INNOVATION MANAGEMENT IN 4 PHASES FROM THE IDEA TO MARKETING

 

Innovations are fuel for the economy. But innovations are always associated with risks and uncertainties.

Investments have to be made, prototypes tested, and the market needs to be explored. Whole Sale Custom Packaging turn an innovative idea into a marketable product, strategic thinking and a structured approach are essential. The tried and tested innovation management takes place in four phases, which on the one hand, allow a lot of space for creativity and, on the other hand, are focused on the intended goal.

PHASE 1: THE IDEA

Every innovation starts with an idea. However, in practice, the impetus often comes from outside, for example, through an unfulfilled customer request, an open problem for which no solution exists, or opening new sales markets. Therefore, a distinction is made between the targeted search for innovation and the accidental detection gap in demand.

Regardless of how the innovation potential was discovered, the consequence is an idea that contains a solution. To classify the concept correctly, an assessment of the economic potential and thus the benefit for the company is always necessary. On this basis and subsequent feasibility analysis, the company management approved the idea, and the entry into the 2nd phase of innovation management begins.

PHASE 2: DEVELOPMENT OF A CONCEPT

The idea of ​​developing an innovative product forms the basis for creating a concept for implementation in practice. In the beginning, the aim is to collect information on market potential, customer requirements, risks, feasibility, competitors and the general conditions (legal regulations, patents, etc.). Then, a concept is developed considering the criteria of a solution, implementation and placement on the market. While the solution concept is primarily about technical details such as creating sketches or models, the marketing focuses on economic aspects such as profit for the company and the sale of the required quantities. After an in-depth examination and analysis of the concept, innovation management moves on to the third phase of solution development.

PHASE 3: DEVELOP A SOLUTION

The development of a market-ready solution describes phase 3 of the innovation process. It is essential to develop and build prototypes to test the idea under natural conditions. After all, it is of crucial importance how business partners, experts and potential customers react to the new development. Testing is not only done in the laboratory but also under actual market conditions. Setbacks are by no means ruled out in this phase and should be taken into account. To develop suitable products, it is better to identify and fix weak points at an early stage. Later on, troubleshooting can become a costly business.

 

The principle of “trial and error” is still frowned upon on many executive floors. Many managers still equate setbacks with failure, and it is not uncommon for the people or departments involved to be penalized. In this climate, it is challenging to turn innovations into economic success. As soon as the solution is ready for the market, innovation management moves on to the fourth phase, which is very process-oriented.

PHASE 4: MARKETING

The last phase of innovation management is about marketing the finished product. In the first three phases, the focus was primarily on creativity. Phase 4 is about getting potential customers excited about the innovative development and turning them into buyers. Custom Packaging USA assumes those large quantities can be produced and that all logistical questions have been clarified. Now the work of the marketing department begins, which has to define sales channels and marketing measures. Internal sales must be trained, and conclusive lines of argument must be drawn up.