Breakthrough products are regarded as the forerunners and tend to be technologically superior and creatively advanced to the products that are already in the market. They tend to satisfy the customer needs at a greater level than the existing products. The products tend to completely change the competition and consumer needs in the current market.
When faced with new technology, companies tend to focus on a narrow innovation strategy. The company must consider if the new technology can substitute the old technology t make their services better and address their client’s existing needs. Suppose the company wants to create a breakthrough product, they have to consider how it will influence the customers to buy the product.
To Design A Breakthrough Product, The Company Should Approach It Systematically.
i)Identify the problem
Designing a breakthrough product starts by identifying the current problem and coming up with a solution that may end up as a business opportunity differently. It is always enabled by a more advanced technology example, the proliferation of lithium-ion batteries used in laptops which made the first teslas weak but ended up covering a market gap. When designing a breakthrough product, the opportunity must be significant to lead to a breakthrough and change the way things have been previously.
If you don’t have existing technology, it would be better to address the unmet market need. Focusing on the market might bring more successful results than researching and developing new technology.
Gather a Team of Experts
Assemble experts from different fields related to the environment, people, and technology, give them various projects related to these factors and observe how people interact with the offered product. Let them analyze the user experience from the beginning to the end.
You can now experiment with the newly found ideas and assemble them into a new product. Designing a breakthrough product is sometimes involves a lot of risks. For the product to be successful in the market, you should create it carefully with various experts and company stakeholders. The company should also have appropriate risk management measures if the product is not received in the market as intended.
Once you have understood the problem or the opportunity, the next step is to address it with the right innovation. The innovation should be the backbone on which you are building the chance to focus the design on creating a breakthrough product that operates at a cheaper cost.
Designing a breakthrough may require the company to go deep and find out the problems that the customers are experiencing currently. A promising breakthrough product should meet the unique issues experienced by the customers. Sometimes the customers are not aware of the problem you are addressing.
Proper tools and know how are important as well. For example, many entrepreneurs are taking advantage of technologies like the X-Carve to create prototypes of new ideas.
Sometimes designing a breakthrough product can be expensive and time-consuming. The company should have its finances to finance the technology development and the expert input. The product may not be received as expected, which can lead to lower returns. Ensure that you have enough risk management measures in place.