What is a breakthrough product, and have you been thinking of developing one for the industry? A breakthrough product is a pioneer product that is technologically advanced and superior to the market’s existing products.
Simply put, a breakthrough product provides more benefits to the consumer compared to the existing products while being more innovative and technologically advanced. Inventables is one of the companies you can look forward to when you think of a breakthrough product.
What is the impact of breakthrough products?
In any market, a breakthrough product establishes a new market that speeds up competition and consumer preferences. The products are pioneers or first movers in terms of establishing their market share.
These products may not last for long in the long run, although they’re the first movers. They tend to enjoy a monopoly for some time in the new market. There is always another product being developed to neutralize the competition.
In most cases, an imitation product will always identify the slight weakness in breakthrough products and use that to penetrate the marketplace. When breakthrough products enter the market, they normally come with intensified design and are highly priced than existing products.
When breakthrough products are priced high, most consumers will be looking for more affordable products. This situation leaves room for other manufacturers to create a new product that can be priced lower but more competitive. In many cases, the new innovative product may be more efficient than the existing original product.
A good example of a breakthrough product facing stiff competition is Apple iPhone and other identical phones. Android phones are also facing competition from low-priced Chinese replicas in the market.
The challenges in designing a breakthrough product
Most companies face major challenges when coming up with a breakthrough product. Companies and large organizations invest a lot of time in research and development to create a breakthrough product. Here are some of the challenges companies go through to develop a breakthrough product:
- Choosing the right technology: Creating a breakthrough product may take longer than you think, even years. To imagine how the product will work and actualize it takes a lot of time. That means having the right technology in place is an important factor a company should consider.
- Resources: When creating a breakthrough product, companies have to spend a lot of time and money.
- Risk management: Creating a breakthrough product involves risk-taking. Therefore, companies must adopt a risk management strategy when coming up with a breakthrough product.
- Concept generation: Creating a breakthrough product involves meeting the unique needs of consumers that they were not aware of initially. This involves researching to come up with a concept that leads to a breakthrough product.
Breakthrough products are transforming the tech world in many ways. With the increasing innovation, there has been an increase in production efficiency and improved communication. The consumer landscape is completely changed with breakthrough products like the Samsung Flip, Power Dolphin, and Smacircle S1.