Business growth via Product Innovation
26th of July, 2022
We have in the central belt of Scotland a business that has developed a completely new product range that serves a completely different customer base by simply leveraging its existing capability, competencies, and assets. It is one of the best examples of product innovations you will find and the beauty of it is its simplicity; although it took a bit of innovative thinking.
It is a steel and metalworking business with mainly industrial products for the engineering and construction sectors. Although it is a small business It has a long history of customer quality and highly technical steel-working expertise.
Its new product range is very much for the consumer market; firepits and chimineas formed by their metalworking expertise, but there is an additional feature. Using their in-house design and laser cutting techniques these products are branded with the logos of the Scottish Football Association and a number of its affiliated clubs. At a stroke, the business entered a potentially lucrative new market creating a product range with board appeal by using its existing know-how and assets.
Product innovation is the development of new products, changes in the design of established products, or the use of new materials or components in the manufacture of established products. This includes enhancing the quality of the product and improving its overall performance. The objective is to create value-added features that provide greater benefits to the customer. This results in increased customer loyalty, retention, and growth
What product innovations can you offer to existing and new customers?
