Social Product Innovation!

Innovation is a social necessity. Products are a means of meeting or changing a few such needs. Product Innovation is all about of making, creating and enhancing value of a product from user stand point.

In today’s truly flat world, we are witnessing quite a few rapid changes in the composition of user base, their demands and associated challenges in meeting them. Check this one for a quick insight:

http://docs.google.com/gview?url=http://mhebbar.files.wordpress.com/2010/07/socialproductinnovation1.pdf&embedded=true

It is evident that

1. Over 50% of customers for a high performing product line are global!
2. Lead time of new product release is significantly reducing (over 20%) y-o-y
3. Over 50% of product leaders believe that Social Media can help face these challenges effectively
4. There are quite a few hurdles to cross in order to make Social Product Innovation, a reality.

In short, it looks like time has come to democratize product innovation…. Letting customers define, build and use products – as they like, when they like and where they like!

But it is just evolving… will take its own time to mature in near future….

What do you think? Would like to share your views?

Please share your opinion.

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