Infosys experts share their views on how digital is significantly impacting enterprises and consumers by redefining experiences, simplifying processes and pushing collaborative innovation to new levels

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How does one improve a Product when the differentiators are narrowed down over a period?

Let's begin with "How does one create a new Product?". The answers are varied and it could be ranging from:

§  doing Market research on needs of Customers, Industry trends;

§  do exploration and crete new ideas, see whether there is any fitment by sampling with few Clients;

§  deliberate brainstorming sessions, funneling out new ideas and taking it forward;

§  study varied Industries and figure out correlations;

§  take guidance from Nature's myriad patterns;

§  be a copycat - create an exact replica of existing Product with very few / zero variations

 

So now, somehow a Product is created and has started doing well. As time passes by, we keep adding new features and in certain cases, ground breaking ones too. But over a period of time, we see that lot many Players turn up and the so - called first - mover advantages that we had earlier, narrows down and again it would be back to square one to figure out how do we make it stand out.

 

Should old wine be put into a new bottle or acquire new Companies that would strategically fit Organizational needs or start something afresh and allow the old one to 'Sunset'?

It's a query which has bothered many and continues to do so. Is there any single solution to it or does it vary with various permutations and combinations coming into play?

 

Let me try to answer this problem statement in my own way.

 

When is it ok to jump the gun and make drastic changes? It's really tough to answer it but at the same time, if one adopts Entrepreneurial mindset, then it becomes easier to keep looking for changes and adapt. One should constantly survey Competitor's landscape, Customer's preferences, foresee which Technology could make headway in the near future and also be gracious enough to accept any unforeseen changes like the current Pandemic which has changed the outlook of Organizations and People suddenly.

 

This is easier said than done but History is full of many cases both positive and negative.

Take the case of Nokia mobile phones. They were the market leaders till a while ago and ruled it for quite long. This is a classic case where they were No. 1 but at the same time failed to innovate or look around on what's happening. Somebody else came, introduced new Technology and took away Market share. Literally they were caught napping and even though now they are trying to get into the race, top players are so far ahead that they are hardly considered in the race !!!

 

One has to stay vigilant, compete against oneself, always looking for opportunities to innovate and introduce new useful features to delight Customers. This way, an organization can be a trend-setter instead of being a follower. Believe that the intent with which Product was originally created is good but nevertheless, being open to newer ideas always and latching onto something new which will help to leverage one's position. Entrepreneurs usually try to be focused to be nimble unlike well established behemoths who sometimes lose it over a period of time as there are so myriad factors to consider and go behind certain indices !!!

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