Growth Case Studies
What Is Product and Service Innovation?
The better a product or service is able to solve the user’s problem, the greater value it provides. Product and service innovation, in essence, is about generating new and improved ideas to meet customers’ needs and address their challenges more intuitively and proactively.
Why Is Product and Service Innovation Important?
Using a combination of Design Thinking and Blue Ocean Strategy principles, product and service innovation enables us to go the extra mile in creating breakthrough products and services that will deliver outstanding value for both your customers and your business. This will allow your business to establish a clear differentiation for profitable and sustainable growth.
Benefits With Our Service:
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What Our Clients Say:
"Maintaining a high level of creative and innovative research in plant breeding is essential for the Dutch biotechnology company KeyGene N.V. The two-day Creative Thinking and Innovation Workshop gave us new concepts and tools to assist management and employees in their creative and innovative thinking and also in improving our own works council daily work.”
Dr. Diana Rigola
Scientist, KEYGENE N.V.
“Our Blue Ocean Strategy project with Six Paths resulted in internalising new tools and ways of thinking, followed by successfully launching innovative products targeted at under-addressed customer groups. I was in particular impressed by the depth and thoroughness of their approach to the subject matter, creating tangible added value for us as their clients. It made a difference for us and we warmly recommend their work.”
Paul Markovits
Marketing Director, Heineken
“Continuum of innovation is key in a startup. The lean startup process is always at the verge of new products development. Fast prototyping and validation of concepts must become a religion. Hence, when in the field, it is good to get someone with an external point of view who can take one step behind before you make the big jump. This is what Six Paths is all about. Supporting growth and helping you staying the course are the main assets they will bring to you.”
Georges Caron
CEO, Keemotion
Frequently asked question:
While product innovation involves tangible improvements for enhanced quality and performance, service innovation focuses on elevating the customer experience by making consumer interaction more user-friendly and personalised. Both innovations might involve leveraging new technologies or implementing a redesign of the underlying processes.
According to a McKinsey survey, 25% of a company’s total profits usually come from new product launches, which underscores the importance of product innovation for business growth. Successful product and service innovation have been found to contribute to increased competitive advantage, higher resilience against market competition, and sustainable growth.
It makes perfect sense; companies that continually raise the bar on their product and service performance will naturally have an edge over their competition and cement brand loyalty in the long run.
While product innovation remains a key driver for business growth, the escalating consumer demand for personalised experiences has rendered service innovation more critical than ever. Service innovation also enables stronger differentiation when businesses go the extra mile in delivering exceptional customer experiences.
It makes perfect sense; companies that continually raise the bar on their product and service performance will naturally have an edge over their competition and cement brand loyalty in the long run.
While product innovation remains a key driver for business growth, the escalating consumer demand for personalised experiences has rendered service innovation more critical than ever. Service innovation also enables stronger differentiation when businesses go the extra mile in delivering exceptional customer experiences.
Ikea’s simple but inspired product innovation in the form of flat-packed furniture not only allows it to keep its prices low but also delivers fantastic value to customers through the added savings and convenience of being able to bring the merchandise home themselves, eliminating the need for delivery services.
The digital age has enabled a growing number of revolutionary service innovations, most notably web and mobile platforms such as Airbnb and Uber. While they offer different services, both leverage the power of data, crowdsourcing of service providers (i.e. homes and car owners), and sophisticated web and mobile technology to deliver their demand-based services to consumers.
The digital age has enabled a growing number of revolutionary service innovations, most notably web and mobile platforms such as Airbnb and Uber. While they offer different services, both leverage the power of data, crowdsourcing of service providers (i.e. homes and car owners), and sophisticated web and mobile technology to deliver their demand-based services to consumers.
In addition to our regular workshops and training programmes for businesses interested in learning product and service innovation, we also offer tailor-made consulting services to suit your unique goals and needs. Please get in touch for more information.
