Cleanzine: your weekly cleaning and hygiene industry newsletter 18th April 2024 Issue no. 1110

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Innovation and your product: how to be innovative

Matt Wonnacott, founder of Ennovamark, writes…

Innovation, especially product innovation, is all around us, 24/7. Think of your latest Alexa product, to the latest automatic watch and that e-hybrid/electric car that sits on the drive. It forms part of our everyday life - now and in the future.

In the aircare environment think of the transition away from traditional aerosols to alternative forms of metered systems that are more efficient, powerful and reliable. Or think of how washroom systems are becoming 'connected' to one another. Customers demand (and deserve) innovation and manufacturers have a duty to meet these requirements.

But what does it actually mean to make a good innovation or be 'innovative'? What can we learn from product failures to make sure innovation is successful in the future? Some estimates put failure rates of new products at over 90%.

Product innovation…
Widely defined as: ‘The introduction of goods or a service that are/is new or significantly improved with respect to their/its characteristics or intended uses’, product innovations can be both intangible and tangible. These range from brand new technologies to updates of a tried and tested method.

The benefits of innovation…
Innovation is an important economic driver, if not the most important. Companies like Apple are defined by their innovation and customers are not happy to just have updates of existing technologies (which seems to be happening more and more, oddly?!). A survey found that more than 20% of company revenues came from new product launches.

A portfolio of good products with high margin can help drive growth, compared to those with higher revenues but lower margins.

Here's ways in which innovation can help:

1. Helps drive growth.
2. Facilitates consumer confidence.
3. Recognition - helps your brand or business stand out from the crowd.
4. Attracts new audiences - the right product innovation can help attract new customers and before you know it, you have a new channel of clients to sell to.
5. Keeping existing customers - if you're a business known for innovation or product innovation, then it pays to continue to be innovative. In a highly competitive market, the key to business success is change - innovate or die (putting it bluntly!).
6. Gain advantages over your competitors - if your customers know that your product has a USP that your competitor cannot compete with, this should translate into a business win.

It has been proven that innovation can pay off, too. According to Booz & Co, more innovative companies see revenue grow by 11% and EBITDA (Earnings before interest, taxes, depreciation and amortisation) grow by 22%. Who wouldn't want increases in sales AND core profitability?

Founded by Matt Wonnacott, Ennovamark is a new agency created to help aircare, hygiene and washroom technology brands and businesses develop effective innovations and marketing strategies. With two decades of experience in the industry, Ennovamark can support clients with outstanding product ideas and truly innovative ideas - both for branding and products.

To learn more about how Ennovamark can help aircare, hygiene and washroom companies create innovative solutions for their clients or better connect with their target audiences, visit:

https://ennovamark.com/innovation

or email: [email protected]

17th November 2022