This product innovation guide will help you create new profitable products within 30 days.
The steps contained within this guide are proven. They work for products and services you just have to follow them!
You will discover how to find underserved customer needs, and fulfill those needs fast and efficiently.“With the iKooru product innovation plan, you either win or you learn.” Let’s get to business…
What is product innovation? Product Innovation is an invention in action!Product innovation starts with the problem. It’s finding product-market fit by listening to customer feedback. It can also come from solving your own problem. It can even be better when you are solving your own problem. Now that we know we need to find product-market fit. What is Product-Market Fit? “Product-market fit means being in a good market with a product that can satisfy that market.” – Marc Andreessen In other words, focus on your customer and the viability to serve them. The following steps will help you do both. Your first mission is to go from idea to customer feedback quickly as possible. To do this, we are going to employ a “Lean Product Innovation Framework.”
The 5 step innovation framework.
#1: Identify and VerifyThis exercise aims to find exactly what you are going to offer to meet your customer’s needs. You can use the opportunity calculator in iKooru or answer these questions then add up your points. We suggest using iKooru for all these steps. to do this step manually however we recommend you copy grab the c
#2 Create A Win-WinIf you truly want to be able to sell your product you must have “moral authority” so you and your customers can sleep better at night. When you know your product benefits them then it will be easier when the time comes when you ask for payment. Focus on your value proposition.
#3 Identify Key Features
To increase your product’s odds of success we need to identify key features. Enough key features to not underbuild, but enough that your customers say. “Shut up and take my money!”
#4 Prototype Your Key FeaturesIf you truly want to be able to sell your product you must have “moral authority” so you and your customers can sleep better at night. When you know your product benefits them then it will be easier when the time comes when you ask for payment.
#5 Feedback and Iterate
At this stage don’t get lazy and think you have it figured out. If you want to get it right the first time get customer feedback. Ask open-ended questions.