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Every year, tens of thousands of new consumer products are launched in the United States. But how many of those products survive the ultra-competitive market? According to Harvard Business School professor, Clayton Christensen, 95% of those new products fail.
This figure shows how crowded and competitive today’s market really is, and also how aggressive one must be to succeed in it. Yet, being aggressive is not really the single, main secret for success in this case; product innovation, instead, is probably a more accurate keyword for those who want their product to be among the successful 5%.
If your product or solution is innovative, you’ve got a much higher chance to survive and thrive. In this article, we’ll explore the definition of product innovation, how we can see and identify innovation, and how we can measure it. But what is product innovation? and how can it be done smartly? Let’s find out.
June 2020 update: We have just released a new tutorial video on how to conduct a product innovation research with OSCAS – make sure to check it out and leave us your feedback!
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