Using Planned Innovation to Drive New Business Development
Are your products and services well diversified?
Do you have multiple products that buffer your company from economic downturns?
Are you leveraging innovation that resides in your business?
A financial services company was in need of expanding beyond a single-product focus.
NovaLex recommended a brand elasticity evaluation to determine how far the brand could “stretch” into new yet associated products that would be accepted by consumers. Key consumer needs were identified that were complementary to the existing product set.
Additionally, NovaLex uses a defined innovation-based approach to ideation and product concept work. Its proprietary method insures not only a future orientation to the traditional new product stage-gate management process but nearly always yields multiple concepts for development.