Product innovation needs to think about the dynamics of the market, including market size, readiness, and power. Entrepreneurs also need to consider other important factors when starting or developing a product.
Rizky Adam Kurniawan delivered a discussion on product innovation at a guest lecture organized by the MBA ITB Bandung Campus on Tuesday (7/3). Rizky is a Business Analyst Lead at Jabar Digital Service, Diskominfo Jabar. The guest lecture was for class YP 66A MBA ITB students and part of the Management of Innovation, Technology, and Entrepreneurship course.
Furthermore, according to Rizky, at the product development stage, it is important to conduct research and use a frame of mind in innovating a product or service. One of the frameworks of thinking that can be used as a reference in business development is the Value Proposition Canvas.
This framework helps to understand the needs and fulfillment of customer desires. The framework also helps describe what the customer doesn’t want. If the development of a product is based on research and a frame of mind, the product or service being developed will be a solution to customer problems and an extra value over existing solutions.
When viewed from the customer’s point of view, the development of a product or company would be nice to have value in addition to the features offered. Features only explain the function of a product technically.
“Features without value are useless. Don’t think about features before thinking about the value that can be generated, “said Rizky.
In contrast to features, value sees the function of a product from the user’s point of view. The value owned by a company or product can help explain what benefits can be provided, who can benefit from the products offered, and how the benefits offered can provide uniqueness. The benefits that can be provided also vary, ranging from economic, emotional, and psychological benefits.
So, a good idea in building a business is a combination of various factors, one of which is its unique value. This value is not only a differentiator from competitors but also provides a valuable function for others.