Innovate to Develop More Competitive Products
Posted on Tue, Jan 18, 2011
Today we are seeing the most intense global commoditized environment we’ve ever seen. There is very little differential; very little that separates one company from another. In many markets, companies all have look-alike type of solutions or product sets.
Consequently, companies have been forced to differentiate themselves in an economic fashion by discounting and therefore eroding top-line impact to the company’s overall earnings picture. Discounting has gone into play because everything looks alike and now the winning edge comes about through price mechanisms that companies can bring to the marketplace or to their prospect-base. This is not a successful formula.
The fact is: the company that has more products in its pipeline that are differentiated from its competitive in a superior fashion is a company that’s going to win.
And, to win in a commoditized environment and ensure long term growth, companies must consistently bring to market more competitive products. To do so, they must:
- Closely and continuously monitor product portfolios to identify mature, obsolete and losing products
- Identify new markets for existing products and technologies
- Be quick to define product development plans for emerging markets
- Move quickly to replenish mature product portfolios with differentiated products
- Understand and develop products with an eye towards the competitive and technology landscape
- Obsolete their own products - breaking them and rebuilding them to be faster, better, cheaper
And, companies must do all of the above more efficiently than ever before. This means diffusing proven ideas and lessons learned across the company and arming innovation workers with the tools and technical content they need in order to more rapidly solve problems and generate solutions.
Drive greater efficiencies throughout innovation processes and you’ll accelerate ideation-to-commercialization of new and differentiated products.
See how Invention Machine Goldfire is helping companies achieve these goals and more by taking this quick 3-minute tour.