Download the OWP App here!
  • By Category

  • By Type

  • Reset Your Search

  • By Category

  • By Type

  • Reset Your Search

Why Continuous Product Innovation and Differentiation Are the Keys to Sustained Business Success

Why Continuous Product Innovation and Differentiation Are the Keys to Sustained Business Success

Businesses that stay on the cutting edge of technology have two things in common: product innovation and differentiation.

Product innovation is the introduction of goods or services, or an upgrade of existing offerings, that have significantly improved functions for intended uses.

Innovation improves the process of solving problems as they arise, and even before they arise. Continuous innovation of a product then becomes essential to ensuring a recurring demand for goods.

Product differentiation, on the other hand, refers to the primary attributes of an offering that differentiates it from those of its competitors. Early commercial success of a product or service rarely guarantees future success. Buyers get frustrated when technology providers fail to reflect shifting reality.

To maintain the journey toward getting better and producing the best, these three keys to sustained business success are necessary:

1. Creating Value

When a company uses a differentiation strategy that focuses on the cost value of the product instead of similar products on the market, it creates a perceived value among consumers and potential customers. Innovation helps to make the problem solving process simpler.

2. Non-Price Competition

For an oligopoly market, price competition is critical. However, non-price competition is what gives specific offerings an edge over others. Thus, product differentiation and innovation strategies allow businesses to compete in areas other than price.

3. Brand Loyalty

Continuous innovation and product differentiation will keep customers loyal to the brand and eagerly anticipating what is next. Take Apple for instance . . . new and upgraded iPhones launch every few years along with other products in between, creating a loyal customer base and driving sales for the company.

A company’s overall product strategy must involve continuous innovation and differentiation to drive sales and create increased demand.

If you want to know how to reimagine strategy to enable growth and progression toward chosen goals and metrics, click the link below for more information.

Disclaimer: By downloading this whitepaper from OnlineWhitepapers.com, you will automatically be subscribed to our weekly newsletter. If you do not wish to receive our weekly newsletter, please unsubscribe using the link available in the newsletter. Unsubscribing from our newsletter will not affect your ability to download future whitepapers. Thank you. ( View our email privacy policy here. )

Get Your Whitepaper in Front of Millions of Readers and Buyers.

Publish your whitepaper with us. We have flexible plans to suit every company size and budget.
Choose the one that works for you and submit today.

This website uses cookies to ensure you get the best experience on our website. Privacy Policy