An important question in companies is where opportunities and market potential lie for the future. Which business opportunities exist in the market and which “white spots” will enable the company to grow in the future? We show you how to find opportunities and leverage innovation potential.
Example of a product sketch – innovation process
From technology orientation…
In the past, opportunities were often developed from the Research & Development department. The laboratory discovers a new technology on the market and designs a new product or a product improvement. The company launches the product on the market and is often surprised when consumers do not jump on it.
A current example comes from Silicon Valley: investors put 20 million US dollars from an exuberance of enthusiasm for technology into the juice press startup Juicero, although the relevant benefit for the consumer is missing. Instead of buying a $400 press, the juice from squeeze bags could simply be squeezed out by hand, as a Bloomberg reporter showed.
…to need orientation or customer centricity
Every product or service innovation must focus on whether the new technology or product improvement also meets the needs of potential customers. Therefore, companies should put their customers at the center of product development and carefully examine whether the product idea delivers these relevant benefits. Because even if the realization that humans like to drink healthy juices is true, the success of a juicer is not yet derived from this. The Juicero makers failed to examine the relevant benefit of the product in more detail.
Co-Creation provides assistance
Our solution approach is digital co-creation: customers and potential are integrated early in the development process of a new product or service. Often you start with a completely white leaf, representative of the order “find the white spot in the juice market”. At Dialego we have already designed several hundred products in this way, always demand-oriented in the sense of a “customer first”. Our agile approach delivers ready-made concepts within a few weeks and over three iterative steps, which are adjusted to the market and the needs of the customers. The procedure can be applied flexibly – in every market and different target groups.
Co-Creation Innovation Process
Finished products: Financial services of the future
In some markets, we have even developed ready-made, co-created product concepts, including customer evaluations, which we can offer you, for example in the financial services market, a market that is characterised by the challenges of digitisation, distance to customers and a relatively low level of innovation. Without a specific customer order, we developed five product innovations using the co-creation process, giving us the opportunity to take a closer look at the existing products and customer feedback or to start a new process. Get an impression of the second winner of this series and its visual analysis. In addition, product evaluations with key performance indicators (KPIs), target group analyses and original sounds are available.
Imagine if the product was already there: How exciting do customers find this offer?
If you think to yourself,”Is this also possible with my question, please do not hesitate to contact us. True to our motto: Dialego – moves your mind –