5. Product performance innovation
Improving features and functions.
Product performance innovation - Improving features and functions
This type of innovation deals with the product or service that a company is offering. It looks to innovate the different features and quality of the product or service. This form of innovation is the most obvious and typically the most referenced, yet, is often also the easiest innovation to copy as it is seen on the face of the product or service being sold.
In looking at the modern battle for product performance innovation, one need look no further than our own pockets. In the 13 years of the iPhone-led smartphone era, the smartphone has evolved to serve more than just calling and messaging needs by becoming a camera, an internet device, a gaming machine, a media player and a fitness device.
Although product innovation is becoming harder, what now sets a smartphone apart from its competitors are the subtle differences in battery life, processing power, AI, facial recognition and the quality of its cameras.
"I think the iPhone is the best consumer product ever. That's what I feel about it. And it's become so integrated and integral to our lives, you wouldn't think about leaving home without it.."
Tim Cook, Chief Executive Officer of Apple
Innovations advisers could consider
There are several ways you can embrace product performance innovation.
- Offer new features to your value proposition, such as adding money coaching, accounting services, estate planning or even lending services.
- Expand your value proposition by developing educational content and services, this may include training programs, podcasts, events and/or webinars. Consider starting with a specific client segment in mind, such as retirees, and develop educational services to help them “better retire.” These might include non-wealth areas, such as: philanthropy, staying healthy and keeping their mind ‘active.’
The 10 types of innovation
1. Profit Innovation: How your business makes its money
2. Network innovation: How to get the most from your connections
3. Structure innovation: Making the most of your assets
4. Process innovation: How to gain from advanced technology
5. Product performance innovation: Improving features and functions
6. Product system innovation: Developing your ecosystem
7. Service innovation: Supporting and amplifying your offer
8. Channel innovation: How to deliver your value
9. Brand innovation: Building the identity and personality of your company
10. Customer engagement innovation: Going beyond the sale
Resources to help you start innovating
Customer Journey Workshop
Use this workshop to identify pain points in your customer’s experience with you, and develop innovation solutions to address them.
Download the toolkitInnovation cards
The Netwealth Innovation Cards is a deck of 35 cards containing bite-sized innovation challenges to help you and your team unleash its inner creative genius.
DownloadAdviceTech Roadmap Workshop
Prioritise technology solutions and develop an AdviceTech roadmap for your business with this 90-minute team activity.
Download the toolkitSpeculative Innovation Workshop
Capitalise on changing consumer expectations by getting your team to inspire new products, services and ways of doing business to .
Download the toolkit