Involve customers throughout: Your customers are your best critique. Thus, you should involve them throughout the product life cycle. Rather than wasting your money on getting the second-hand market data or hiring focus groups, you must engage directly with your customers in their natural settings. Involve your existing customers with your R&D teams to unearth new or unmet needs. Interact with users in new market segments by actively involving customers in new product design processes, as well as tracking customers’ use of the product after purchase. The focus on customer needs will enable R&D to replace its costly and scattershot approach to product development with more efficient, user-focused investment.
Seek cheaper solutions: Too often, we reinvent the wheel and end up with too complex of a product for our customers. Customers, however, are more likely to be impressed by products that solve their problems than by mere technological prowess. When you have unlimited resources at your disposal, it is easier to go overboard with your R&D efforts. But when you have very limited funds, you should be guided first and foremost by your customer insight, and produce easy-to-use offerings that may lack bells and whistles but are good enough, especially if they come at a lower price. This approach will not only help you to bring your products faster into your markets, but it will also help you in getting the faster feedback for your products in real time.
Use of crowdsourcing: If you are on a tighter budget, you should definitely look for crowdsourcing your R&D efforts. Obviously, you can’t crowd source everything due to your intellectual property rights and other concerns, but you can crowd source plausible product ideas and gauge their initial public reactions. Ideas that garner sufficient support can be then packaged with supporting data and sent to the relevant managers, who in turn signal their view of its potential to executives responsible for taking such ideas forward. You can also use social media networks, where customers reveal and share their preferences to yield a wealth of market insights at lower costs.
I hope, my blog can help you innovate new things for your business within a restricted budget. If you know any other ways through which we can innovate with less resources, then please feel free to share it here through your comments. Thanks – Bhavin Gandhi
Bhavin Gandhi's Blog 