Many companies launch a new product and enjoy high sales if the product is successful, but somewhere along the line they forget that it will not be as profitable infinitely. The business world today is extremely competitive, especially since there are many products that differentiate very slightly from each other. Therefore, spending some time to think on possible ways to improve a product should constantly be on the daily agenda.
Innovation does not necesarily mean launching a new product. The research and development of a new item can often be costly and in the current economy, the goal of businesses is to minimize cost as much as possible. One way to boost sales for your company even if you do not have an idea for a new product is to use the resources that you have. Innovation can be in the form of updating existing products. This practice can lead to more revenues especially if the old product is already popular among customers. Updating a product however, implies much more than simply changing one little detail. What the market needs is a revolutionized product that will grab attention, keep the customers that are already in favor of the old one, and attract new ones.
An example of such innovation is the new Monopoly game launched by Hasbro. We have all played the board game and it has been popular all over the world for decades. However, the new version is definitely different than what we have seen so far. It is round instead of the old square board and uses debit cards and ATMs rather than paper bills. The reason why this is expected to be a successful product is because Monopoly is already a favorite to many customers around the globe and the new version is more representative of the world we live in.
It is essential that a company knows its target market well and understands its needs. This way a product can be redesigned and modified to fit those needs.