Product Innovation Strategy - MIT ID Innovation
                     How To Build A 
Product Innovation 
Strategy 
MITID Innovation
The employees, consumers, company 
processes, and creative strategies are the 
keys to a successful business 
environment. Through product innovation 
strategy, leaders collect and understand 
the complete details of products a 
company offers and their environment. 
There is nothing wrong with getting 
points from others, but copying their 
strategy for your organizational growth is 
a mistake. A clear-cut product 
innovation strategy helps you to match 
your specific competitive 
needs (Kheirandish & Mousavi, 2018).
Need of an Product Innovation 
Strategy
Without a product innovation strategy, 
an organization fails, even if there’s a clear 
business strategy. Salespersons hear 
about the needs of the biggest customers 
daily. Business heads only focus on their 
target markets. R&D teams and engineers 
only focus on new technologies. 
A successful product innovation strategies 
is needed to join all these diverse 
perspectives. According to McKinsey, 
80% of business people think their 
existing business layouts are at risk of 
interruption shortly, and 84% believe 
product innovation is essential to their 
growth strategy.
Building a Product Innovation 
Strategy
Building a product innovation strategy 
starts with constructing a plan that 
focuses on the best possible way to 
win. Following are the steps that help 
develop and implement product 
innovation strategies at the 
organisation.
Objectives and Strategic Approach
Product innovation strategy starts with 
understanding your objectives. Create a 
clear picture of your future goals and 
targets. Think about your long-term goals 
and the things that drive your business 
forward. The different approaches to 
product innovation strategies are business 
model innovation and modifying the 
current business model. 
Business model innovation includes the 
creation of new and unique ideas to 
support financial capability and mission. 
Leveraging the current business model 
improves the core business by making 
some changes.
Understand Your Customers and 
Competitors
Understand your field market in which you 
are operating and the customer approach. 
To develop a successful product 
innovation strategy, respond to your 
customer reviews first, listen and 
understand their needs and remove the 
rest. Trying to know the happenings in the 
market is essential. 
Prepare a Value Proposition
Defining a unique value proposition 
creates a competitive advantage. Focus 
on creating value that saves both 
customers money and time, and provides 
larger benefits. Concentrate on making 
your product perform better, conveniently, 
durable, and affordable compared to the 
older version product and the others in 
the market. 
To create a unique value proposition 
searching and utilising new uncontested 
markets is essential. You can also call it 
value innovation. Value innovation gains 
an advantage by searching for something 
beyond the current understanding of the 
industry. A unique value innovation gives 
the best chance for swimming in the blue 
ocean.
Develop Your Core Capabilities
When assessing your set of capabilities, 
consider the working culture, research and 
development team, employee behaviours, 
values, and skills. To win at delivering new 
technology, you should have additional 
skills, strategies, and knowledge to build 
that plan structure. Connecting with people 
and developing these skills is the key to 
product innovation.
Execute Your Innovation Strategy
Executing the product innovation strategy 
in an integrated way is essential. Consider 
partnering with the key people and set 
individual goals that support your product 
innovation strategies. Provide a clear 
direction and guidance to make product 
innovation successful.
Conclusion
MIT ID Innovation Programme curates 
knowledge and experiences that 
challenge the very paradigm of evolution. 
And that's why we have set out to define 
the future of industries, communities, 
cities and ecosystems. MIT ID Innovation 
offers the best Innovation Courses.
We’d love to 
hear
from you.
MIT INSTITUTE OF DESIGN
Rajbaug,, Loni-Kalbhor, Pune-412201
+91-7038982225 / +91 
9834092369
[email protected]
.in