Creation of new products and services is one of the most important areas through which you can open a doorway to new revenues, growth and shareholder value. Levels of investment in innovation and R&D is a confirmed characteristic of successful companies.
There are many definitions of innovation, it can be in products/services, organisation, and process, and it can be incremental, disruptive or radical. For us, it is about executing a new or significantly improved idea which solves a specific challenge and achieves value for both the company and customer.
You may need to abandon traditional thinking and embrace new, innovative models of value creation. Or analysis and prototyping may show that it is best to re-shape and renovate an existing model for product innovation and development. In the UK we are really really good at inventing things but less good at commercialising them – realising value or profit out of that invention.
YTKO specialise in market-led innovation – starting the innovation process with the most pressing and urgent customer needs – as this makes the commercialisation process so much faster.
This is all about deeply understanding your markets, and how to develop and offer the right product/service that the clients want, with the right pricing and in the right way. The same principles need to be applied to internal process and organisational innovation: how can you achieve competitive advantage, a healthier bottom line, and more – and more delighted – customers through doing things differently. We can support you at every stage of the process of innovation and new product development, from investigation to successful execution.
GetSet For Growth helped provide focus and ensure that our main objectives were kept in mind, whilst looking at de-risking the piloting of new products, developing clear packaging options and a pricing strategy in line with the competition.
David & Tracy McDonnell-Goad
Directors, Buttermilk Confections