4 Top Product Innovation Strategies for Unlocking Non-Linear Growth

4 Top Product Innovation Strategies for Unlocking Non-Linear Growth

Do you feel sometimes that your business software company is losing its edge? Would you like to know how you can get ahead again? An abundance of new technology and data today presents huge challenges, but also greater opportunities to drive product innovation.

Unlocking non-linear growth starts with rethinking your ideal business model. Ask yourself the following:

“What can I do to move forward effectively?”

“What current techniques are not working, and what can I change?”

“Even better, what old strategies can I do away with?”

Delivery Strategies to try for your business

By implementing new product strategies, you can streamline the process and move towards your goals faster. And once you know the key areas to focus on, planning your innovation strategy is clearer.

You define your goals, you change your approach, and you get there. You get your product in their hands.

Here are some examples of what you can do to change your approach and reach your sales targets.

1. Switch from an Output to Outcome-Based Approach

Here’s one that works every time: focus your product’s delivery strategy on the result or outcome rather than the process. This will drive more value for your customers, making it clear to them why they need your software.

For example, don’t sell a module to manage asset maintenance, but instead, sell ‘increased asset lifetime value’. Highlight how you can fill their needs in the long run.

And rather than selling software to manage their projects, sell ‘project success rates’. Focus on the outcome they want. Tell them with statistics and data how successful will they be after they’ve utilized your product. Highlight profitability and productivity.

2. Offer Your Customers Greater Value

To compete in today’s content-saturated world, your outcome and services need to stand out. How do you this?

I’ve found time and again that it works when you offer greater value, and make sure your product is remarkable. Focus on ‘Moments of truth’. Just make sure your products or services really do deliver the best possible experience for those moments. Make sure it exceeds their expectations! Check out my podcast where I expound on this with real-life scenarios.

When you make it easy to navigate between, and use your products, your clients will come to rely on—and continue to pay for—your services. This is also another step to building lasting relationships and partnerships.

3. Knowledge: One of Your Most Precious Assets

When shared as a resource, knowledge becomes your greatest asset. It has the power to shape your business and those who depend on it. With greater, more unique knowledge of the industry, you stand out from your competitors.

Lay the foundation for your success by building a solid network now. We often make the mistake of thinking we have to everything ourselves. But the truth is, no one has all the skills in the house. With diverse resources, you bring open minds and new thinking into the innovation process.

Once you have built up your network, you bring greater value to your current customers. Your services can then extend to include experts in your industry from all corners of the globe. With diverse resources, you bring open minds and new thinking into the innovation process.

With this outcome-based approach, you get paid for the value you give. Offering knowledge as a service enables you to grow, and your product or company increases in value.

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Need more inspiration for a better product strategy? My mentoring program helps you differentiate your message. I teach you strategies based on the foreseeable market and digitization trends. I’ll show you and your team how to bring that value and meet the needs of your customers efficiently.

Join me on the blog as I discuss more strategies for creating compelling value propositions and driving innovation.