Adding value and new product development

How does added value affect new product or service development?

Of businesses that have developed new products or services, 61% add a lot of value, while only 22% say they don’t add any value at all.

The more a business adds value, the more likely it is to develop new products and services. Of the businesses that have developed new products or services, 61% add a lot of value, while only 22% claim not to add any value at all to their core offer.

The fact that businesses that don’t add value are less likely to develop new products and services is cause for concern. Businesses that offer just their core product or service will naturally have to rely on them more heavily. This only makes innovation more crucial.

Also, the earlier a business thinks about added value in the process of developing new products or services, the more likely it is to reap the rewards. For example, 23% of those who build in added value from the start say it results in a great increase in profit. Just 9% of those who only consider added value after they’ve launched products or services say the same.

Adding value through design has further impact on overall business performance. For more information, see Adding value through design.