What is an incremental product
An incremental product results from the development and improvement of an existing one by making minor upgrades while it’s on the market. The process is known as Incremental Innovation. It doesn’t involve taking significant leaps in technology or substantially impacting the market. As long as a change improves quality and reintroduces novelty, the final product can be called an incremental product.
Very few products on the market are ‘new.’ Most digital or physical products are better versions of the previous concepts. A good example is incorporating new technologies such as Bluetooth capability in computers and cars. Product teams don’t have to develop entirely new products to introduce the technology. Besides, consumers are already used to the product, so they get a similar incremental product but additional features.
When to Focus On Incremental Products
Every product team has to produce incremental products at some point. Failure to do this means losing a competitive advantage in the market. Product managers should start focusing on total products when the scale of the products allows for it. When the scale grows, it is the most financially correct time to invest in incremental innovation and avoid losses.
Incremental innovation also depends on the maturity of specific areas of your business. Incremental products are based on what already exists and your feedback for it. After releasing new products, product management teams must determine their reach and obtain feedback from the consumers. This information helps them make changes and incorporate the latest technology as the users prefer.
Benefits of Incremental Products
Incremental products are beneficial to consumers and organizations that produce them. Some of the key benefits are:
Incremental innovation enables product managers to improve products by making small-scale developments. When made consistently, these modifications can affect customer retention and improve the competitive advantage.