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Product Innovation Definition

First and foremost, the definition: Product innovation represents a new way of solving a problem a high number of consumers have. There may be no products at all on the market that address the issue; or there may be other products already on the market that address it in a different way.

In order to consider your product or solution innovative, you must be able to answer “yes” to all of the following three questions:

Is the product relevant for a significant number of consumers (whether you’re looking into a mainstream or niche market)? This applies especially to products that address issues that have not been addressed before.

Is the product better than its competitors? If so, what’s the improvement—design, technology, usability, etc.?

Is the innovation or uniqueness of the product obvious? Is it easy to explain to consumers why this product is necessary or better than its predecessors and competitors? While the answer may not always be an easy “yes”, this point is really important for the marketing experts who will help you with the product launch.

It takes a village to develop and launch an innovative product/service in today’s market—from the engineers to the manufacturing experts, from the marketing consultants to the legal experts, you’ll need everyone’s help to make sure you’re part of the 5%.