovation helps the business to quicky adapt to conditions that might force a drastic change in the industry.